The global insulin storage devices market size is expected to reach USD 1.50 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 7.0% from 2023 to 2030. The primary factors driving the growth are the rising incidence of diabetes patients and the expanding acceptability and increased utilization of goods for insulin storage devices. The growing need for insulin storage at a proper temperature is another important driver propelling the market’s growth. Storage devices are highly sought after since all insulins are sensitive to temperatures that are either too high or too low.
The enormous increase in the popularity of refined and processed foods over the past few decades has negatively impacted consumer health. Diabetes is caused by poor dietary and lifestyle habits that interfere with the body's ability to control its insulin levels. As a result, it is predicted that the incidence of diabetes will grow due to rising consumption of refined and processed foods and changing lifestyle habits, driving up demand for insulin storage devices throughout the course of the anticipated timeframe.
Currently, the only storage options are insulated packaging and portable refrigerators. The launch of smart storage systems with attributes like temperature alerts, expiration warnings, dose reminders, and auto messaging is expected to boost the growth of the market over the forecast period.
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By product type, battery-operated devices captured the highest revenue share of in 2022 due to their portability and precise chilling capabilities, which maintains the temperature of insulin vials, pens, and cartridges at a constant level, they are becoming more and more popular among diabetics
By patient type, the type 1 diabetes sector had the largest market share of 82.4% in 2022, due to their increasing requirement for insulin and preference for delivery systems
North America held the largest revenue share of 45.7% in 2022
Grand View Research has segmented the global insulin storage devices market based on product type, patient type, and region:
Insulin Storage Devices Device Type Outlook (Revenue in USD Million, 2018 - 2030)
Insulin Cooling Wallets
Insulin Cooling Pouches
Insulated Cooler Bags
Insulin Storage Devices Patient Type Outlook (Revenue in USD Million, 2018 - 2030)
Type 1 Diabetes
Type 2 Diabetes
Insulin Storage Devices Regional Outlook (Revenue in USD Million, 2018 - 2030)
Middle East and Africa
List Of Key Players in the Insulin Storage Devices Market
Zhengzhou Defrigus Electric Device Co., Ltd.
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