Insulin Storage Devices Market: Introduction
- Insulin is a hormone produced by pancreas to regulate the blood-sugar level of the body. It is used in both types of diabetes: type 1 and type 2.
- All insulin must be stored in refrigerator at a temperature ranging from 2° to 8 °Celsius or, 36° to 46 °Fahrenheit, to ensure that it remains safe and effective
- Insulin is sensitive to extreme high & low temperatures and sunlight. These conditions can result into the breakdown of insulin, affecting its ability to control blood sugar level effectively. Hence, it should be stored in proper place.
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Key Drivers and Restraint of Global Insulin Storage Devices Market
- Rise in prevalence of diabetes due to obesity, change in lifestyle, and dietary habits is likely boost the growth of the global market. Other factors contributing to increase in cases of diabetes are the consumption of alcohol & tobacco and high intake of refined carbohydrates. According to the International Diabetes Federation (IDF), nearly 463 million adults (20 to 79 years) were living with diabetes in 2019 and the number is projected to reach 700 million by 2045.
- According to the American Diabetes Association, in 2018, an estimated 34.2 million people in the U.S., or 10.5% of the population, had diabetes, among them around 1.6 million people were diagnosed with type 1 diabetes.
- According to IDF, an estimated 4.2 million deaths occurred due to diabetes in 2019
- Rise in awareness about diabetes is anticipated fuel the growth of the global insulin storage devices market in the near future. For instance, in November 2018, the American Diabetes Association entered into a partnership with the American Heart Association, which was called “Know Diabetes by Heart”, to reduce cardiovascular deaths, heart attack, and stroke in patients living with type 2 diabetes.
- Patients suffering from type 1 diabetes produce little or no insulin, and hence require treatment for their entire lives. A suitable storage solution is required for the protection of insulin vials. The temperature outside the recommended range reduces the potency of insulin. Additionally, rise in awareness about preventive care of diabetes and effective utilization of insulin boosts market growth.
- Storing insulin in proper conditions can reduce the treatment cost by decreasing drug loss. Presently, storage products are limited to insulated bags/cases to portable cooler box. Advancements in smart storage devices with functions such as dose reminders, expiry & temperature alert, and auto messaging are expected to fuel the growth of the global insulin storage devices market during the forecast period.
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North America to Lead Global Insulin Storage Devices Market
- In terms of region, the global insulin storage devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for the largest share of the global insulin storage devices market in 2019 due to presence of key players and early adoption of technologically advanced products
- The market in Europe is likely to account for significant market share due to availability and development of storage devices by key players
- The insulin storage devices market in Asia Pacific is projected to grow at a rapid pace during the forecast period owing to rise in prevalence and awareness about diabetes and increase in the geriatric population with diabetes. According to IDF, 88 million adults (20 to 79 years) were living with diabetes in Southeast Asia in 2019. This figure is anticipated to increase to 153 million by 2045.
- Regions such as Latin America and Africa are likely to be lucrative markets for insulin storage devices during the forecast period because of the increase in number of cases, which has induced local as well as global manufacturers to adopt various strategies for insulin storing devices. According to the World Health Organization (WHO), prevalence of diabetes has been rising more rapidly in low- and middle-income countries than in high-income countries, according to IDF, it is around 79% of world’s total adults with diabetes.
Key Players Operating in Global Insulin Storage Devices Market
- FRIO (ReadyCare, LLC)
- Medicool, Inc.
- COOL Sarl
- TROPICOOL INDIA
- The Cool Ice Box Company Limited
- Zhengzhou Defrigus Electric Device Co., Ltd.
- B Medical Systems
Global Insulin Storage Devices Market: Research Scope
Global Insulin Storage Devices Market, by Product Type
- Insulated Kits
- Insulin Cooling Wallets/Cases
- Insulated Cooler Bags
- Battery Operated
Global Insulin Storage Devices Market, by End-user
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
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2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
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