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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
  • Cooluli
  • The Cool Ice Box Company Limited
  • Medichill
  • 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
  • Others
  • Plug-in
  • Battery Operated

Global Insulin Storage Devices Market, by End-user

  • Hospitals
  • Clinics
  • Household
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

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
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

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?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Insulin Storage Devices Market

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