NORTH AMERICA INSULIN SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

NORTH AMERICA INSULIN SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The North America Insulin Syringe Market is expected to register a CAGR of more than 1.5% over the forecast period 2022-2027.

The COVID-19 pandemic has substantially impacted the North America Insulin Syringe Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver the diabetes care devices to diabetes patients with the help of local governments. Doctors around the world suggested diabetes patients should monitor and manage their blood glucose levels more often which leads to an increase in the usage of insulin syringes.

In North America, till April 2022, the United States had the highest number of COVID cases with 82 million, the country also registered the highest death rate. According to the Diabetes Voice, close to 40,000 people who died were having diabetes. In the North American region diabetes patients were more concerned about stocking up the monitoring and managing devices due to this the market increased during these years.

Diabetes is associated with many health complications. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people.​ Patients with Type 2 diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates. ​Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia.​ Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsRising diabetes prevalence

The diabetes population in the North American region is expected to rise by more than 1% during the forecast period.

The North American region had witnessed an alarming increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. According to the Division of Metabolism and Endocrinology Products in the FDA’s Center for Drug Evaluation and Research, “Patients want effective treatment options for diabetes that are as minimally intrusive on their lives as possible, and the FDA welcomes the advancement of new therapeutic options that can make it easier for patients to control their condition”.

The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from the viral illness. The frequency of insulin administration varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly.

According to Diabetes Canada, new 2022 figures show the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before. The new diabetes figures show a steady, continued increase in diabetes in the country with 11.7 million Canadians living with diabetes or prediabetes. More than 5.7 million Canadians are living with diagnosed diabetes (type 1 or type 2 diabetes) and there are 11.7 million Canadians living with diabetes or prediabetes (which if left unmanaged, can develop into type 2 diabetes).

Diabetes reduces lifespan and people with the disease are likely to experience blindness, being hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. Diabetes is also costing the healthcare system USD 30 billion per year to treat people with diabetes.

Therefore, owing to the rising diabetes prevalence the market studied is anticipated to witness growth over the analysis period.

The United States held the highest market share in the North America Insulin Syringe Market in 2021

United States held the highest market share of about 75% in the North American Insulin Syringe Market in 2021 and is expected to register a CAGR of about 1% in the forecast period 2022-2027.

An estimated 1.4 million Americans are diagnosed with diabetes every year, according to the American Diabetes Association. Diabetes is one of the leading causes of death in Canada and other North American countries. The growing incidence, prevalence, and progressive nature of the disease have encouraged treatment options for diabetic patients. The ADA also helps with costs for insulin and diabetes medication. Medicare drug plans cover insulin not used in an insulin pump and cover other drugs necessary to treat diabetes. In addition to providing prescription drug coverage, Medicare Part D plans may cover supplies necessary to inject insulin, including syringes, needles, alcohol swabs and gauze.

In May 2021, the World Health Assembly agreed on a Resolution on strengthening the prevention and control of diabetes. It recommends action in areas including increasing access to insulin; promoting convergence and harmonization of regulatory requirements for insulin and other medicines and health products for the treatment of diabetes; and assessing the feasibility and potential value of establishing a web-based tool to share information relevant to the transparency of markets for diabetes medicines and health products.

The roll-out of many new products, increasing international research collaborations in technology advancement, and increasing awareness about diabetes among people are some of the market opportunities for the players in the market.

Competitive Landscape

The North American Insulin Syringe Market has been driven by constant innovations by manufacturers to compete in the market. The major players, such as Becton Dickinson and Cardinal Health, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies.

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