Insulin is a blood-sugar regulating hormone that plays an important role in the treatment of diabetes. The global insulin delivery devices market is on the hike. The market revenue of this market in 2014 was US $9.39 billion and it is estimated to reach US $14.09 billion by 2020 end. The global market for insulin delivery devices is estimated to witness a healthy CAGR of 7% during the forecast period, 2014 to 2020, according to the report by Persistence Market Research (PMR).
Region-wise, global insulin delivery devices market is categorized into
- North America – Canada, U.S. and rest of North America
- Europe – France, Spain, the U.K., Italy and rest of Europe
- Latin America – Brazil and rest of Latin America
- Asia – India, China, Japan and rest of Asia
- Rest of the World (RoW)
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North America to Remain Lucrative in the Global Market for Insulin Delivery Devices
North America will remain as the leading region in global market for insulin delivery devices, followed by Europe & Asia. U.S. is expected to remain larger market than Canada in North America insulin delivery devices market. Europe is estimated to account for a sizeable market share. Asia is estimated to register the fastest growth in insulin delivery devices market during the forecast period. Owing to ever increasing population of Asia and growing geriatric as well as diabetic population Asian market for insulin delivery devices is expected to gain an uptick by 2020 end. Expansion of R&D and manufacturing plants by leading companies in Latin America, this region is estimated to register increase in sales of insulin delivery devices.
Factors Influencing the Growth of Global Insulin Delivery Devices Market Include
- Increasing awareness campaigns & programs concerning diabetes as well as complications, treatment and long term implications related to diabetes.
- Widespread availability of several insulin delivery devices viz. syringes, jet injectors, pumps and insulin pens.
- Technological advances and innovations in insulin delivery devices.
- Increasing prevalence of diabetes and obesity around the world.
Significant cost of insulin and complications and risks associated with insulin delivery are factors impeding the growth of global market for insulin delivery devices. Home infusion therapies and artificial pancreas are counted as major trends in insulin delivery devices market globally.
Insulin Pumps Estimated to Generate Largest Market Revenue for Insulin Delivery Devices Globally
Based on device type, the global market for insulin delivery devices is categorized into insulin pens, insulin jet injections, insulin syringes and insulin pumps. Insulin syringes are self-administrable and user friendly, whereas, insulin pens can be prefilled, reused and are compact in size. Insulin jet injections are made needleless. Insulin pumps possess the property of easy to wear for patients. Each of the aforementioned insulin delivery device has a unique property. However, insulin pumps segment is estimated to account for major revenue generation in the global market for insulin delivery devices. In addition, introduction to advanced insulin delivery devices, for example portable insulin pumps, is expected to fuel the market for insulin pumps in the upcoming years.
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In order to strengthen their position in global market and gain competitive edge, leading companies in the global market for insulin delivery devices are keenly focusing on introduction to superior and new products. These market players include, Abbott Laboratories, Eli Lilly and Company, Sanofi, Dickinson and Company, Novo Nordisk A/S, Medtronic Inc., Becton and F. Hoffmann-La Roche Ltd. While some notable companies include Animas Corporation, Insulet Corporation, B. Braun Melsungen AG and Ypsomed Holding AG.
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