Latin America insulin delivery devices market is expected to reach USD 1.13 billion by 2020 from USD 0.76 billion in 2015, growing at a CAGR of 8.20% during the forecast period 2015-2020. Insulin maintains sugar levels in the blood and essential for the people suffering from type I diabetes & type II diabetes. The development of insulin delivery devices has been encouraged from the past years. These devices are used to deliver the insulin doses via parenteral route rather than oral route of administration. Insulin delivery devices promote absorption rate of insulin into blood stream from the site of injection to execute immediate pharmacological action of insulin. Some of the majorly used insulin delivery devices such as insulin syringes, insulin pens, insulin pen needles, insulin pumps, and insulin jet injectors.
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Increasing obese people, rising focus of manufacturers on emerging markets, increasing demand for advanced technologies in diabetes therapy, increasing adoption of people towards quality healthcare, and rising public & private organizations involvement to aware the people about new technologies for diabetes solutions are driving the growth of insulin delivery devices market in Latin America. However, low adoption of diabetic care devices (such as insulin delivery devices) and high cost of product manufacturing are restraining the growth of insulin delivery devices market in Latin America.
Latin America insulin delivery devices market is segmented based on the type and application. Based on type, the market is further sub-segmented as insulin syringes, insulin pens, insulin pen needles, insulin pumps, and insulin jet injectors. Of these, insulin syringes commanded the largest share of Latin America insulin delivery devices market in 2015, whereas insulin pens segment is estimated to grow at the highest CAGR during the forecast period 2015-2020. Based on application, the market is segmented as type I diabetes and type II diabetes.
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On the basis of geographical areas, Latin America insulin delivery devices market is segmented as Brazil, Argentina, and Mexico.
The key players in insulin delivery devices market such as, Becton, Dickinson and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland), and Biodel Inc. (U.S.).
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