The Global Insulin Delivery Devices Market is expected to reach $14.21 billion by 2020, growing at an impressive rate of 7.9 % CAGR.
Insulin delivery devices are used for titrated and accurate delivery of insulin. Diabetes type I being a chronic disease requires a lifelong treatment with insulin which has resulted in the development of less painful and less invasive delivery systems.
The growth of the insulin delivery market can be attributed to factors such as high returns on investment, favourable reimbursement scenario, demand for non-invasive delivery systems, technological advancements in insulin delivery devices, growing diabetic population, rising awareness and others. The constraining factors are cost of the insulin delivery devices, presence of low cost manufacturers especially China and others.
Product development is a highly successful strategy that has been exploited by the market. For example, many insulin pens have adjustments for altering the dosage of insulin depending on the need. Thus controlling the dosage is easy with a flick of a button or a dial which is a very attractive development.
On the basis of type, the insulin delivery devices market is segmented into insulin syringes, insulin pump, insulin pens, insulin jet injectors and others devices (jet injectors, transdermal patches, and inhalers). The insulin pens segment is further sub segmented into disposable pens and reusable pens with the reusable segment commanded the largest share of insulins pens market in 2016. The pumps segment is further sub-segmented into external pumps and internal pumps with external pumps commanding in the largest share of the insulin pumps market in 2016.
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Regional Analysis of Insulin Delivery Devices Market:
Globally North America is the largest market for insulin delivery devices. Europe is the second-largest market. Furthermore Asia pacific market is expected to be the fastest growing market for Insulin Delivery Devices.
Major players like Novo Nordisk, Sanofi, Eli Lilly, BD, and Medtronic are focusing on enhancing their global and regional presence through M&A and operational expansion. The vendors are also expanding their sales operations in the emerging markets such as India and China to gain high market shares.
Key vendors in the market are Novo Nordisk, Sanofi, Eli Lilly, Medtronic, and Becton Dickinson. Other prominent vendors to watch are Beta Bionics, Copernicus, InsuJet, Insulet, MannKind, Roche, and SHL Group and others.
Market Growth Analysis:
The tough competition in the anti-diabetic drug market has forced many players to developed delivery devices as an effective way to contain the fall in revenues. Insulin makes up the best drug due to its demand inflexibility, higher cost and the discomfort it causes lifelong to patients. Companies are developing partnership to reduce the development costs associated with the insulin delivery devices. For example, Novo Nordisk has teamed up with diabetes software expert Glooko to develop insulin dosing advisor software to help people with diabetes and healthcare professionals administer insulin more effectively.
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Novo Nordisk also has developed connected insulin pen which tracks insulin doses and sends the dosing data to a smartphone app. Thus connected insulin delivery devices is the latest rage in the market. Thus advanced devices especially with connected and integrated software is expected to result in a premium as insulin results in thousands of hospitalizations every due to wrong doing. Thus alleviation of safety concerns with use of technology will lead to development of the market. Thus the days of asking your loved one the dreaded question “Did you take your insulin?” seem to be getting over, with patients giving their caretakers a smiling glare!
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