The report published by Market Research Future gives the clear picture of current Insulin Delivery Devices Market scenario and the predicted future of the industry. The report focuses on the basis of market drivers, restraints, growth, trends and forecast for the period of 2017-2020. In addition, the report also maps the market performance by value chain analysis which will help in better product differentiation along with the analysis of each segment in terms of opportunity, market attractiveness index and growth rate.
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 Global Insulin Delivery Devices Market and is expected to reach $14.21 billion by 2020, growing at an impressive rate of 7.9 % CAGR.
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.
The growth of the Insulin Delivery Market can be attributed to factors such as high returns on investment, favorable 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.
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Insulin Delivery Devices Market – Key Players
Some of the key players in this market are:
- Hoffmann-La Roche
- Eli Lilly and Company
- Medtronic, Inc
- Novo Nordisk A/S
- Becton, Dickinson and Company
- Braun Melsungen AG
- Animas Corporation
- Ypsomed Holdings AG
- Insulet Corporation
Insulin Delivery Devices Market – Segments
Insulin Delivery Devices Market has been segmented on the basis of type which comprises of Insulin Syringe, Insulin Pumps, Insulin Pens, and Insulin Jet Injectors.
On the basis of type, the insulin delivery devices market is segmented into insulin syringes, insulin pump, insulin pens, insulin jet injectors and other 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.
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.
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!
Insulin Delivery Devices Market – Key Finding
- The Insulin Delivery Devices Market and is expected to reach $14.21 billion by 2020.
- Insulin syringe hold the largest share of the market.
- Globally, Asia-Pacific the fastest growing region and expected to grow at the rate of 7.9% during the forecast period.
Insulin Delivery Devices Market – Regional analysis
The developed regions of North America and Europe are expected to lead the insulin delivery market. The U.S is expected to lead the world due to its higher per capita income and its faster uptake of technology. U.S. also spends a higher GDP on its healthcare which accounts to a whopping 16% in 2016.
Europe is expected to be led by Germany due to presence of its large medical device industry. However, it has to be noted that southern Europe has a higher prevalence of diabetes. Countries such as Spain, Italy and Portugal are expected to have a higher growth of the insulin delivery devices market. Another nation which has a large unserved market is Turkey.
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However, the market is expected to shift towards the developing regions of Asian Pacific in the near future. The Asia pacific region is expected to be led by India. India is called the diabetes capital of the world with as many as 50 million diabetes patients. Of the two types of diabetes India has a greater number of patients with type-2 diabetes. India has also witnessing an alarming rise in incidence of diabetes. The World Health Organizations estimates the global burden of type-2 diabetes to increase to 438 million by 2030 from 285 million people. For the diabetes treatment players in India this means a pie of 87 million patients in 2030. Other Asia Pacific nations expected to drive growth in the future are Vietnam, Indonesia and China.
Major Table of Content
1 Research Scope and Methodology
1.1 Market Definition
1.2 Market Breakdown By Type
1.3 Market Breakdown By Geography
1.4 Research Methodology And Sources
2 Executive Summary
2.1 Key Findings
2.2 Research Summary
3 Market Outlook
3.2 Trends In The Market
3.3 Factors Driving The Market And Its Impact On Market Forecast
3.4 Factors Hindering The Market And Its Impact On Market Forecast
4 Global Market Size and Forecasts (2010 – 2020)
4.1 Global Market Breakdown By Type
4.2 Global Market Breakdown By Region
5 Global Market Breakdown by Type
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