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.
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.
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.
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
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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.
Industry/ Innovation/ Related News:
December 14, 2018 – Eli Lilly and Company (US), a leading global pharmaceutical company announced its expanded collaboration with Evidation Health, Inc. (US), a technology company involved in the development of digital tools and technologies especially for the healthcare industry. The collaboration with a multi-year agreement will provide Lilly with global access to Evidation’s Andromeda data platform to analyze the data through Smartphones & Connected Sensors.
Studying Evidation’s data platform will help Lilly to analyze data from continuous glucose monitors, insulin pumps, and real-world information to build a connected ecosystem that includes an automated insulin delivery device and connected insulin pen.
Insulin Delivery Devices Market – Segments
The MRFR analysis is segmented into two key dynamics for the convenience of understanding;
By Type: Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors and others (jet injectors, transdermal patches, and inhalers).
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
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.
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.
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