Global Insulin Delivery Devices Market 2019-2025
Wiseguyreports.Com Adds “Insulin Delivery Devices– Global Market Growth, Opportunities, Analysis Of Top Key Players And Forecast To 2025” To Its Research Database.
The global insulin delivery devices market stood at 13.39 billion dollars in the year 2018. This market is expected to record a high growth rate and touch 27.61 billion dollars in the year 2026. The CAGR of the insulin delivery devices market is expected to be 9.3%. Insulin delivery devices are used to administer insulin to patients who have low levels of insulin in their body. Insulin is a hormone of the body which is present in the blood stream. The function of this hormone is to regulate the blood sugar levels in the body so that the body can stay healthy.
Insulin is secreted by the pancreas in the body. Insulin is considered essential for the body to perform several life functions. Secretion of insulin in low levels or improper secretion of insulin leads to several health problems in the human body. One of the main problems associated with an imbalance of insulin in the body is imbalanced sugar level, which can lead to diabetes. Diabetes if not checked at the right time can lead to other health issues and can be harmful for the functioning of the heart and other organs.
For patients suffering from Type-I diabetes, insulin delivery devices are very helpful. These devices are used to provide insulin to the body, thereby retaining the balance of insulin required by the body. Administering insulin using these devices, the blood sugar level can be regulated, and diabetes can be controlled though not removed. Changing lifestyles have increased the number of diabetic patients, which is driving the growth of this market.
The following manufacturers are covered:
Tandem Diabetes Care
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On the basis of the types, the market is divided into pens, syringes, and pumps. Of these, insulin delivery pens and pumps hold the largest market share. Insulin delivery pumps hold 9% share of the global market and their demand is expected to increase in the coming years. Insulin delivery pens are reusable and disposable pens. The disposable pens are in great demand because of their low cost and the fact that these can be thrown after one use.
Insulin delivery devices are used for patients at homes and hospitals. Homecare delivery devices hold a large market share and will contribute more significantly to the global market in the coming years. The fact that more diabetic patients prefer to get their insulin dose at home is driving the demand for these devices.
Some of the key players in this industry are Novo Nordisk, Medtronic, Sanofi, Eli Lili, and Yposmed. They are investing a lot in research and development activities so that they can manufacture more efficient delivery devices.
Asia Pacific is a leading market for these devices. North America is expected to be the fastest growing one. This is because of the rising diabetic population and the technologically advanced devices that are being developed in this region. North America is expected to hold 50% share of the market of these devices. Europe is expected to be a prominent region.
The increasing diabetic population and new and improved means of administering insulin to the patients is driving the growth and expansion of the insulin delivery devices market.
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