Impact Analysis of Covid-19
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The global insulin delivery devices market was assessed at US$ 11,326.9 million in 2017 and is predicted to expand considerably, exhibiting a massive CAGR of 11.3% over the forecast period (2017-2025). Technological enhancements in insulin delivery devices by the key market players, and the burgeoning prevalence of diabetes are among the pivotal factors promoting the growth of the global insulin delivery devices market.
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Insulin delivery devices plays a vital role in the treatment of diabetes, as they control the blood glucose levels in diabetic patients. The most common devices that deliver insulin include syringes, insulin pens, jet injectors, and insulin pumps. Rising application of these devices, coupled with the increasing patient pool suffering from diabetes, act as a major developmental factor for the global market growth. In addition to this, manufacturers are looking to invest in the development of new technologies, which can potentially address the current shortcomings of these drug delivery systems, for example, durability, painful procedures, and high costs, and therefore cater to the unmet needs of diabetic patients.
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Manufacturers in the market are focusing on developing advanced insulin pumps that will save time in administration. For instance, in 2016, Medtronic received the FDA approval for the launch of MiniMed 630G in the U.S. The patients in some of the most developed economies around the globe, such as the U.S. and Europe, are the early adopters of novel technologies like insulin pumps and artificial pancreatic devices. Emerging economies are thus poised to witness substantial demand for conventional insulin delivery devices, such as insulin pens, due to their lower costs.
In contrast, numerous risks and complications associated with the use of insulin delivery devices are the prominent factors restraining the global market growth. In July 2017, Novo Nordisk recalled certain insulin cartridge holders used in connection with the company’s NovoPen Echo-brand insulin delivery devices. It had been sensed that the cartridge holders could crack or break if exposed to certain chemicals, such as cleaning agents, and lead to a significantly reduced dose of insulin and threateningly increase the blood sugar level.
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Key takeaways of the Insulin Delivery Devices Market:
- Asia Pacific, Latin America, the Middle East, and Africa are the prominent growth-oriented regions in the global insulin delivery devices market.
- Among product types, the insulin pen devices segment is recognized as the leading segment in the global market, as it is more preferable owing to features such as easy handling and portability.
- Among distribution channels, the hospital pharmacies segment accounted for the largest market share. Favorable reimbursement scenario and increasing number of hospital pharmacies propel the growth of this segment.
- Some of the key companies operating in the global insulin delivery devices market are Novo Nordisk A/S, Becton, Dickinson and Company, Sanofi S.A., F. Hoffmann-La Roche, Ltd., Eli Lilly and Company, Medtronic, Plc, Ypsomed Holding AG, Animas Corporation, and Insulet Corporation.
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