The global Insulin Delivery Devices market was valued at $9,499.1 million in 2014, and it is expected to grow at a CAGR of 7.0% during 2015-2020. The global insulin delivery devices market is increasing due to increase in geriatric population and rise in global obesity population. The increase in prevalence of diabetes is one of the leading causes of death and has increased risk of developing number of serious health problems. According to International Diabetes Federation in 2013, approximately 382 million people were suffering from diabetes and approximately 592 million people are expected to suffer by 2035. Similarly, technological advancement is insulin delivery devices are leading to increased acceptances of such devices. Insulin pens and pumps have various advantages, which help in delivering accurate dosage of insulin and maintain the normal level of insulin in the body.
Based on type, insulin syringe has the largest market share in the insulin delivery devices market globally, as it is a convenient mode of insulin delivery. However, insulin pump is the fastest growing segment in the insulin delivery device market and it is expected to grow at a CAGR of 7.6% during the forecast period due to technological advancements in insulin pumps to maintain the level of insulin in the body for diabetic patients.
Various initiates, such as programs, activities and campaigns, are implemented by IDF, NGOs, diabetes associations and health departments to create awareness among people regarding effects of diabetes and correct method of treatment. The increasing awareness of diabetes and increasing prevalence of diabetes is driving the demand for insulin delivery devices. The increasing role of home infusion therapy provides a vital role in the treatment of diabetes with the help of infusion insulin pumps. Infusion insulin pumps provide an accurate dosage of insulin to diabetic patient throughout the day. This is significantly increasing the demand for insulin delivery devices in the market. In addition, artificial pancreas is also gaining popularity in the insulin delivery devices market globally.
However, certain restraints such as hazards and risks associated with drug delivery devices and high insulin analogue cost are hindering the market growth. Technological advancement in insulin delivery devices is expected to create demand for insulin delivery devices market during the forecast period. The increasing awareness about diabetes and improving healthcare facilities in developing countries, such as China, India, and Brazil, are laying significant opportunities for insulin delivery devices market. Asia insulin delivery devices market is expected to witness the fastest growth of CAGR 8.0% globally during the period 2015 – 2020.
The key companies operating in the global insulin delivery devices market are Medtronic, Inc., F. Hoffmann-La Roche, Ltd., Abbott Laboratories Inc. Novo Nordisk A/S, Eli Lilly and Company, Sanofi, Becton Dickinson and Company, Insulet Corporation, B. Braun Melsungen AG, Animas Corporation, and Ypsomed Holdings AG.
News Courtesy: P&S Market Research
Tagged: healthcare industry, insulin delivery devices market, medical devices