The demand in the global insulin delivery devices market is projected to increment at a robust CAGR of 8.6% during the forecast period of 2017 to 2025, gaining traction from a number of factors, but none bigger than the prevalence of diabetes, which is a highly common chronic disease that affected about 8.5 of the global population in 2014, according to the figures provided by the World Health Organization (WHO).
Global Insulin Delivery Devices Market: Snapshot
Advancements in insulin delivery devices with improving technology, government initiatives to impart awareness, and appreciative reimbursement environment in a number of developed countries are some of the other factors favoring the global insulin delivery devices market. On the other hand, the lack of awareness regarding the availability of alternative insulin delivery methods such as oral and poor reimbursement policies in a number of developing countries are hindering the market from achieving its true potential.
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As per the estimations of this report, the global insulin delivery devices market will be worth US$20,996.2 mn by the end of 2025, notably up from its evaluated valuation of US$10,160 mn in 2016. While insulin pens is the most in-demand product segment, North America is most profitable regional market.Escalated research and development activities regarding diabetes-case is expected to open new revenue avenues for the vendors operating in the global insulin delivery devices market.
Insulin Pens Make Highly Profitable Product Segment
The global insulin delivery devices market, on the basis of product, has been segmented into insulin pens, insulin syringes, insulin pumps, needle-free injection jet, and insulin patches. Among these, insulin pens segment accounted for 42% of the total demand in 2016, and is projected to remain the most profitable product segment throughout the forecast period.
This sustained demand for insulin pens is owing to its high adoption in the vastly populated region of Asia Pacific, along with the developed region of Europe. In these two regions, nearly 90% of the diabetic patients use insulin pens, a device that has not penetrated as much into the developed country of the U.S., wherein only 25% of the population use the product.
That being said, the popularity of insulin pens is expected to increment steadily in the U.S. in the near future as its advantages such as flexibility and moderate pain.
North America and Europe Serve Maximum Demand
Out of the five regions studied by this report: North America, Asia Pacific, Europe, Latin America, and The Middle East and Africa, the insulin delivery devices market currently has the maximum potential in North America, which served 37.5% demand in 2016. Most of the demand from North America comes from the country of The U.S., which has diabetes spread across the masses along with a robust healthcare infrastructure.
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Mushrooming private diabetic care facilities, well-defined reimbursement policies, and growing awareness are some of the other factors augmenting the demand in the North America insulin delivery devices market. While Europe is currently the second most profitable region for the vendors operating in the global insulin delivery devices market, vastly populated Asia Pacific is expected to turn into a highly lucrative region towards the end of the forecast period, gaining solid demand from the emerging economies such as India and China.
Some of the key companies operating in the global insulin delivery devices market are: Sanofi S.A., Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Eli Lilly and Company, Medtronic plc, Becton, Dickinson and Company, Cellnovo Group SA., Owen Mumford Ltd., Biocon Ltd., Animas Corporation (Johnson & Johnson), and Tandem Diabetes Care, Inc.
Currently, the competitive landscape of insulin delivery devices market is quite fragmented with the presence of a number of local vendors.
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