The market for insulin delivery devices will grow on account of several interlinked factors. As diabetes becomes increasingly prevalent on account of lifestyle changes, the demand for treatment options for the diseases is set to chart an upward growth graph. Diabetes is caused by the presence of abnormally high levels of glucose in the blood. This high blood glucose level is typically the result of a malfunction in the pancreas - a gland that secretes insulin, a hormone which regulates the glucose levels in blood. The secretion of the right amount of insulin is central to the functioning of many organs, as well as everyday activities at the physiological and cellular level.
This is where insulin delivery devices come into play. As the name indicates, these devices perform the function of injection/delivering insulin from external sources into the blood stream. Thus, the various types of insulin delivery devices include: pumps, insulin pens, syringes, as well as jet injectors. All of these devices are designed to efficiently and rapidly deliver insulin into the body, and help in the maintenance of normal levels of insulin in the body.
A detailed look at the types of insulin delivery devices
Insulin syringes are designed to enable patients to self-administer the hormone. Insulin syringes are disposable and thus easy to carry and use. Insulin pens are composed of a dial, a needle, and an insulin cartridge - these devices enable patients to take insulin more discreetly. Such pens can either be re-usable or disposable.
An insulin pump is a slightly more sophisticated insulin delivery device. It is composed of a disposable reservoir of insulin, a pump, and an infusion set which is also disposable. Such a pump is typically worn by the patient externally. Another such advanced insulin delivery device is the insulin jet injector, which doesn’t feature a needle, but has three key parts: a pen-shaped device for insulin delivery, injector nozzle that can be disposed, and a vial adaptor for insulin (disposable).
Why is the insulin delivery devices market on an upswing?
At the global level, the market for insulin devices has been on an upswing. This is influenced by the high prevalence of diabetes, which in turn is fuelled because of factors such as a sedentary lifestyle and an increasing incidence of obesity among adults and children alike.
The demand for insulin delivery devices is further supported by the fact that such devices come with advanced features that improve their usability and efficacy. Consumers themselves are becoming more aware of the availability of such devices in the market, and are no longer hesitant to use these devices regularly to keep a check on their blood glucose levels. Innovative marketing initiatives can also be credited for the growing adoption of insulin delivery devices worldwide.
What do the figures project for the insulin delivery devices market?
According to a research report published by a leading market intelligence firm recently, the global insulin delivery devices market will register a 7% CAGR between 2014 and 2020 to notch a market value of US$14,093.3 million by 2020. In 2014, this market stood at an estimated value of USD 9,391.1 million.
This firm - Persistence Market Research - also reports that the market for insulin delivery devices was worth US$ 7,300 million in 2010. And, in 2013, this market grew further to touch US$ 8,793.2 million.
From these figures, it is easy to deduce that several lucrative growth opportunities exist in the insulin delivery devices market. There is scope for expanding existing insulin delivery devices, as well as for developing new, more advanced ones.
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