Persistence Market Research predicts that the global insulin delivery devices market will show a very healthy rate of growth over till 2020, as it rises from its 2014 valuation of USD 9.39 billion to USD 14.09 billion by 2020. Expressed in terms of CAGR, this growth stands at 7% from 2014 through 2020.
Self-management of Diabetes Creates Fertile Ground for Sales of Insulin Delivery Devices
Once diagnosed with diabetes, a patient typically has to follow a strict health regimen for several years, making self-management crucial to the diabetes treatment plan laid down by the physician. While syringes have stood as the most common insulin delivery devices, their market share is now being eaten into by other types of insulin delivery devices market. Insulin pens, pumps, and insulin jet injectors are the other types of devices that help deliver insulin just beneath the skin’s surface using a needle.
As more and more diabetics self-inject insulin to keep their blood glucose levels normal, the demand for home infusion therapy is also expected to rise.
North America Takes the Lead in Insulin Delivery Devices Market
The vast graying population in North America and the high prevalence of diabetes and obesity have made the North America insulin delivery devices market the largest in the world. The sales of novel and sophisticated insulin delivery devices in the United States are higher than any country in North America. Leading pharmaceutical companies such as Eli Lilly and Company, Novo Nordisk A/S, and Medtronic, Inc., have a firm footing in the insulin delivery devices market in the region, helping the market’s growth further.
France, Spain, Italy, U.K., and Germany Drive Demand in Europe Insulin Delivery Devices Market
Insulin delivery devices constitute a massive market in the European region. The market here is characterized by the dominance of the developed western European countries such as the United Kingdom, France, Italy, Spain, and Germany. Many of the leaders in the global insulin delivery devices market have a strong presence in Europe, and are consistently launching novel products for self-administration of insulin.
Many high-value future opportunities in the global insulin delivery devices market are expected to emerge in Asia, with China having a massive number of people living with diabetes. Diabetes awareness campaigns with innovative themes in Asian countries have led to heightened awareness about both prevention and treatment. This aspect will work in favor of the Asian insulin delivery devices market.