Insulin Delivery Devices Market to Expand at a CAGR of 7% from 2014 to 2020
In recent years, diabetes has become the silent killer, affecting the young and the old with the same severity. Owing to this, insulin delivery devices market such as insulin pens, pumps, syringes, and jet injectors are being used by patients to keep their insulin levels in control. The increasing prevalence of diabetes, growing consumer awareness, and the affordability and ease of use of these devices are propelling the global insulin delivery devices market. According to research analysts, the global insulin delivery devices market was valued at US$9.4 bn in 2014 and is expected to reach US$14.1 bn by 2020, expanding at a CAGR of 7% from 2014 to 2020. This growth rate will be also supported by the advancements in insulin delivery devices and rising awareness amongst people about the various methods of containing diabetes.
High Cost of Insulin Hampers Insulin Delivery Devices Market
Despite the factors propelling the global insulin delivery devices market, the market is being tugged in the opposite direction by factors such as insulin-related complications and the high cost of insulin. However, the market will have tremendous scope for growth with the development of artificial pancreas and home infusion therapy.
The global insulin delivery devices market has been segmented on the basis of device and geography. The devices in the global insulin delivery devices market are insulin syringes, insulin pens, insulin pumps, and insulin jet injectors. Geographically, this market has been divided into Europe, North America, Asia, and Latin America.
North America Leads Global Insulin Delivery Devices Market
North America holds the dominant share in the global insulin delivery devices market due to a large population of diabetics and a growing number of obese people. Presently, the U.S. holds the largest share in the North American insulin delivery devices market, followed by Canada. In Europe, some of the leading countries with a significant share in the insulin delivery devices market are Italy, France, Germany, the U.K., and Spain.
Analysts predict Asia will show the fastest growth in the global insulin delivery devices market due to the huge pool of the aging population. Furthermore, the market will also gain momentum in this region due to the growing number of government initiatives to control diabetes.
Some of the important players in the global insulin delivery devices market are Abbott Laboratories, Eli Lilly and Company, Dickinson and Company, Novo Nordisk A/S, Medtronic, Inc., Becton, Sanofi, and F. Hoffmann-La Roche, Ltd.