Insulin, a blood-sugar regulating hormone, plays a vital role in the entire treatment of diabetes. Patients have to use one of the available insulin delivery devices to access an insulin dose. The global insulin delivery devices market is on the spike, and is estimated to climb up in terms of revenues, reaching US$ 14.09 Bn by 2020 end, up from US$ 9.39 Bn in 2014. The overall growth rate will be healthy, reflected through a CAGR of around 7%, over the forecast period 2014-2020.
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Some of the major players operating in the market:
- Abbott Laboratories.
- Novo Nordisk A/S.
- Eli Lilly and Company.
- Medtronic, Inc.
- Sanofi, Becton.
- Dickinson and Company.
- F. Hoffmann-La Roche, Ltd.
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.
Key Market Dynamics
Growing prevalence of obesity and diabetes across the globe remains the key driver to foster the market for insulin delivery devices. Technological advances in these devices, coupled with rising patient awareness about diabetes care are expected to be a few more key factors holding a positive impact on the market growth.
Widespread availability of various insulin delivery devices, such as insulin pens, syringes, pumps, and jet injectors, will also fuel the demand for insulin delivery devices over the forecast period. Increasing awareness programs and campaigns about diabetes and its complications, long-term implications, and treatment will provide a strong impetus to the demand for insulin delivering devices.
A few of the major trends in the global insulin delivery devices market are artificial pancreas and home infusion therapy. Cost-intensive insulin analog will however remain a major challenge to the market growth. Moreover, complication and risks associated with the delivery of insulin are also foreseen to restrain the demand for insulin delivery devices.
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Based on the type of device, the global insulin delivery devices market is segmented into insulin syringes, insulin pens, insulin pumps, and insulin jet injections. While insulin syringes are user-friendly and self-administrable, insulin pens are compact in size and can be prefilled or reusable.
Insulin jet injections are needleless, whereas insulin pumps are easily wearable by patients. Each of the device type has a unique attribute; however insulin pumps are projected to be a key segment driving major revenues to the market. The introduction of advanced insulin delivery devices, such as portable insulin pumps, will propel the market for insulin pumps in the next few years.
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Geographical analysis bifurcates the global insulin delivery devices market five key gerions, including North America (the U.S., Canada, and rest of North America), Latin America (Brazil and rest of Latin America), Europe (the U.K., France, Italy, Spain, and rest of Europe) , Asia (China, Japan, India, and rest of Asia), and rest of the world. North America will maintain the leading market position, followed by Europe and Asia.
The U.S. is likely to remain a larger market in North America, compared to Canada. While Europe will hold a sizeable market share, Asia will witness the fastest growth during the forecast period. The growth of Asian market is attributed to exploding population and growing geriatric as well as diabetic population.
The market in Latin America is expected to witness increased sales, as some of the leading companies are expanding their manufacturing and R&D plants in this region.
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Key Market Players
Some of the key players in the global insulin delivery devices market are Abbott Laboratories, Novo Nordisk A/S, Eli Lilly and Company, Medtronic, Inc., Sanofi, Becton, Dickinson and Company, and F. Hoffmann-La Roche, Ltd. Other notable companies include B. Braun Melsungen AG, Animas Corporation, Ypsomed Holding AG and Insulet Corporation. Most of these leading companies are constantly striving to introduce new, superior products to gain a competitive edge and empower theor positions in the global marketplace.