Insulin Delivery Devices Market Size Is Projected To Be Around $19 Billion By 2025
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A research study titled, “Insulin Delivery Devices Market by Product and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the insulin delivery devices market is projected to be around $19 billion by 2025.
Insulin delivery devices are the devices through which insulin is injected or infused into the fatty tissue under the skin. Insulin can be delivered by insulin syringes, insulin pumps, and insulin pens. The insulin pump is a computerized device which releases rapid acting insulin in the body via a catheter which reaches under the abdomen's skin. Thus, these devices help to control blood sugar in diabetic people by injecting insulin. Diabetes is a chronic, progressive disease that occur either when the pancreas are not producing enough insulin or when the body cannot effectively use the insulin. The symptoms of diabetes are frequent urination, increased thirst, and increased hunger. Factors which increase the risk of diabetes are ethnicity, family history of diabetes, unhealthy diet, physical inactivity and smoking. The exact causes of type 1 diabetes are unknown. Type 1 diabetes can be caused due to complex interaction between genes and environmental factors. The strongest risk factors for type 2 diabetes are overweight and obesity. Diabetes can damage the heart, eyes, blood vessels, kidneys, and nerves which may lead to disability and premature death. Diabetes if not treated on time can cause complications such as heart attack, stroke, kidney failure, leg amputation, vision loss, nerve damage, foot ulcers, and damage to the eyes or even death. People with diabetes are likely to incur disastrous personal health expenditure. As of 2014, diabetes affected 422 million people world wide with a prevalence of 8.5% among the adult population.Over the past three decades, the prevalence of diabetes is increasing, but it is growing at a higher rate in low and middle incomed countries. The global prevalence of diabetes has nearly doubled since 1980. In 2014, more than 1 in 3 adults were overweight and more than 1 in 10 were obese.
Insulin pens segment occupied the largest share of the insulin delivery devices market in 2016. This is attributed to factors such as easy-to-use devices, increase in popularity among consumers, easier to transport than conventional vial and syringes, enables more specific dosages, and less pain while injecting insulin. Insulin pumps segment is anticipated to grow at highest CAGR throughout the forecast period.This is attributed to factors such as increasing pervasiveness of Type 1 diabetes and technological improvements in insulin pumps. Insulin syringes are equally effective as longer needles and are less intimidating.
Homecare segment held the major share of the global market in 2016. This segment is projected to grow at the highest CAGR throughout the forecast period. This is attributed to factors such as less waiting time, reduction in number of visits to physicians or doctors, and reduced cost of treatment compared to hospitals and clinics.
North America held a major share of the overall market in 2016. This is attributed to factors such as increasing prevalence of diabetes and high adoption of technologically advanced products in the region. Europe is the second largest market for these devices due to factors such as rise in diabetes in elderly population.
Asia-Pacific is poised to be the fastest growing segment over the forecast period, due to large number of collaborations and partnerships between international and local players in this region, large number of people suffering with diabetes, increased awareness amongst people, and growing adoption of insulin pens. For instance, in May 2016, Medtronic collaborated with Sing Health, which is Singapore's largest group of healthcare institutions. This collaboration aims to provide trainings for physicians on the latest technology to manage diabetes.
Some of the major companies include Becton, Dickinson and Company, Abbott Laboratories, Hoffmann-La Roche, Ltd., Sanofi, Eli Lilly and Company, and Medtronic.The key strategy adopted by these companies is product development. For instance, Tandem Diabetes Care launched a software update for Insulin Pump using a personal computer. The t:slim X2 Insulin Pump is currently the slimmest and smallest durable insulin pump in the market. Due to this software update, the company will now be able to provide new pump features to its customers regardless of pump insurance replacement cycle. Likewise, in September 2015, Biocon launched Basalog One, a long acting basal insulin glargine. This product offers appropriate substitute to individual with diabetes using a syringe-vial mixture for insulin glargine.
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Key Findings of the Research Study:
- Insulin pens segment held the major share of the global insulin delivery devices market in 2016, as insulin pens are easier to transport than conventional vial and syringes.
- Homecare segment held the major share of the global market in 2016, due to the high efficiency of the product with high comfort levels and better connectivity.
- North America occupied the largest share of the overall market in 2016, due to high adoption of technologically advanced products and advanced healthcare infrastructure.
- U.S. held a major share of the global market in 2016 and is poised to continue its lead during the forecast period.
- Asia-Pacific is projected to be fastest growing region during the forecast period, primarily due to high patient pool, growing elderly population, and increasing disposable income of people.