Albany, NY -- (SBWIRE) -- 04/19/2019 -- The global insulin delivery devices market is driven by a rise in the prevalence of diabetes and related major chronic diseases. The global market was valued at US$ 10,385.0 Mn in 2017 and is projected to reach US$ 21,783.3 Mn by 2026, expanding at a CAGR of 8.7% from 2018 to 2026. Increase in the number of chronic diseases related to diabetes such as cardiovascular diseases (increased threat of heart attacks and congestive heart failure), renal failure, hepatic disorders, immunodeficiency, loss of vision, brain and nervous system disorders, and impaired injury healing time are likely to drive the global insulin delivery devices market.
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Insulin delivery devices are used in the treatment of type 1 and type 2 diabetes. The devices have been categorized into four major segments: insulin syringe, insulin pens, insulin pumps, and others. Insulin delivery devices are often recommended when an individual is suffering from symptoms such as an increase in blood sugar levels or conditions such as dysfunctional pancreas. Thus, insulin delivery devices help patients maintain blood glucose levels in the normal range. Nowadays, physicians prefer insulin pens/pumps due to their several application and advantages. Insulin delivery devices are used in hospitals, specialty clinics, diabetes centers, etc.. The devices are designed with several properties such as safety, accuracy in dosing, and stability. Rise in demand for products and increase in awareness about insulin delivery devices are anticipated to propel the global insulin delivery devices market. Rise in the incidence of pediatric diabetes and geriatric diabetes disorders has resulted in a rise in demand for insulin delivery devices globally. According to the International Diabetes Federation, in 2016, 422 million people worldwide were living with diabetes. It is estimated that by 2040, more than 10% of the world's adult population, or around 642 million people, will have diabetes.
The global insulin delivery devices market has been segmented based on product, distribution channel, and region. In terms of product, the global market can be classified into insulin syringes, insulin pens, insulin pumps, and others. In terms of product, the insulin pens segment accounted for a major share of the global market, in terms of revenue, in 2017. The segment is projected to expand at a significant growth rate during the forecast period due to the high adoption rate, rising popularity among consumers, and user-friendly design of insulin pens.
Based on distribution channel, the global insulin delivery devices market has been classified into hospital pharmacy, retail pharmacy, online sales, and diabetes clinics/centers. The hospital pharmacy segment dominated the global market in 2017, and the trend is likely to continue during the forecast period. This is attributed to an increase in demand for insulin delivery devices from diabetic patients during their hospital stay for different treatments including surgery, cardiovascular diseases, and others.
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In terms of region, the global insulin delivery devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market and is projected to gain market share by the end of 2026. The U.S. is a major country of the market in North America. Factors such as rise in the aging population, highly structured health care industry, and availability of well-defined reimbursement policies from public and private health insurance firms are fueling the insulin delivery devices market in U.S. The insulin delivery devices market in Asia Pacific is projected to expand at a rapid pace during the forecast period. China dominated the insulin delivery devices market in the region. The market in China is expected to expand at a high CAGR during the forecast period.
Major players operating in the global insulin delivery devices market include B. Braun Melsungen AG, Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Medtronic plc., F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Biocon Ltd., Owen Mumford Ltd., Ypsomed Holding AG,
Cellnovo Group SA., Valeritas, Inc., Insulet Corporation, SOOIL Developments Co., Ltd, MannKind Corporation, and Tandem Diabetes Care, Inc. These companies are adopting the strategy of acquisition and collaboration in order to strengthen their position in the global market.
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