The global insulin delivery devices market is estimated at USD 9,391.1 million in 2014 and is expected to grow at a CAGR of 7% from 2014 to 2020, to reach USD 14,093.3 million by 2020.
Albany, NY -- (SBWIRE) -- 09/29/2015 -- Diabetes is a disease characterized by high blood sugar levels. It is caused by the improper functioning of the pancreas that secretes insulin. Insulin is a hormone that maintains blood sugar levels in the body and helps in the proper functioning of all cellular and physiological activities. Diabetes is more common in the aged population; however, incidence of diabetes is also increasing in children and adults. To overcome this problem, insulin delivery devices, such as insulin pens, pumps, syringes, and jet injectors, play a vital role in maintaining insulin levels in the body. Insulin pens, syringes, and pumps are devices that facilitate the delivery of insulin just under the skin through a needle.
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Insulin syringes are designed for self-administration of doses and have many user-friendly features. For instance, these devices have short needles that are less painful for the patient. Insulin pen comprises insulin cartridge, dial and a needle. Insulin pen devices are used with disposable needles for the delivery of insulin doses. The compact design of these devices allows discreet administration of insulin. Insulin pens are of two types: prefilled and reusable. A prefilled pen is discarded once the contents of an insulin cartridge are administered, whereas a reusable pen contains replaceable insulin cartridges which are loaded and removed from the pen.
Insulin pump is composed of a pump, a disposable reservoir to hold the insulin, and a disposable infusion set, including cannula for subcutaneous insertion of doses. An insulin pump can be worn externally and clipped to wearer's belt. Insulin jet injectors inject insulin without the use of any needle. Insulin jets are composed of three parts: a disposable injector nozzle, the delivery device shaped like a pen, and a disposable insulin vial adapter.
Globally, the increasing prevalence of diabetes and obesity are some major drivers for the growth of the market. In addition, advanced features of insulin delivery devices and rising awareness among people about diabetes care are also supporting the growth of the global insulin delivery devices market.
However, risk and complications associated with the delivery of insulin and high cost of insulin analog hamper the growth of the market. Artificial pancreas and home infusion therapy are some of the major trends of global insulin delivery devices market.
Under geographic analysis, North America dominates the global insulin delivery devices market due to increasing prevalence of diabetes and rising number of overweight and obese people. The U.S. represents the largest market for insulin delivery devices followed by Canada in North America. Germany, France, the U.K., Italy and Spain holds major share of insulin delivery devices market in Europe. However, Asia is the fastest growing region in the global insulin delivery devices market due to rising aging population. In addition, several government initiatives are increasing awareness about diabetes treatment which would increase the demand for insulin delivery devices in the region.
The global insulin delivery devices market report provides in-depth analysis and estimation of the insulin delivery devices market from 2014 to 2020, considering 2014 as the base year for calculation. Additionally, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the global insulin delivery devices market report.
Some of the major players operating in the 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. These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.
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