Insulin delivery devices market to witness phenomenal growth via insulin pen sales, global industry to surpass USD 19 billion by 2024.
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Over the past few years, insulin delivery devices market has emerged as one of the most lucrative verticals of the diabetes management industry, given the unprecedented growth in technologies that partially changed the way this chronic disease was managed earlier. The recent announcement by the renowned insulin delivery devices industry giant Tandem Diabetes Care regarding the successful FDA approval of its t:slim X2 Insulin Pump with Basal-IQ technology, is quite an instance validating the product innovation trends underlining the business landscape of this industry.
Incidentally, Basal-IQ is a PLGS (predictive low glucose suspend) feature designed to help lower the duration & frequency of hypoglycemia. Reports in fact claim that Tandem's device featuring Basal-IQ algorithm looks 30 minutes into the future to foresee where the glucose levels are heading. With such technological innovations & product enhancements in line, it is rather overt that Tandem is set to witness a lucrative growth graph in the years ahead.
Eli Lily is another popular name in the insulin delivery devices industry that has been making it to the headlines for developing innovative diabetes management platforms as a part of its Connected Diabetes Ecosystem. The company known for manufacturing insulin is now actively testing its own device that looks similar to a connected insulin pen with in-built software to create personalized insulin dose and glucose-sensing technology. Depending upon the FDA clearance, Lilly anticipates these technologies to hit the market in two to three years.
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A couple of decades back, novel product launches had not been the order of the day, despite a steady increase in the incidences of diabetes, leading a massive gap between the disease prevalence and disease management tools. Today however, with the pace of product diversification continuing to race ahead, industry analysts expect this trend to help bridge the critical gap in the current diabetes healthcare landscape. The insulin pen market in this regard is expected to witness a massive remuneration portfolio, having bagged over USD 6.5 billion in 2017. One of the fundamental reasons behind the enviable popularity of insulin pens is their increasing demand in the low-income group.
Insulin pump is another important product gaining considerable traction, given its minimally invasive nature. The insulin pumps are not only endowed with the unmatched combination of features like convenience, efficiency, needless insulin delivery, and portability, but they also eliminate the necessity of daily insulin injection dosage. Reports claim the insulin pump market to witness a CAGR of 7.5% over 2018-2024, having garnered USD 1.9 billion in 2017. Looking at the pace of technological developments with respect to insulin pumps, it is quite undeniable that the insulin pump segment will be one of the most progressive business spaces to unfold in the following years. However, the high-product cost associated with these pumps is set to act as a major roadblock in the business expansion.
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Geographically, U.S. is one of the most outperforming region that has secured a major chunk in the insulin delivery devices market. Accounting for 95% of the overall regional share in 2017, U.S. has been a major revenue pocket for the global insulin delivery devices industry. The rising prevalence of diabetic population with the robust advancements in the healthcare services have been listed as the prime factors leading to increased product demand. Other emerging economies such as China and India are also expected to gain massive growth trends, given the rapid governmental initiatives undertaken to develop healthcare infrastructure and awareness regarding diabetes management.
It has been estimated that in the not-so-distant future, diabetes will turn out to be the 7th leading cause of mortality. In fact, according to WHO, an estimated 1.6 million deaths were directly linked to diabetes in 2015 and diabetes prevalence has been raising more prominently in the middle & low-income countries. This not-so-pleasant scenario has indeed been the most significant factors that has fortified the growth of insulin delivery devices market. The rapid pace of technological developments and introduction of novel products are sure to bring massive investment trends in this business sphere in the coming years. A report by Global Market Insights, Inc., forecast the overall insulin delivery devices market size to register a CAGR of 6.5% over 2018-2024.
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data Sources
220.127.116.11. Paid sources
18.104.22.168. Unpaid sources
Chapter 2. Executive Summary
2.1. Insulin delivery devices industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Regional trends
Chapter 3. Insulin Delivery Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces
3.3.1. Growth drivers
22.214.171.124. Favorable device insurance and reimbursement policies in North America and Europe
126.96.36.199. Collaboration of public and private sectors to meet diabetes needs
188.8.131.52. Growing diabetes burden in Latin American countries
184.108.40.206. Increasing healthcare expenditure in Middle Eastern region
3.3.2. Industry pitfalls & challenges
220.127.116.11. Low usage of insulin pumps in Europe
18.104.22.168. High out-of-pocket expenditure required for diabetes management in Asia Pacific region
22.214.171.124. Limited access to public healthcare and associated high cost in Latin America
126.96.36.199. Stringent government regulations and product approvals in Middle East
3.4. Diabetes prevalence in major countries, 2017
3.4.1. Diabetes prevalence in Euro 5 countries, 2017
3.5. Global cost of diabetes management by region, 2017
3.6. Major company's product portfolio
3.7. Growth potential analysis
3.7.1. By product
3.8. Regulatory landscape
3.9. Reimbursement policies and public healthcare sector insurance coverage
3.10. Company market share
3.11. Competitive landscape, 2017
3.11.1. Business overview
3.11.2. Revenue analysis
3.11.3. Product landscape
3.11.4. Strategy dashboard
3.12. Porter's analysis
3.13. PESTEL analysis