Pune, India -- (SBWIRE) -- 05/11/2018 -- The global insulin delivery devices market and is expected to reach $14.21 billion by 2020, growing at an impressive rate of 7.9 % CAGR. Diabetes is a chronic disease caused due to inadequate production or inappropriate use of insulin in the body. It mainly comprises two types which is Type 1 and Type 2 diabetes. Insulin is delivered with the help of various delivery devices such as insulin pumps, pen injectors, insulin syringe and jet injectors. Increasing prevalence of diabetes, rising obesity endemic, increasing awareness among people about diabetic care and technological advancement in delivery devices are some of the factors affecting the growth of the insulin delivery device market. Globally the market for Insulin Delivery Device is anticipated to grow at the rate of about 6.9% from 2014 to 2020.

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The growth of the insulin delivery market can be attributed to factors such as high returns on investment, favourable reimbursement scenario, demand for non-invasive delivery systems, technological advancements in insulin delivery devices, growing diabetic population, rising awareness and others. The constraining factors are cost of the insulin delivery devices, presence of low cost manufacturers especially China and others.

Product development is a highly successful strategy that has been exploited by the market. For example, many insulin pens have adjustments for altering the dosage of insulin depending on the need. Thus controlling the dosage is easy with a flick of a button or a dial which is a very attractive development.

Key Finding:

The insulin delivery devices global market and is expected to reach $14.21 billion by 2020.
Insulin syringe hold the largest share of the market.
Globally, Asia-Pacific the fastest growing region and expected to grow at the rate of 7.9% during the forecast

Key Players for Insulin Delivery Devices Market:                         

Some of the key players in this market are: F. Hoffmann-La Roche, Eli Lilly and Company, Sanofi, Medtronic, Inc, Novo Nordisk A/S and Becton, Dickinson and Company, B. Braun Melsungen AG, Animas Corporation, Ypsomed Holdings AG, and Insulet Corporation.

Insulin Delivery Devices Market growth Overview:

The tough competition in the anti-diabetic drug market has forced many players to developed delivery devices as an effective way to contain the fall in revenues. Insulin makes up the best drug due to its demand inflexibility, higher cost and the discomfort it causes lifelong to patients. Companies are developing partnership to reduce the development costs associated with the insulin delivery devices. For example, Novo Nordisk has teamed up with diabetes software expert Glooko to develop insulin dosing advisor software to help people with diabetes and healthcare professionals administer insulin more effectively.

Novo Nordisk also has developed connected insulin pen which tracks insulin doses and sends the dosing data to a smartphone app. Thus connected insulin delivery devices is the latest rage in the market. Thus advanced devices especially with connected and integrated software is expected to result in a premium as insulin results in thousands of hospitalizations every due to wrong doing. Thus alleviation of safety concerns with use of technology will lead to development of the market. Thus the days of asking your loved one the dreaded question "Did you take your insulin?" seem to be getting over, with patients giving their caretakers a smiling glare!
period.

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Insulin Delivery Devices Market Segments:  

Insulin Delivery Devices market has been segmented on the basis of type which comprises of Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors.

Regional analysis:

The developed regions of North America and Europe are expected to lead the insulin delivery market. The U.S is expected to lead the world due to its higher per capita income and its faster uptake of technology. U.S. also spends a higher GDP on its healthcare which accounts to a whopping 16% in 2016.

Europe is expected to be led by Germany due to presence of its large medical device industry. However it has to be noted that southern Europe has a higher prevalence of diabetes. Countries such as Spain, Italy and Portugal are expected to have a higher growth of the insulin delivery devices market. Another nation which has a large unserved market is Turkey.

However the market is expected to shift towards the developing regions of Asian Pacific in the near future. The Asia pacific region is expected to be led by India. India is called the diabetes capital of the world with as many as 50 million diabetes patients. Of the two types of diabetes India has more number of patients with type-2 diabetes. India has also witnessing an alarming rise in incidence of diabetes. The World Health Organizations estimates the global burden of type-2 diabetes to increase to 438 million by 2030 from 285 million people. For the diabetes treatment players in India this means a pie of 87 million patients in 2030. Other Asia Pacific nations expected to drive growth in the future are Vietnam, Indonesia and China.

Middle East is another lucrative market due to its higher wealth. African region is however expected to be laggard due to poor socio economic conditions and geopolitical issues.

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Key Questions Answered In This Report:

What will the market size and what will the growth rate be?

What are the key market trends?

What is driving this market?

What are the challenges to market growth?

Who are the key vendors in this market space?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

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