The major spike in incidence of type 2 diabetes over the last decade is mainly attributed to rising prevalence of obesity.
Seattle, WA -- (SBWIRE) -- 09/19/2019 -- Insulin is vital for people suffering from type 1 diabetes and type 2 diabetes. In the past, patients with diabetes had to inject insulin using large glass syringes and reusable needles, both of which needed sterilization by boiling after each use. Improvements and innovations has led to development of insulin delivery devices such as pens and insulin pumps. Furthermore, insulin analogs have become available that enable both continuous subcutaneous insulin infusion(CSII) using an insulin pump and insulin therapy using multiple daily injections (MDI) to more closely match physiologic insulin patterns. Type or dosage of insulin can be changed, to meet the individual needs of the patient. Insulin can be packaged in vials (bottles), cartridges or prefilled pens. The cartridges are used with pen injectors whereas the vials are used with syringes.
The global insulin delivery devices market was valued at US$ 11,326.9 million in 2017 and is expected to witness a CAGR of 11.3% over the forecast period (2017–2025).
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Increasing prevalence of diabetes worldwide is expected to propel growth of the global insulin deliver devices market
Increasing prevalence of diabetes is expected to propel growth of the global insulin delivery devices market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2014, around 29.1 million people in the U.S were recorded to have diabetes with healthcare burden of around US$ 245 billion. According to the same source, in 2014, an estimated 4.6-9.2% of pregnant women were affected with gestational diabetes. For this, the governments of various countries are adopting various strategies, in order support the diabetic patients. For instance, the government of Australia launched National Diabetes Strategy (2016-2020), which will help to prevent diabetes and support people living with diabetes. Thus, growing government initiatives to support diabetic patients is expected to boost the global insulin deliver devices market growth.
Furthermore, development of novel devices and systems for enhanced drug delivery is expected to boost the market growth during the forecast period. Insulin pens, when compared to syringe regimens and vial, have better clinical efficacy, greater dosing accuracy, and improved quality of life.
Moreover, the Australian government launched National Diabetes Strategy (2016–20), for an action to prevent diabetes and support the people living with diabetes. Thus, rise in government initiatives to support diabetic patients is expected to favor growth of the insulin delivery devices market. Furthermore, insulin pens are far more convenient and easier to use, when compared to other treatment regimens. For instance, in January 2014, Novo Nordisk launched NovoPen Echo in the U.S. market. This is the first and only pen available in the U.S. with half-unit dosing and a memory function that can record dose and tome passed since the last injection.
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Increasing adoption of advanced devices for insulin delivery is driving growth of the market
Increasing awareness among population regarding insulin delivery devices coupled with high demand for insulin administration for diabetes control are the factors driving growth of the market. Among region, North America, accounted for largest market share in insulin delivery devices, followed by Europe, owing to high prevalence of lifestyle associated diseases, implementation of awareness programs regarding diabetes, and high adoption of advanced medical devices. For instance, in 2010, according to Journal of Diabetes Science and Technology, majorly insulin pumps were used on the American side of the Atlantic than on the European side, which is projected to propel demand for insulin pumps over the forecast period.
Furthermore, in 2016, the UAE Ministry of Health and Prevention in partnership with the Emirates Diabetes Society and Ministry with AstraZeneca Gulf, launched Circle of Care, an education and support program, which intends to improve the well-being of people in the UAE suffering from or at risk of developing type 2 diabetes, in turn fueling growth of the market over the forecast period.
Key players in the market are focusing on developing next generation devices to remain competitive, while seeking ways to enhance their design capabilities. For instance, in October 2017, Eli Lilly and Company announced its plans to invest US$ 72 million in an insulin manufacturing project at one of its Indianapolis facilities. The investment will be used to replace an existing insulin vial filling line and allow Lilly to meet growing demand for its insulin - including Humalog (insulin lispro) and Humulin (human insulin) - while upgrading to state-of-the-art technology and preparing for its insulin pipeline.
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