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
New York, NY -- (SBWIRE) -- 01/18/2016 -- A recent market research report published by Persistence Market Research forecasts robust growth prospects for the global market for insulin delivery devices in the near future. The report, titled "Global Market Study on Insulin Delivery Devices - Asia to Witness Highest Growth by 2020", projects that the market, which had a valuation of US$9,391.1 mn in 2014, will expand at a 7.0% CAGR between 2014 and 2020 and reach an estimated value of USD 14,093.3 mn by 2020.
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The report gives a 360-degree overview of the market, and analyzes the impact of key demand drivers, restraints, and popular trends on the overall development of the market. The report analyzes key market elements and presents detailed qualitative and quantitative data about the current state of these market elements in the major regional markets. A variety of primary and secondary research methodologies are utilized for obtaining valuable market data, which is then filtered with the help of industry-leading analytical methods.
The report states that the factors such as the rising prevalence of diabetes and the endemic of obesity are the key factors driving the global insulin delivery devices market. In addition to these factors, the rising awareness among people about proper diabetes care and advanced features in insulin delivery devices are also significantly propelling the global demand for insulin delivery devices.
However, factors such as the complications and risks associated with the delivery of insulin and the high cost of the devices are hampering the growth of the market to a certain extent.
The report segments the global insulin delivery devices market on the basis of two criteria: product type and geography. On the basis of product type, the market is segmented into insulin syringes, insulin pumps, insulin pens, and insulin jet injectors. On the basis of geography, the market is segmented into North America, Latin America, Asia, and Europe.
North America is currently the largest regional market for insulin delivery devices. The high prevalence of diabetes as well as the increasing incidence of obesity in the region are the key factors fuelling demand from the insulin delivery devices market in North America.
Similarly, the market in Europe is driven by the rising prevalence of diabetes. The rising awareness about treatment of diabetes, growing geriatric population, and technological advancements in insulin delivery devices are driving the market in Europe.
The rising ageing population and rising prevalence of diabetes in Asia Pacific are the key factors driving the market for insulin delivery devices in the region. Additionally, several government initiatives aimed at proper management of diabetes are leading to an increased awareness about diabetes care in the region. This subsequently leads to the increased demand for a variety of insulin delivery devices. The rising disposable incomes of the population are also leading to the increased demand for technologically advanced insulin delivery devices.
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Some of the leading companies operating in the global insulin delivery devices market are Eli Lilly and Company, Novo Nordisk A/S, Abbott Laboratories, Medtronic, Inc., Dickinson and Company, Becton, F. Hoffmann-La Roche, Ltd., and Sanofi. Other major players of the market include B. Braun Melsungen AG, Animas Corporation, Insulet Corporation, and Ypsomed Holding AG.
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