Insulin Delivery Devices Market Projected to Grow at a Steady Pace During 2014-2020
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 an estimated value of USD 14,093.3 million in 2020.
New York, NY -- (SBWire) -- 10/13/2017 --The insulin delivery devices market is witnessing a significant growth due to the increasing prevalence of diabetes and rising obese endemic. In addition, advanced features of insulin delivery devices and rising awareness among people about diabetes care are also supporting in 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 hampers the growth of global insulin delivery devices market. As a result, the global insulin delivery devices market is expected to grow a CAGR of 7% during 2014-2020.
North America has the largest market for insulin delivery devices. Increasing prevalence of diabetes and the rising number of overweight and obese people are key drivers of the insulin delivery devices market in the region. In addition, the rising number of elderly people is also supporting the growth of the insulin delivery devices market in the region.
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Similarly, the European insulin delivery devices market is mainly driven by the increasing prevalence of diabetes, rising awareness among people about diabetes treatment, technological advancements in insulin delivery devices and increasing aging population.
In Asia, insulin delivery devices market is growing due to rising aging population and increasing prevalence of diabetes. In addition, several government initiatives are increasing awareness about diabetes treatment which would increase the demand for insulin delivery devices in the region.
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In Latin America, construction of manufacturing and research facilities by many companies is driving factor the insulin delivery devices market in the region.
Abbott Laboratories, Novo Nordisk A/S, Eli Lilly and Company, Medtronic, Inc., Sanofi, Becton, Dickinson and Company and F. Hoffmann-La Roche, Ltd. are some of the leading players in the global insulin delivery devices market. Other major players of insulin delivery devices market include B. Braun Melsungen AG, Animas Corporation, Ypsomed Holding AG and Insulet Corporation.
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