New York, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Prevalence of diabetes, product launches and continuous research and development key factors contributing to high CAGR of Insulin Delivery Devices during forecast period.
According to the current analysis of Reports and Data, the global Insulin Delivery Devices market was valued at USD 13.39 Billion in 2018 and is expected to reach USD 27.61 Billion by year 2026, at a CAGR of 9.3%. Insulin is a naturally occurring hormone that is responsible for allowing glucose in the blood to enter the blood stream, providing them with energy to function. Being essential to life, a lack of its secretion or improper secretion of insulin. A lack of effective insulin plays a key role in the development of diabetes. Thus, people with diabetes have to externally inject insulin in order to sustain themselves. With the changes in the lifestyle of the people there has been a spike in the number of cases of diabetes and therefore there has been a rise in the demand for insulin delivery devices. Insulin delivery devices are very useful for people suffering from type – I diabetes. There are various types of delivery devices and the choice of the devices depend on the patients. The continuous research and development in this field and launch of novel devices has propelled the market. For instance, the announcement of the approval of interoperable pumps has aroused interest in the market. In addition the proposed launch of smart insulin pens has further sparked interest among the people for this market. Such factors increase the demand for the devices.
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Further key findings from the report suggest
- Medtronic’s MiniMed 670G System has been a milestone in this market. It was recently launched, making delivery of insulin simpler and easier.
- Insulin pens are expected to grow at a rate of 9.2%. The expected launch of smart insulin pens in the year 2019 has sparked further interest in this market. Insulin pens have been proven to be easier at application and accessible. Thus, they dominate the market with a share of 50.8%.
- Insulin Pumps are seen to be the fastest growing devices with the rising awareness. They are expected to register a growth rate of 11.2%.
- With the advanced devices in the market, taking insulin at home has been made possible. Thus, the rising preference towards homecare has made it dominate the market. It registers a market share of 68% and continues to grow at a rate of 9.5%.
- The availability of financial assistance facilities and the strong government support and initiatives to make insulin delivery devices and medications affordable has been a big boost to the market.
- North America records the highest number of cases of diabetes. The changes in lifestyle, improper dietary habits and lack of exercise have been the key factors responsible for the increased number of cases. Thus, North America dominates the market by holding more than 50% market shares.
- Europe follows North America by holding the second largest market shares. This can be attributed to the extensive research and development carried out in this region along with the launch of novel products.
- Asia Pacific is seen to be the fastest growing region due to the increasing number of diabetes cases. In addition to this, the availability of resources and cheap labor has encouraged several manufacturers to set up their manufacturing units in this region. The region is expected to continue its growth at a rate of 10.4%.
- The key players in the market include Sanofi Diabetes, Nova Nordisk, Omnipod Insulin Management, Eli Lilly and Company, Gerresheimer, Johnson and Johnson, Becton Dickinson, Tandem Diabetes Care Inc. and Medtronic Plc.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Insulin Delivery Devices market on the basis of type, distribution channel, end use, and region:
Type (Revenue, USD Million; 2016–2026)
- Insulin Syringe
- Insulin Pens:
- Disposable
- Reusable
- Insulin Jet Injectors
- Insulin Pumps:
- Tethered
- Patch
- Insulin Needles
- Insulin Inhalers:
- External Insulin
- Implantable Insulin
Distribution Channels (Revenue, USD Million; 2016–2026)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
End Use (Revenue, USD Million; 2016–2026)
- Hospitals
- Clinics
- Ambulatory Care Centers
- Homecare
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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