Growing Incidence of Diabetes Drives Use of Insulin Delivery Devices, Market Exhibiting 7% CAGR from 2014 to 2020
Diabetes is a condition caused by the inadequate functioning of the pancreas, which results in high blood sugar levels. Insulin is a hormone present in the human body that helps in maintaining the blood sugar levels. When the adequate quantity of insulin is not produced in the body, it has to be injected with the help of insulin delivery devices.
In 2010, the global insulin delivery devices market was worth US$7,300 mn and reached US$8,793 mn by the end of 2013. Furthermore, in 2014 the revenue of this market stood at US$9,391 mn and is anticipated to reach US$14,093 mn till 2020, at a substantial 7% CAGR between 2014 and 2020.
On the basis of type, the global insulin delivery devices market can be segmented into insulin jet injectors, insulin syringes, insulin pumps, and insulin pens. Here is a brief overview of each of these devices:
Insulin syringes are designed for the purpose of self-administration of insulin doses and have comparatively short needles, which cause less pain.
Insulin pens consist of an insulin cartridge, a needle, and a dial. These pens make use of disposable needles for injecting insulin doses. Insulin pens are available in two types: reusable insulin pens and prefilled insulin pens.
An Insulin jet is divided into three sections: a delivery device, which is shaped like a pen; a disposable injector nozzle; a disposable vial adapter. Insulin jet injectors do not require a needle for injecting insulin into the body.
An insulin pump includes a pump, a disposable reservoir to carry the insulin, and a disposable infusion set for administration of insulin doses. An insulin pump can be clipped to the wearer’s belt or can be worn externally.
Advanced Technology to Boost Demand for Insulin Delivery Devices Globally
A growing awareness among people regarding diabetes and its care, the advanced technology and features of insulin delivery devices, and the tremendously rising incidence of diabetes are some of the key factors driving the growth of this market. On the flip side, high insulin costs and the complications associated with the delivery of insulin are the factors that are expected to hamper the growth of the global insulin delivery devices market in the next few years.
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North America to Lead Global Insulin Delivery Devices Market Till 2020
The global insulin delivery devices market can be divided on the basis of geographical regions into Europe, Latin America, North America, Asia, and Rest of the World. Among these regions, North America accounts for the largest share of the global insulin delivery devices market. The rising incidence of diabetes and the increased number of obese and overweight people across the globe are the major factors driving the North America insulin delivery devices market. Moreover, the growing number of aged is also fueling the growth of this market in North America. Likewise, the Europe and Asia markets for insulin delivery devices are primarily driven by the growing prevalence of diabetes, technological advancements in insulin delivery devices, and the growing awareness among people regarding effective diabetes treatments. The construction and development of research and manufacturing centers for insulin delivery devices by many prominent companies is accelerating the growth of the Latin America insulin delivery devices market.
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Some of the prominent players operating in the global insulin delivery devices market are Dickinson and Company, Eli Lilly and Company, Novo Nordisk A/S, F. Hoffmann-La Roche, Ltd., Abbott Laboratories, Sanofi, Becton, and Medtronic, Inc. The rising incidence of diabetes across the globe has attracted many other companies to foray into this market. Some of the other players include B. Braun Melsungen AG, Animas Corporation, Insulet Corporation, and Ypsomed Holding AG.
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