Global Insulin Delivery Devices Market to Grow at a Promising CAGR during forecast period

Insulin delivery systems are widely used for insulin administration to treat type 1 diabetes. These systems include traditional syringes, needle-free injectors, and auto and pen injectors. The growth of the global market has been majorly driven by increasing R&D activities in insulin delivery devices. It is expected that the market growth will be driven by the growing prevalence of hyperglycemia, increasing acceptance of self-injectable products, and increasing FDA approvals.

On the other hand, it is expected that the presence of cross-contamination and rising prices of high-end goods can restrict the market growth during the forecast period. Artificial pancreas and home infusion therapy are some important developments in the global market for insulin delivery products. Such developments will play a key role in the growth of the market in the coming years.

The main driver for the insulin delivery devices market is the growing prevalence of obesity and diabetes around the world. Combined with growing understanding about diabetes treatment, technical advancements in these devices are expected to be a main factor that will have a positive effect on market development.

Over the forecast period, the easy accessibility to different insulin delivery devices, including insulin pens, syringes, pumps, and jet injectors, will also fuel the demand for insulin delivery devices. Growing educational programs and campaigns on diabetes and its risks, long-term effects, and care would also provide a strong impetus to the market.

However, cost-intensive insulin analogues will remain a major challenge to the growth of the market. In addition, problems and hazards associated with insulin delivery are anticipated to slow down the growth of the market for insulin delivery products.

Diabetes is one of the leading causes of mortality, globally. The main factors that are stimulating the growth of the demand for insulin delivery devices are the rising number of diabetic patients and the growing obese population. The global diabetic population, according to the International Diabetes Federation, will become 500 million by 2030. The market size of the insulin delivery system would further increase with the increasing geriatric population base, sedentary lifestyle, and growing awareness about diabetes care.

Rising awareness about advanced insulin delivery devices among diabetic patients would increase the demand for these devices. Advanced insulin delivery strategies include improved minimal invasiveness and reducing the pressure of patients, which would have a positive effect on demand over the coming years.

Funding for research to develop innovative diabetic products has increased dramatically in recent years, which is further stimulating the growth of the industry. In order to provide optimal and cost-effective care to diabetic patients, continuous study updates have been tracked in the insulin system industry. For example, due to its enhanced clinical benefit, reduced risk of glycemia, and improved control of hypoglycemia for type 1 and type 2 diabetic patients, the use of the continuous glucose monitoring (CGM) device and continuous subcutaneous insulin infusion (CSII) has increased widely. This has positively affected the growth of the diabetes treatment industry.

On the other hand, the high cost of insulin delivery systems in developed countries and the lack of insurance coverage would have a negative effect on market growth in the immediate future. The risks associated with insulin delivery would also inhibit demand growth during the forecast period.

Global Insulin Delivery Devices Market, By Product Type

In terms of product type, insulin pens held the highest share in the insulin delivery devices market in the year 2015 due to the benefits they offer over other products. Likewise, factors such as their user-friendly design, high adoption rate, and growing popularity among customers have also contributed to the highest revenue share of this segment. The rising focus of manufacturers on promoting innovation and developments is another key factor that is promoting the growth of this segment.

Global Insulin Delivery Devices Market, By Geographical Regions

In 2015, North America dominated the insulin delivery equipment industry. The factors responsible for the high market growth in North America are the growing diabetic population and the accessibility of technologically advanced devices. In 2016, about 29 million people in the U.S. were suffering from diabetes, according to CDC estimates, of which 21.0 million patients were diagnosed, while 8.1 million patients remained undiagnosed.

According to the National Diabetes Statistics Study published by the National Center for Chronic Disease Prevention and Health Promotion in 2013, about 30.3 million people in the United States had diabetes, which was 9.4% of the total population. These factors are driving the demand for insulin delivery products in the country. In 2017, Europe held the second largest market share due to rising R&D for medicinal services, the extension of subsidies, and the creation of in-area innovation appropriations.

Key Market Developments:

  • In January 2019, Bigfoot Biomedical collaborated with Eli Lilly to extend solutions for optimization of dosing and delivery of insulin using artificial intelligence. The acquisition was aimed at elevating the company’s position in the market by the introduction of various inventive products for diabetic patients.
  • In February 2019, Novo Nordisk established a partnership with Abbott to offer integrated digital services for diabetic patients with the help of insulin pens. This strategic shift was aimed at optimizing diabetes management by allowing diabetic patients and healthcare professionals to generate more productive and high outcomes.

Some Key Findings of the Global Insulin Delivery Devices Market Report Include:

  • A comprehensive analysis regarding the parent market.
  • Year-on-year growth of the global insulin delivery devices market in terms of value and volume.
  • Past and upcoming progress of the global market.
  • A region-wise and country-wise analysis of the global insulin delivery devices market to get the share and growth details in these areas.
  • The key factors which are impacting the consumption pattern of consumers across number of regions and countries.
  • Strategic Frameworks of the global insulin delivery devices market to boost the growth journey
  • Wide-ranging insights regarding the current R&D activities performed by each market service provider.
  • Some of the key players in the global insulin delivery devices market are Abbott Laboratories, Novo Nordisk A/S, Eli Lilly and Company, Medtronic, Inc., Sanofi, Becton, Dickinson and Company, and F. and Hoffmann-La Roche, Ltd. 

Market Segmentation:

By Type:

  • Insulin Pen
  • Insulin Vial
  • Syringes and Insulin Pumps

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
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