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Oct 5, 2020 10:00 AM ET

Global Insulin Delivery Devices Market Set For Rapid Growth, To Reach Around USD 18.5 Billion By 2024

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Insulin Delivery Devices Market by Product (Insulin Pens, Insulin Syringes, and Insulin Pumps) and Distribution Channel (Diabetes Clinics and Centers, Retail Pharmacy, Hospital Pharmacy, and Online Sales): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global insulin delivery devices market was valued at approximately USD 10.3 billion in 2017 and is expected to generate revenue of around USD 18.5 billion by 2024, growing at a CAGR of around 8.9% between 2018 and 2024.

Insulin promotes the absorption of glucose from the blood into skeletal muscle cells, liver, and fat. The production and secretion of glucose by the liver is firmly repressed by extraordinary insulin concentrations in the blood. If the sugar level in the body is more than what is required, insulin plays a major role in storing sugar in the liver. This stored sugar is released when the blood sugar level is low or when the body requires more sugar. Diabetes affects the body’s capability to process blood sugar. Gestational diabetes, type 1, and type 2 are three major diabetes types. People living with type 1 diabetes are completely dependent on insulin and have to take artificial insulin on a daily basis.

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Global Insulin Delivery Devices Market

Insulin has to be injected under the skin into the fatty tissue. A wide variety of devices are employed for the supply of insulin, including pens, syringes, injectors, and pumps. There is no one universal device that can be used by everyone. Multiple factors determine the decision to use a particular device for a diabetic patient. These factors include the patient’s insulin regimen, the patient’s ability to get operated, insurance coverage, visual ability, and affordability of the device. Syringes are the most common type of insulin delivery method. Medical syringes containing needles with a special coat are used that make injecting as painless as possible. Insulin pens are also used widely for insulin delivery, as they are easy to use and easy to carry. Insulin pumps are gaining popularity due to their several unique features. Insulin pumps are most often used by type 2 diabetes patients.

As per the WHO, the diabetic population has grown from 108 million adults in 1980 to approximately 422 million adults in 2014. Furthermore, diabetic prevalence globally has doubled from 4.7% in 1980 to around 8.5% in 2014. According to the latest statistics for the United States of 2017, approximately 30 million people have diabetes, out of which around 24 million patients were diagnosed and around 6 million patients continue to be undiagnosed.

Rise in chronic diseases associated with diabetes, injury recovery time, increase in the demand for insulin transmission products, and growing awareness regarding insulin delivery products are likely to act as major growth driving factors in the global insulin delivery devices market. Furthermore, increase in the occurrences of pediatric and geriatric diabetes, various advantages offered by minimally invasive treatment options, such as pumps, improved functioning and design of insulin devices, unhealthy eating habits, lack of active lifestyle, increasing healthcare expenditure, and increasing research and development activities, are also projected to propel this market’s growth. Efforts taken by various governments and non-government organizations to increase awareness regarding insulin devices and rapid advancements in the technology are anticipated to act as opportunities for the players operating in the insulin delivery devices market. However, the high cost of insulin devices, the discrepancy in insulin uptake adherence, needle-phobia of many individuals, resistance to self-injection, inadequate per capita expenditure on diabetes, and the absence of insurance and reimbursement in developing regions might restrict the global insulin delivery devices market.

The global insulin delivery devices market is segmented based on product and distribution channel. By product, the insulin delivery devices market is classified into insulin pens, insulin syringes, and insulin pumps. Insulin pens hold the largest market share, due to increased demand for improved diabetes management and minimally invasive property of pens. The distribution channel segment includes diabetes clinics and centers, retail pharmacy, hospital pharmacy, and online sales.

North America is likely to lead during the forecast time period, due to the increase in the prevalence of diabetes mellitus and a growing number of people with an unhealthy diet. Europe might emerge as the second largest insulin delivery devices market, due to increasing number of geriatric diabetes patients, rapid technological advancements, and increasing healthcare spending. Latin America market is anticipated to show significant growth during the forecast time period. The Asia Pacific is likely to propagate at a speedy rate over the forecast timeframe, due to growing geriatric population, rising pediatric diabetic population, multiple efforts taken up by governments and non-government organizations. The Middle Eastern and African countries are expected to experience noticeable growth in the future.

Some key players in the global insulin delivery devices market include Eli Lilly and Company, Medtronic plc., B. Braun Melsungen AG, Sanofi S.A., Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Biocon Ltd., Becton, Dickinson and Company, Valeritas, Inc., MannKind Corporation, and Insulet Corporation, among others.

This report segments the global insulin delivery devices market as follows:

Global Insulin Delivery Devices Market: By Product

Global Insulin Delivery Devices Market: By Distribution Channel

Global Insulin Delivery Devices Market: By Region

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Keywords:    Insulin Delivery Devices Market

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