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Insulin Delivery Devices Market Rising Demand 2020 | Biocon, Owen Mumford, Tandem Diabetes Care,Novo Nordisk A/S


iCrowdNewswire   Nov 12, 2020  1:08 PM ET

According to The Insight Partners market research study titled ‘Insulin Delivery Devices Market to 2025 – Global Analysis and Forecasts by Product and End User, the global insulin delivery devices market was valued at US$ 11,869.0 Mn in 2017 and is estimated to reach US$ 22,830.0 Mn by 2025. The market is estimated to grow with a CAGR of 8.7% from 2018-2025.The report highlights the trends prevalent in the global insulin delivery devices market and the factors driving the market along with those that act as deterrents to its growth. The increasing prevalence of diabetes, rapid growth in the geriatric population and increasing technological advancement are the other factors that are anticipated to upsurge the market growth of insulin delivery devices. However, the factors such as high cost of insulin delivery devices and complications & risk associated with the delivery of insulin are expected to act as a major challenges hindering the market growth at a certain extent.

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The major players operating in the insulin delivery devices market include BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi among others. The market players are focused towards bringing new and innovative product launches to sustain their position in the market. For instance, in February, 2018, Medtronic launched MiniMed (TM) 670G system for patients with 7-13 years of age.

The increasing rate of obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major issue that affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Hence, this is expected to increase the demand of insulin delivery devices in the coming years.

The global insulin delivery devices market by product was led by insulin pens segment. In 2017, the insulin pens segment held a largest market share of 31.3% of the insulin delivery devices market, by product. The segment is also expected to dominate the market in 2025, since they offer increasing ease of use; increasing patient satisfaction and adherence; accuracy for delivering small doses of insulin.

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

Global Insulin Delivery Devices Market – By Product

Insulin Pens
Reusable Insulin Pens
Disposable Insulin Pens
Insulin Pumps
Tube Pumps
Patch Pumps
Insulin Syringes
Pen Needles
Standard Pen Needles
Safety Pen Needles
Others

Global Insulin Delivery Devices Market – By End User

Patients/Homecare
Hospitals & Clinics

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