The global Insulin Delivery Device Market is on the verge of witnessing a drastic In Upcoming Years. The digital renaissance is dictating the terms for the industry. AI-powered data core is being used for delivering insights. Also, the virtual workforce is being developed with a transfer of digital skills, that too, from a plethora of innovative ecosystems and industries. Conversational AI is being deployed for helping the end-users with timely feedback. This trend is bound to take the overall industry at a greater stride in the upcoming period.
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Surging prevalence of diabetes and growing awareness among patients regarding the treatment options available are the key factors propelling the global insulin delivery devices market. In a recent report titled “Global Market Study on Insulin Delivery Devices: Asia to Witness Highest Growth by 2020”, Persistence Market Research states that the market for insulin delivery devices is anticipated to expand at a healthy CAGR of 7.0% from 2014 to 2020. If this holds true, the value of the global market will rise from US$9,391.1 mn in 2014 to US$14,093.3 mn by 2020.
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Even with the increasing number of factors fueling the insulin delivery devices market, high cost of insulin analog and complications and risks associated with the delivery of insulin are anticipated to impede the growth of the global market. However, trends such as development of home infusion therapy and artificial pancreas are gaining popularity, which is sure to boost the insulin delivery devices market in the coming years.
The insulin delivery devices market is segmented on the basis of device into insulin pens, insulin jet injectors, insulin syringes, and insulin pumps.
Different regional markets for insulin delivery devices are driven by various factors and the research report offers an in-depth analysis of the forces that govern the growth of each regional segment. The five regions covered in the global insulin delivery devices market are North America, Latin America, Asia, Europe, and Rest of the World.
North America accounts for the largest share of the overall insulin delivery devices market and is anticipated to retain its lead throughout the forecast period. The growth in this region can be attributed to rise in geriatric population, alarming prevalence of diabetes, and surging number of obese and overweight population. The Latin America insulin delivery devices market is fueled by the establishment of several manufacturing and research facilities in the region.
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Asia, identified as having immense potential for future growth, is a market that is gaining prominence when it comes to insulin delivery devices. This development can be attributed to growing awareness about diabetes and the various treatment options, rise in aging population, support from government in the form of healthcare initiatives, and increasing prevalence of diabetes.
The Europe insulin delivery devices market is driven by factors similar to those fueling the North America market: increase in aging population, technological advances in the delivery of insulin, growing prevalence of diabetes, and rising awareness among the patient population regarding treatment of diabetes.
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