A rise in awareness regarding diabetes management owing to the increasing instances of the disease will bolster the insulin delivery devices market share.
A rise in awareness regarding diabetes management owing to the increasing instances of the disease will bolster the insulin delivery devices market share. The American Diabetes Association reported in 2015 that more than 30 million people in the U.S. were affected by diabetes, while one-fourth of the total regional population is yet undiagnosed. This disease penetration and the rising prevalence of undiagnosed diabetes cases will add positive impetus to the adoption of the devices.
The surging need for minimally invasive delivery systems has led to the development of newer insulin delivery devices, specifically across the unaddressed geographical regions across the world. Besides, there is a significant rise in the number of initiatives formed by various public sectors.
Estimates have suggested that the insulin delivery devices market size could reach an annual valuation of USD 20 billion by 2025.
Increasing preference for insulin syringes and pumps
Market value from insulin syringes is pegged to record a 5% CAGR through the next few years owing to their increasing need. The syringes are witnessing higher adoption as they offer optimum efficiency, easy usability, and lower costs. They are also conveniently used as alternatives to various other insulin delivery devices.
On the other hand, the demand for insulin pumps is poised to grow at a 7.5% CAGR over the years due to their consistent preference, making them a widely recommended delivery device in the industry.
To access sample pages of this report titled, “Insulin Delivery Devices Market Size By Product (Pumps {Tubed Pumps, Tubeless/Patch Pumps}, Pens {Reusable, Disposable}, Pen Needles {Standard, Safety}, Syringes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/1649
Technological advancements in the U.S.
U.S. is a promising market for insulin delivery devices and was responsible for more than USD 5,333.9 million, which accounted for over 40% of the total revenue share in 2018. This can be attributed to the rising number of diabetic patients and the presence of some prominent state-of-art facilities across the country. The regulation of several government initiatives has increased the awareness regarding the devices among the people.
Furthermore, the influx of latest technologies has paved the way for the development of novel insulin delivery products in the region albeit with the current Covid-19 pandemic. For instance, Medtronic, in November 2020, introduced the InPen device, a CGM-integrated smart glucose monitoring (CGM) system for patients requiring multiple daily injections.
Europe and APAC to see a considerable footprint
The insulin delivery devices market across the European region will gain considerable traction through 2025 considering the growing consumption of insulin pens. The adoption of insulin pumps is also set to observe significant inclination in the region. On account of these factors, Germany dominated the insulin delivery devices market for insulin devices in Europe and collected over 30% of the total revenue share in the previous years.
China insulin delivery devices market size is projected to expand at 13.7% across the Asia Pacific due to the presence of a large diabetic patient pool and enhanced health care sector across the region. It has been estimated that over 100 million diabetic individuals reside in the country.
Competitive strategies to favor device demand
Providers of various types of insulin delivery devices are working towards technological device developments, geographical expansions, mergers as well as acquisitions to increase their presence. These companies mainly constitute well-established firms that contributed to over 70% of the total industry share. While the emerging small and medium-scaled companies are focused on sustaining competition from other dominating counterparts.
Sanofi, Ely Lilly, Becton Novo Nordisk, Dickenson, Roche, Ypsomed, and Insulet Corporation are few device suppliers in the business.
However, the higher process associated with insulin and other specific delivery devices may negatively influence their demand across the developing nations. Also, the dearth of awareness regarding different insulin delivery methods may draw a negative influence on the industry forecast.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com