The insulin delivery devices market is projected to reach USD 17.85 Billion by 2021 from 11.54 Billion in 2016, growing at a CAGR of 9.1% during the forecast period.
The major drivers in the market include favorable reimbursement scenario and government support in selected countries, technological advancements in insulin delivery devices, and growing diabetic population.
In 2016, the insulin pens segment accounted for the largest share of the global insulin delivery devices market. The insulin pens segment is further divided into reusable pens and disposable pens. In 2016, the reusable segment commanded the largest share of insulin pens market. The pumps segment is further segmented into external/ tethered pumps and patch pumps. In 2016, the external/tethered pumps segment accounted for the largest share of the insulin pumps market. Increasing prevalence of type 1 diabetes, rising diabetic healthcare expenditure, and availability of reimbursement are the factors attributing to the growth of this segment.
In 2016, the patients/homecare segment commanded the largest share of the insulin delivery devices market and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing diabetic population and rising healthcare expenditure.
The large share of this segment can be attributed to the rising prevalence of diabetes and favorable reimbursement scenario in the U.S. and Canada, growing venture capital investments and issuance of IPOs in the U.S., and FDA approvals to increase the commercial availability of insulin delivery devices in the U.S.