ALBANY, New York, August 14, 2017 /PRNewswire/ --
As per the findings of a recent study by Transparency Market Research (TMR), the global insulin delivery devices market is largely fragmented, owing to the presence of a number of global players as well as quite a few local players. Some of the key companies identified by the report as prominent participants in the global insulin delivery devices market are: Eli Lilly and Company, Novo Nordisk A/S, B. Braun Melsungen AG, Sanofi S.A., Medtronic plc., Becton, Dickinson and Company, and F. Hoffmann-La Roche Ltd. This report projects the demand in the global insulin delivery devices market to expand at a healthy CAGR of 8.6% during the forecast period of 2017 to 2025, estimating it to reach a global worth of US$20.9 bn by the end of 2025, considerably up from its evaluated valuation of US$10.2 bn in 2016.
The TMR report detects that vendors operating in the global insulin delivery devices market are coping up with the intense competition via pricing and the development of devices that differentiates them from their competitors. In the near future, strategic alliances, particularly with mushrooming number of diabetic clinics, aggressive marketing, and providing home services to the patients are expected to help the companies to gain market shares. For example, Medtronic and Sanofi collaborated in June 2014 to develop drug-device combinations for diabetic patients. In this partnership, Medtronic brought its expertise in glucose monitoring and pump therapy while Sanofi are known for their wide-ranging insulin products.
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Insulin Pens Most In-Demand Segment
Product-wise, this report segments the global insulin delivery devices market into insulin syringes, insulin pumps, insulin pens, insulin patches, and needle free injection jet. In 2016, the insulin pens segment accounted for 42% of the overall demand, which is a reflection of its preference across vastly populated region of Asia Pacific as well as in the developed region of Europe. The report observes that nearly 90% of the diabetic population prefer using insulin pens in those two regions, unlike leading North American country of the U.S. wherein merely 25% of patients utilize insulin pens. However, the report notes growing usage of insulin pens in the U.S. too, as they offer less pain as compared to traditional syringes.
North America Highly Lucrative Region
Geographically, the report takes stock of the potential of insulin delivery devices market in the regions of North America, Asia Pacific, Europe, Latin America, and The Middle East and Africa. In 2016, North America was the leading region, accounting for 37.5% of the overall demand, which can be attributed to high prevalence of diabetes in the developed country of the U.S., along with high adoptability rate of new technology. As a result, insulin pumps and reusable pens are also expected to gain demand quickly during the second half of the forecast period. In addition to that, high diagnosis rate and the availability of well-defined reimbursement policies are other factors favoring the insulin delivery devices market in the region of North America. On the other hand, the region of Asia Pacific, which houses nearly the half of the world's population, is projected to increment the demand at most prominent growth rate in the near future.
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Government Support in Emerging Economies Driving Demand
Apart from growing prevalence of diabetes, the demand in the global insulin delivery devices market is expected to gain added traction from a number of other factors such as technological advancements in these devices, favorable reimbursement policies in the developed countries, government support, and awareness programs such as conferences and meetings. On the other hand, the lack of proper reimbursement policies in a number of emerging economies, needle anxiety among the consumers, and the development of oral insulin as an alternative is hindering the market from attaining its true potential.
As per the author of the report, increasing research and development activities, increasing diabetes-related expenditure in various countries, and the development of safety needles will open new revenue avenues for the vendors operating in the global insulin delivery devices market.
The information presented in this review is based on a Transparency Market Research report, titled, "Insulin Delivery Devices Market (Product Type - Insulin Syringe, Insulin Pens, and Insulin Pumps; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics and Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
Key Segments of the Global Insulin Delivery Devices Market
Insulin Delivery Devices Market, by Product Type
- Insulin syringe
- Insulin Pens
- Disposable Pens
- Reusable Pens
- Pen Needles
- Insulin Pumps
- Tethered Insulin Pumps
- Disposable/Patch Insulin Pumps
- Others (Insulin Patches & needle Free Injection Jet)
Insulin Delivery Devices Market, by Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinics/ Centers
Insulin Delivery Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Needle Free Drug Delivery Devices Market
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research