The insulin delivery devices market is expected to reach USD 19.8 billion by 2025, according to a new report by Grand View Research, Inc. The global industry is estimated to witness a high growth during the forecast period from 2016 to 2025. Rapidly increasing number of diabetics coupled with the escalating attention around diabetes care is a major factor propelling the market.
Obesity, sedentary lifestyles, and unhealthy food habits, primarily in the young population, lead to the occurrence of diabetes. In addition, growing diabetic geriatric population is another factor supporting the growth of this vertical. According to the United Nations, Department of Economic and Social Affairs, around 901 million individuals were aged 60 or over in 2015 and this number is projected to increase to 1.4 billion by 2030. Thus, the enlarging elderly population is expected to boost the demand for insulin delivery devices.
Technological innovations and advancements are an ongoing trend in this vertical. Also, favorable reimbursement policies for these devices, mainly in developed countries like the U.S. and Germany, are anticipated to fuel the market growth during the study period. However, stringent regulatory requirements regulating the approval of insulin delivery devices is a major factor restraining the growth of this industry.
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Further Key Findings from the Study Suggest:
The insulin pens segment was the largest revenue-generating category of this market in 2015. The pen is equipped with self-contained cartridges and offers ease in handling & less pain while injecting insulin. Advantages of these pen devices over other products are resulting in its growing popularity, thus serving as a vital factor in contributing to the sector’s highest share in this market.
Homecare is estimated to be the largest shareholder and the fastest growing segment due to increased adoption of self-care diabetes management devices and the availability of simplified and user-friendly product designs for patients.
North America is the leading regional sector and accounted for the largest revenue share in 2015 primarily due to the favorable reimbursement scenario in this space. Also, the presence of major manufacturers in this region is supporting the market growth.
The Asia Pacific region is anticipated to be the fastest growing market during the forecast period. The high prevalence rate of diabetes in the Asian countries, such as China and India, is a major factor contributing to market expansion in this region.
Some key players serving this vertical include Novo Nordisk A/S; Sanofi; Eli Lilly and Company; Medtronic; Becton, Dickinson and Company; Abbott; and F. Hoffmann-La Roche Ltd.
Grand View Research has segmented the insulin delivery devices market on the basis of product, end-use, and region:
Insulin Delivery Devices Market Product Outlook (Revenue, USD Million, 2014 - 2025)
Insulin Delivery Devices End-use Outlook (Revenue, USD Million, 2014 - 2025)
Insulin Delivery Devices Market Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa
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