Insulin Delivery Devices Market - Insights
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The global insulin delivery devices market was valued at US$ 11,326.9 million in 2017 and is expected to witness a CAGR of 11.3% over the forecast period (2017–2025).
Increasing prevalence of diabetes is expected to drive growth of the insulin delivery devices market over the forecast period
Increasing prevalence and incidence of diabetes is a major factor driving the insulin delivery devices market growth. According to the Centers for Disease Control and Prevention (CDC), 2014, about 29.1 million people in the U.S. have diabetes with a healthcare burden of around US$ 245 Bn and with an estimated 4.6–9.2% of pregnant women affected by gestational diabetes. Moreover, the Australian government launched National Diabetes Strategy (2016–20), for an action to prevent diabetes and support the people living with diabetes. Thus, rise in government initiatives to support diabetic patients is expected to favor growth of the insulin delivery devices market.
Development of systems and devices for improved drug delivery is expected to be factor for growth of the market. When compared with vial and syringe regimens, insulin pens offer a greater clinical efficacy, improved quality of life, and increased dosing accuracy, particularly at low doses. Thus, introduction of insulin pen devices has aided patients with diabetes mellitus in easier and more convenient treatment regimens. For instance, in January 2014, Novo Nordisk launched the NovoPen Echo in the U.S. market. This is the first and only pen device available in the U.S. with half-unit dosing and a memory function that can record the dose and time passed since the last injection.
Advancements in technology in devices is a factor fueling growth of the insulin delivery devices market
Increasing awareness and growing demand for insulin delivery devices for diabetes control are factors contributing towards the market growth. North America, followed by Europe are the largest markets for insulin delivery devices. Increasing prevalence of lifestyle associated diseases, implementation of awareness programs regarding diabetes, and higher adoption rate of advanced medical devices contributes towards the growth of the market in North America. For instance, in 2010, according to Journal of Diabetes Science and Technology, insulin pumps were more widely used on the American side of the Atlantic than on the European side. As a result, insulin pumps is expected to gain demand quickly during the second half of the forecast period. Furthermore, In 2016, the UAE Ministry of Health and Prevention in partnership with the Emirates Diabetes Society and Ministry with AstraZeneca Gulf, has launched Circle of Care, an education and support Programme aimed to improve the well-being of people in the UAE living with or at risk of developing type 2 diabetes thus expected to boost the growth over the forecast period.
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Key players in the market are focusing on developing next generation devices to remain competitive, while seeking ways to enhance their design capabilities. For instance, in October 2017, Eli Lilly and Company announced its plans to invest US$ 72 million in an insulin manufacturing project at one of its Indianapolis facilities. The investment will be used to replace an existing insulin vial filling line and allow Lilly to meet growing demand for its insulins - including Humalog (insulin lispro) and Humulin (human insulin) - while upgrading to state-of-the-art technology and preparing for its insulin pipeline.
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