Companies Profiled in Insulin Delivery Devices Market: Insulet Corporation, Eli Lilly and Company, BD, Roche, Novo Nordisk
Rising diabetes diagnosis rate worldwide, especially in developing countries is generating demand for insulin and thereby delivery devices. Furthermore, insurance coverage and reimbursement by public sector organizations for diabetes management in number of countries will favor market growth.
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Boasting revenues of over USD 12 billion in 2017, the significance of the insulin delivery devices market can be determined by referring to alarming global figures on diabetes. According to a report by Statista, an estimated 8.8 percent of the overall adult population in 2017 had diabetes and this number is slated to reach around 9.9 percent by 2045. The evolution of medicine has paved the way for recognizing potential solutions to previously dreaded ailments like diabetes, and the technological advances in healthcare have empowered the industry to produce efficient modes of delivering those solutions.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Eli Lilly and Company
4. Novo Nordisk
7. Wockhardt Ltd.
8. Insulet Corporation
9. Ypsomed AG
Having the most enhanced healthcare system and knowledge base in the world, U.S. dominated the insulin delivery devices market with recorded earnings of USD 5 billion in 2017. The technical capabilities of the country are ably supported by the growing disposable income levels of the populace and government initiatives to spread the awareness around diabetes and its control. It is projected that approx. 30.3 million people in the U.S. have diabetes - which accounts for 9.4 percent of the entire U.S. population. As inappropriate food consumption, indifference towards physical exercise and genetic predisposition will propel the number of diabetic patients in the country, the U.S. insulin delivery devices market can be expected to flourish further owing to continuous efforts for innovating innocuous, non-invasive treatment procedures.
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Speaking of different treatment methods, the insulin delivery devices market has been undergoing notable changes in terms of the preferred delivery instruments. Since the treatment of diabetes began, insulin has been mostly injected by patients subcutaneously through syringes and insulin pens. However, medical professionals are gradually sensing the need for safer, minimally invasive or even non-invasive devices to deliver insulin into the blood stream. One of the popular less-invasive devices existing in the insulin delivery devices industry is the insulin pump, which permits people to have a firmer control over diabetes along with improving the physical quality of patients struggling with the daily use of injections.
The demand for injection free minimally invasive systems will drive pumps’ market growth over the forecast timeframe. Factors such as, ease of use, needleless insulin delivery and portability will result in rapid adoption of the same in coming 5-7 years. The insulin pumps market is forecast to grow with CAGR of over 7% during projection years.
UK insulin delivery devices market valued over USD 500 million in 2017 and is forecast to grow with a commanding CAGR during the projection years. Demand for insulin pens happens to be high across the nation; however, demand for pumps, which has been lesser popular devices, should rise significantly over the forecast timeframe.
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Insulin Delivery Devices Market by Product
o Pen Needles
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