Press release
Insulin Delivery Devices Market Outlook 2018-2025: Insulet Corporation, BD, B. Braun Melsungen AG, Medtronic, Tandem Diabetes Care, Eli Lilly and Company, Biocon, Owen Mumford, and Sanofi
Insulin Delivery Devices Market to 2025
The rising prevalence of diabetes and rapid growth in the geriatric population are the major factors anticipated to propel the growth for the insulin delivery devices market. However, the high cost of insulin delivery devices is expected to act as major challenges hindering the market growth.
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The increasing rate of obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major issue that affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Hence, this is expected to increase the demand of insulin delivery devices in the coming years.
Rise in obesity associated with increasing sedentary lifestyle and improper diet is anticipated to drive the market for insulin delivery devices over the forecast period.
The major players operating in the insulin delivery devices market include BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi among others. The market players are focused towards bringing new and innovative product launches to sustain their position in the market. For instance, in February, 2018, Medtronic launched MiniMed (TM) 670G system for patients with 7-13 years of age.
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Strategic Insights
Product approvals and agreements were observed as the most adopted strategy in global insulin delivery devices industry. Few of the product approvals and agreements made by the players in the market are listed below;
2018: In June, 2018, Medtronic received CE Mark for its MiniMed(TM) 670G Hybrid Closed Loop System.
2018: In February, 2018, Tandem and Rubin Medical signed an agreement for distribution of insulin pumps in Scandinavia.
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