Insulin Delivery Devices Market Has Huge Growth Opportunity Trend By 2018-2026| Novo Nordisk A/S, Becton, Dickinson and Company, Sanofi S.A., F. Hoffmann-La Roche, Eli Lilly and Company

Insulin is vital for people suffering from type 1 diabetes and type 2 diabetes. In the past, patients with diabetes had to inject insulin using large glass syringes and reusable needles, both of which needed sterilization by boiling after each use. Improvements and innovations has led to development of insulin delivery devices such as pens and insulin pumps. Furthermore, insulin analogs have become available that enable both continuous subcutaneous insulin infusion(CSII) using an insulin pump and insulin therapy using multiple daily injections (MDI) to more closely match physiologic insulin patterns. Type or dosage of insulin can be changed, to meet the individual needs of the patient. Insulin can be packaged in vials (bottles), cartridges or prefilled pens. The cartridges are used with pen injectors whereas the vials are used with syringes.

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).

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Market Dynamics
The market is gaining significant traction due to increasing prevalence of diabetes, and new innovations in terms of design. According to the World Health Organization, in 2016, an estimated 422 million adults are living with diabetes globally. The major spike in incidence of type 2 diabetes over the last decade is mainly attributed to rising prevalence of obesity. However, high cost of some insulin delivery devices is expected to be a restraining factor for the market growth. For instance, insulin analogs supplied in cartridges or prefilled pens have a higher per unit of insulin cost than insulin analogs supplied in vials. For example, one vial (1000 U) of insulin costs US$ 105.95, which equates to a cost of 10.6 cents per unit of insulin. Five prefilled insulin pens containing insulin glulisine (total of 1500 U) have a total cost of US$ 201.01, equating to a cost of 13.4 cents per unit of insulin (26% over the cost of insulin glulisine supplied in a vial).

Key features of the study:
This report provides in-depth analysis of the insulin delivery devices market and its application, market size (US$ Million) and Cumulative Annual Growth Rate (CAGR (%)) for the forecast period: (2017–2025), considering 2016 as the base year
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
It profiles leading players in the global insulin delivery devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, and strategies and future plans

Increasing adoption of advanced devices for insulin delivery is driving growth of the market
Increasing awareness among population regarding insulin delivery devices coupled with high demand for insulin administration for diabetes control are the factors driving growth of the market. Among region, North America, accounted for largest market share in insulin delivery devices, followed by Europe, owing to high prevalence of lifestyle associated diseases, implementation of awareness programs regarding diabetes, and high adoption of advanced medical devices. For instance, in 2010, according to Journal of Diabetes Science and Technology, majorly insulin pumps were used on the American side of the Atlantic than on the European side, which is projected to propel demand for insulin pumps over the forecast period.

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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