Insulin Delivery Devices Market Comprehensive Analysis by Product, End User profiling Insulet Corporation, Medtronic, Tandem Diabetes Care, Eli Lilly and Company, Biocon, Owen Mumford
For instance, according to a report of United Nation (2017), in 2017, approximately 962 million people aged 60 or over, that was projected to reach to 425 million by 2050 across the globe. The number of geriatric population is expected to grow significantly in Africa followed by North America, Latin America & the Caribbean, and Asia Pacific region. With increase in the number of geriatric population, the prevalence of the diabetes has increased. Therefore, the demand of insulin delivery devices market are expected to increase in the coming years.
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In the recent years, insulin delivery devices market has progressed significantly. The global insulin delivery devices market is anticipated to grow from US$ 11,869.0 Mn in 2017 to US$ 22,830.0 by 2025 at a CAGR of 8.7%. 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.
The Players Operating In The Global Insulin Delivery Devices Market –
BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi and among others.
The global insulin delivery devices market is highly competitive due to the presence of large numbers of players which is attributed to the easy market entry and high profit margins in the market. Some of the prominent players in this market are thus indulged into adoption of organic growth strategies such as innovative product launches and product approvals. For instance, in September 2017, BD introduced a new BD Ultra-Fine micro pen needle 6mm x 32G for use with leading pen injection devices to provide best possible outcomes. The advancement in the field of the healthcare industry is driving the prominent players in this market for more research and developments for the insulin delivery devices market. The key players in the market such as Novo Nordisk A/S and Medtronic that is provide a vast spectrum of expertise in medical healthcare.
The growth of the insulin delivery devices market is primarily attributed to the rise in
obesity and increasing technological advancement in insulin delivery devices are the major factors that are anticipated to propel the growth for the insulin delivery devices market. However, complications and risk associated with the delivery of insulin expected to act as major challenges hindering the market growth. On the other hand, growing product innovations is expected to be prevalent future trend in the global insulin delivery devices market
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