Insulin Delivery Devices Market: Rapid Growth in the Geriatric Population to Drive the Market Growth

Global insulin delivery devices market, based on product segmented into insulin pens, insulin pumps, insulin syringes, pen needles and others. In 2017, insulin pens segment held the largest share of the market by product type. The insulin pumps segment is expected to grow at the fastest rate during the coming years.North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. North American market is driven by the factors such as, rising geriatric population and increasing prevalence of diabetes in the region.

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The key players influencing the market are:

BD
Novo Nordisk A/S
B. Braun Melsungen AG
Insulet Corporation
Medtronic
Tandem Diabetes Care, Inc.
Eli Lilly and Company
Biocon
Owen Mumford, Ltd.
Sanofi

According to a new market research study titled 'Insulin Delivery Devices Market to 2025 - Global Analysis and Forecasts by Product and End User, the global insulin delivery devices market was valued at US$ 11,869.0 Mn in 2017 and is estimated to reach US$ 22,830.0 Mn by 2025. The market is estimated to grow with a CAGR of 8.7% from 2018-2025.The report highlights the trends prevalent in the global insulin delivery devices market and the factors driving the market along with those that act as deterrents to its growth. The increasing prevalence of diabetes, rapid growth in the geriatric population and increasing technological advancement are the other factors that are anticipated to upsurge the market growth of insulin delivery devices. However, the factors such as high cost of insulin delivery devices and complications & risk associated with the delivery of insulin are expected to act as a major challenges hindering the market growth at a certain extent.

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 year.

Rapid Growth in the Geriatric Population

Diabetes among geriatric population is a growing public health burden worldwide. It is a major cause morbidity and mortality in ageing population that later largely attributable to various chronic complications. Ageing population is poised to become one of the most significant transformation with a heavy impact on the social and economic level across the globe. These population is growing exponentially worldwide. According to a report of United Nation (2017), there were approximately 962 million people aged 60 or over across the globe in 2017 and was projected to reach to 425 million by 2050.

Increasing Technological Advancement in Insulin Delivery Devices

The increasing advancements in blood glucose (BG) monitoring technology have resulted in improved accuracy, smaller required blood volumes, and the ability to transfer data between the BG meter and insulin delivery devices. For instance, in September 2016, the FDA announced their first automatically automatic glucose monitoring device, Medtronic's MiniMed 670G which is a hybrid closed looped system that provide appropriate basal insulin doses in people 14 years of age and older with type 1 diabetes. In addition, in July 2018, Abbott announced to have a FDA approval for the FreeStyle Libre 14 day Flash Glucose Monitoring system that allows people with diabetes to wear the sensor up to 14 days with high accuracy. These advancements are expected to offer increasing demand for the products, hence providing better share to the market players.

Product Insights

The global insulin delivery devices market by product was led by insulin pens segment. In 2017, the insulin pens segment held a largest market share of 31.3% of the insulin delivery devices market, by product. The segment is also expected to dominate the market in 2025, since they offer increasing ease of use; increasing patient satisfaction and adherence; accuracy for delivering small doses of insulin.

End User Insights

The insulin delivery devices market by end user was segmented into patients/homecare and hospitals & clinics. The patients/homecare segment held the largest share of the market, by end user. The segment is also likely to dominate during the forecast period, as it allows a patient to regulate as well as monitor the glucose levels as well as administer insulin at home.

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