What are the Growth Drivers of Insulin Delivery Devices Market? Sanofi, Ely Lilly, Novo Nordisk, Medtronic, Becton and Dickenson, Roche, Insulet Corporation, Ypsomed
U.S. insulin delivery devices market held over 40% of global market share in 2018 and was valued at around USD 5,333.9 million. The majority market share is owing to high diabetes prevalence, presence of state-of-art facilities, growing awareness among the people, government initiatives, technological advancements and rise in adoption of novel insulin delivery products. During the foreseeable future, industry will witness considerable amount of growth in the region.
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Insulin Delivery Devices Market will exceed USD 20 billion by 2025; as per a new research report. Growing prevalence of diabetes coupled increasing awareness about diabetes management and insulin delivery devices are the preliminary factors driving the global insulin delivery devices market. As per the statistics published by the American Diabetes Association, in 2015, around 30 million Americans or almost 10% of the total country population had diabetes. And over one-fourth of the population in the country is still undiagnosed. Hence, increase in number of people suffering from diabetes and rising undiagnosed diabetes cases will result in augmenting the insulin delivery devices market growth in the near future.
Insulin syringes market is forecasted to expand at a CAGR of over 5.0% over the forthcoming years. The demand and adoption rate of insulin syringes will grow in the future owing to several advantages such as efficiency, ease of use, low cost and convenient alternative to other insulin delivery devices. Hence, the aforementioned factors will boost the business growth in the upcoming years.
Insulin pumps market is estimated to experience lucrative growth during the forecast timeframe. In fact, it is projected to witness fastest CAGR of over 7.5% in coming 5-6 years, making it second most preferred device in the delivery devices market.
Product developments and introduction of new products in under-addressed geographical markets will propel industry growth in coming years. Moreover, initiatives by public sectors will also contribute to market expansion during the forecast period. Demand for minimally invasive delivery systems has been fueling the market growth and will continue to drive growth during projection years.
High cost of insulin and certain delivery devices should continue hampering industry growth across the globe, especially in developing regions. Inadequate awareness about various insulin delivery methods further restrains business growth.
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Europe insulin delivery devices market has been pen preferring for a long time. Due to high cost of insulin pumps, so far, the market has been driven by insulin pens; however, adoption of pumps is anticipated to surge in near future. Germany is the largest market places in Europe, accounting for nearly 30% share of total market.
China insulin delivery devices market is estimated to show the fastest growth at 13.7% in the Asia Pacific region. Large diabetic population in the country will serve as potential consumer base in coming years. With diabetic population mounting to over 100 million and improving health care in the nation, the market is forecast to grow with exponential rate in the future.
Some of the notable industry players are Sanofi, Ely Lilly, Novo Nordisk, Medtronic, Becton and Dickenson, Roche, Insulet Corporation, Ypsomed. Big established companies hold more than 70% share in total market. Small and medium players are shaping up but face tough competition from dominating counterparts. Technological novel products, geographical product launches and mergers and acquisitions are major strategies practiced by companies to expand their business and foothold in industry.
Table of content:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Insulin Delivery Devices Industry Insights
Chapter 4. Insulin Delivery Devices Market, By Product
Chapter 5. Insulin Delivery Devices Market, By Region
Chapter 6. Company Profiles
Global (United States, European Union and China) Insulin Delivery Devices Market Research Report 2019-2025
Insulin Delivery Devices include syringes, pens, pumps, and others. The cost of syringes and insulin pens is low, which enables users to opt for them as first choice devices. High cost of insulin pumps and insulin jet injectors poses a challenge to the growth of the market. Insulin pumps and jet injectors also require special care and maintenance, which is an additional cost burden to patients.
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