Insulin Delivery Device Market to Have a Bright Future

Diabetes is a fairly common, but menacing disorder, affecting 422 million in 2014, as per the World Health Organization (WHO). Its complications include kidney diseases, cardiovascular diseases, stroke, and eye disorders. Along with aging, which is its most common cause, improper diet, lack of exercise, and other poor lifestyle choices can also cause diabetes. Though there is no treatment for the condition, there is one proven way to control it -- insulin intake. This is why the insulin delivery device market, which valued $9.9 billion in 2015, is projected to expand to $15.5 billion by 2022, at a CAGR of 6.6% during 2016?-2022.

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As diabetes is often a direct result of aging, the increasing geriatric population plays an important role in the rising demand for insulin delivery devices. The elderly are prone to illnesses, owing to their low physical and immunological strength. With age, their normal biological functions slow down, the pancreas often becoming non-functional, which is why the prevalence of diabetes increases sharply with age. As per the United Nations, people over the age of 60 would account for 21.1% of the global population by 2050, increasing from to 11.7% in 2013, thereby leading to more diabetes patients.

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Another important cause of the disorder, particularly type 2 diabetes mellitus, is obesity, which is therefore another major reason behind the growing usage of insulin and delivery devices. As per WHO's 2018 data, the prevalence of obesity has become three times as that in 1975. Of the 1.9 billion people over the age of 18 years, who were overweight in 2016, 650 million were obese. With more people becoming obese, the number of diabetes patients would also increase, thereby resulting in the growing requirement for insulin delivery devices.

During the historical period, the sales of insulin delivery devices were highest in North America, owing to its high number of diabetics. As per the International Diabetes Federation, the number of people battling the disorder in North America and the Caribbean is projected to reach 60.5 million in 2035, from 44.3 million in 2015. During the forecast period, the insulin delivery device market growth in Asia-Pacific (APAC) would be the fastest. Governments in the region are not only running awareness programs, but also investing in healthcare infrastructure improvement and make medical services available in rural areas.

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