Insulin Delivery Devices Market is Projected to Reach Market Valuation of US$ 21,783.3 Mn through 2026
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North America and Europe are expected to dominate the global market during the forecast period. The market in these regions is primarily driven by an increase in government initiatives and a highly structured health care industry. The market in Europe is projected to expand at a CAGR of 7.7% from 2018 to 2026. The market in Asia Pacific is anticipated to expand at a high CAGR of 10.4% from 2018 to 2026. The insulin delivery devices market in Latin America is likely to expand at a moderate growth rate during the forecast period.
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Increase in Preference for Insulin Pens to Boost Market
In terms of product, the insulin pens segment is projected to account for a dominant share of the global insulin delivery devices market during the forecast period. The segment is anticipated to expand at a CAGR of 8.4% from 2018 to 2026. High adoption rate, rising popularity among consumers, and user-friendly design of insulin pens are contributing to the significant revenue share of this segment. An increase in focus of manufacturers on promoting innovation and advanced technology is another key factor contributing to the high share. The insulin pumps segment held a major share of the market, due to an increase in preference for non-invasive insulin delivery systems. The insulin syringe and other segments accounted for around 27.0% share of the global insulin delivery devices market, in terms of revenue, in 2017.
Hospital Pharmacy Segment to Expand at a Significant CAGR
Based on distribution channel, the hospital pharmacy segment accounted for a leading share of the global insulin delivery devices market in 2017. It is projected to lose market share by the end of 2026. The segment is anticipated to expand at a CAGR of 8% during the forecast period due to a rise in the demand for insulin delivery devices from a large diabetic patient population undergoing surgical procedures in hospitals. Online sales was a prominent segment of the market in 2017. This is due to an increase in the number of Internet users and rise in inclination toward e-commerce for the purchase of insulin delivery devices. This, in turn, is likely to drive the clinical laboratories segment during the forecast period.
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North America to be a Highly Lucrative Region of the Insulin Delivery Devices Market
The insulin delivery devices market in North America is driven by high prevalence of diabetes in the U.S. and an increase in demand for reusable pens with advanced technology. North America has an edge in the global insulin delivery devices market. Moreover, major factors such as aging population, highly structured health care industry, and availability of well-defined reimbursement policies from public and private health insurance firms fuel the insulin delivery devices market in the U.S. North America is expected to dominate the market during the forecast period due to early availability of advanced technologies and higher penetration of diabetes care services across the region. Moreover, a large number of players in the U.S. are focusing on R&D in order to introduce new products. The U.S. is an early adopter of innovative products, as most pharmaceutical products are first launched in the country. This is likely to boost the market in the country in the near future.
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Trend of Strategic Alliances with Local Companies to Strengthen Distribution Networks and Expand Geographic Presence
The global insulin delivery devices market is fragmented, owing to the presence of several small- and large-scale companies. However, the market is dominated by a few major players with a strong global presence. The report provides profiles of leading players operating in the global insulin delivery devices market. Key players in the market include B. Braun Melsungen AG, Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Medtronic plc., F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Biocon Ltd., Owen Mumford Ltd., Ypsomed Holding AG, Cellnovo Group SA., Valeritas, Inc., Insulet Corporation, SOOIL Developments Co., Ltd, MannKind Corporation, and Tandem Diabetes Care, Inc.
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