Insulin Delivery Devices Market to See Booming Growth 2021-2028 | Novo Nordisk A/S, Becton, Dickinson and Company, Sanofi S.A..

Global Insulin Delivery Devices Market

The Global Insulin Delivery Devices Market, by Product Type (Insulin Jet Injectors, Insulin Syringes, Insulin Pumps, and Insulin Pens), by Distribution Channel (Online Pharmacies, Hospital Pharmacies, and Retail Pharmacies) had a market valuation of US$ 11,326.9 million in 2017 and is anticipated to grow at a CAGR of 11.3 percent during the forecast period (2017–2025).

The technological advancement of the major players in insulin delivery sets and the increase in the prevalence of diabetes are expected to be the main factors driving the growth of the global insulin delivery devices market during the forecast period. Insulin plays a vital role in treating diabetes since it helps control blood sugar levels in diabetic patients. As the World Health Organization said, diabetes is considered one of the most common diseases in the world, causing 1.6 million deaths worldwide in 2015.

There are very few devices that can be used to deliver insulin, including syringes, insulin pens, injection syringes, and insulin pumps. After being injected or injected into the body of diabetic patients, insulin helps transport glucose from the blood to fat cells or muscles. The increasing adaptation of these devices and the increase in the number of diabetic patients are expected to be the main factors driving the growth of the insulin delivery device market. In addition, manufacturers are also focusing on investing in new technologies to address the shortcomings of the current drug delivery systems, such as durability, process pain, and cost, so as to meet the unmet needs of diabetic patients.

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Browse 29 Market Data Tables and 23 Figures spread through 150 Pages and in-depth TOC on "Insulin Delivery Devices Market, by Product Type (Insulin Jet Injectors, Insulin Syringes, Insulin Pumps, and Insulin Pens), by Distribution Channel (Online Pharmacies, Hospital Pharmacies, and Retail Pharmacies) - Global Forecast to 2025"

Market manufacturers are focusing on developing advanced insulin pumps to save administration time. In 2016, Medtronic was approved by the FDA to launch the MiniMed 630G in the U.S. The system has a new insulin pump hardware platform and a new easy-to-use insulin pump design, as well as SmartGuard technology that simulates healthy pancreatic functions to provide advanced protection. Patients in developed economies such as the U.S. and Europe are early adopters of new technologies, such as insulin pumps and artificial pancreas devices. Due to the low cost, it is expected that the demand for traditional insulin delivery devices (such as insulin pens) in emerging economies will also continue to grow.

Restraints

The risks and complications associated with insulin delivery and insulin packaging are factors that limit the growth of the global insulin delivery devices market. In July 2017, Novo Nordisk recalled certain insulin cartridge holders related to the company’s NovoPen Echobrand insulin delivery device because if exposed to certain chemicals (such as detergents), the cartridge holder may rupture or rupture. Cause the patient to receive a reduced insulin dose, which may cause high blood sugar levels.

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Key takeaways

The global insulin delivery devices market is expected to grow at a CAGR of 11.3% during the forecast period due to the vast scope, especially in Asia Pacific, Latin America, the Middle East and Africa, as the number of diabetic patients in these regions continues to increase.

Among the types of products, the insulin pen device is expected to become the dominant part of the market as it is the first choice due to its ease of use and portability.

Among distribution channels, the hospital pharmacy sector has the largest share of the insulin delivery device market. Favorable reimbursement programs and a growing number of hospital pharmacies, especially in developing countries, are expected to drive growth in this market segment over the forecast period.

Key companies contributing in the global insulin delivery devices market include F. Hoffmann-La Roche, Ltd., Medtronic, Plc., Dickinson and Company, Novo Nordisk A/S, Insulet Corporation, Animas Corporation, Sanofi S.A., Ypsomed Holding AG, and Eli Lilly and Company.

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