Insulin Delivery Devices Market Global Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast 2020 to 2027

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Jun 29, 2020 (Market Insight Reports) — The Global Insulin Delivery Devices Market is poised to value over USD 18.25 billion by 2027 end with a CAGR of over 8.9% over the forecast period 2020 to 2027.

Rise in the number of diabetic patients across the world, reimbursements policies that are favourable, strong support from the governments in countries that have a high number of patients diagnosed with diabetes, advancements in technology required for developing these devices are some of the key factors driving the insulin delivery devices market growth.

One of the major reasons for people getting diagnosed with diabetes is obesity. As per the report published by the WHO, over 1.8 billion people were recorded as overweight and over 590 million of them were obese. Unhealthy lifestyle and dietary choices have led to a stressful life thus increasing the chances of gaining weight at a faster rate resulting into obesity. Such a widespread of diabetes across the world has increased the demand for these devices.

Furthermore, with advancements in the development of portable pumps and insulin pen needles and their rapid adoption is resulting into the proliferation of the market. However, the insulin analogues are expensive and with strict rules and regulations established by the government are some of the factors that can impede the augmentation of the market.

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Insulin Delivery Devices Market Segmentation:

By Type

  • Pens
    • Reusable Pens
    • Disposable Pens
  • Pumps
    • External/Tethered Pumps
    • Patch Pumps
  • Pen Needles
    • Standard Pen Needles
    • Safety Pen Needles
  • Syringes
  • Other Devices

By End User

  • Patients/Homecare
  • Hospitals & Clinics

By Region

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East and Africa

The global market is segmented into type, end user and region. Type-wise, the market is further classified into pumps, pens, syringes, pen needles and other devices like transdermal patches, inhalers and jet injectors. The insulin pens are further bifurcated into reusable pens and disposable pens. The insulin pens accounted the largest insulin delivery devices market share and it is predicted to continue its dominance over the forecast period. Some of the reasons for this subjugation are its design that is user-friendly thus increasing its rate of adoption and popularity among patients. Furthermore, key market players are taking some serious strides in developing innovative and advanced devices. For example, Novo Nordisk developed NovoPen Echo in 2014 and it was one of its kind in the United States, with advanced features like half-unit features for dosage control and memory function.

End user-wise the market is divided into hospitals, homecare and others. The homecare segment is expected to subjugate the market during the forecast period and the factors attributed for its growth are rising rate of adoption of these devices and increased awareness regarding the diagnosis and treatment of diabetes. The biggest advantage of devices like pens, injectors and pumps is that they are portable and small. Therefore, these devices are financially viable as they decrease the costs of clinic and hospital fees and most importantly, it saves a lot of time of both the patients and the doctors which is why patients are choosing these self-care options for managing diabetes.

Regional Analysis:

The North America region is predicted to dominate the market during the forecast period. The major causes for this subjugation are the advancements in technology and increase in the number of patients diagnosed with diabetes. As per the data provided by the CDC, over 28 million people were suffering from diabetes in the United States of America in 2016 out of which over 8 million stayed undiagnosed. Furthermore, according to a report published by the Canadian Diabetes Association, the number of people suffering from diabetes shall rise to over 4 million by 2025. Such a rise in the diabetic population is anticipated to propel the market growth in the region.

Competitive Analysis:

Some of the key market players are Novo Nordisk A/S, Eli Lilly and Company, Sanofi, Becton Dickinson and Company, Abbott; Medtronic, F. Hoffmann-La Roche Ltd.

FutureWise Key Takeaways:

  • Growth prospects
  • SWOT analysis
  • Key market trends
  • Key data-points affecting market growth

Objectives of the Study:

  • To provide with an exhaustive analysis on the global insulin delivery devices market by type, by end user and by region
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market
  • To predict the market size, in key regions (along with countries)– North America, Europe, Asia Pacific, Latin America and Middle East and Africa
  • To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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