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(Medical-NewsWire.com, February 20, 2018 ) MarketResearchFuture.com adds “Insulin Delivery Devices Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2020” reports to its database.
The intense need for in-depth understanding of the "Insulin Delivery Devices Market -Forecast to 2020″ coupled with its high growth potential necessitated the development of this report by Market Research Future. The report specifically focuses on the key industry development trends and forces that shapes the market, but not limited to only commercial nature, but which encompasses a broad range such as social, technological and others. The global insulin delivery devices market and is expected to reach $14.21 billion by 2020, growing at an impressive rate of 7.9 % CAGR.
Regional Analysis:
The developed regions of North America and Europe are expected to lead the insulin delivery market. The U.S is expected to lead the world due to its higher per capita income and its faster uptake of technology. U.S. also spends a higher GDP on its healthcare which accounts to a whopping 16% in 2016.
Europe is expected to be led by Germany due to presence of its large medical device industry. However it has to be noted that southern Europe has a higher prevalence of diabetes. Countries such as Spain, Italy and Portugal are expected to have a higher growth of the insulin delivery devices market. Another nation which has a large unserved market is Turkey.
However the market is expected to shift towards the developing regions of Asian Pacific in the near future. The Asia pacific region is expected to be led by India. India is called the diabetes capital of the world with as many as 50 million diabetes patients. Of the two types of diabetes India has more number of patients with type-2 diabetes. India has also witnessing an alarming rise in incidence of diabetes. The World Health Organizations estimates the global burden of type-2 diabetes to increase to 438 million by 2030 from 285 million people. For the diabetes treatment players in India this means a pie of 87 million patients in 2030. Other Asia Pacific nations expected to drive growth in the future are Vietnam, Indonesia and China.
Middle East is another lucrative market due to its higher wealth. African region is however expected to be laggard due to poor socio economic conditions and geopolitical issues.
The report for Insulin Delivery Devices market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions
Major Players:
Major players like Novo Nordisk, Sanofi, Eli Lilly, BD, and Medtronic are focusing on enhancing their global and regional presence through M&A and operational expansion. The vendors are also expanding their sales operations in the emerging markets such as India and China to gain high market shares.
Key vendors in the market are Novo Nordisk, Sanofi, Eli Lilly, Medtronic, and Becton Dickinson. Other prominent vendors to watch are Beta Bionics, Copernicus, InsuJet, Insulet, MannKind, Roche, and SHL Group and others.
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Market Growth Analysis:
The tough competition in the anti-diabetic drug market has forced many players to developed delivery devices as an effective way to contain the fall in revenues. Insulin makes up the best drug due to its demand inflexibility, higher cost and the discomfort it causes lifelong to patients. Companies are developing partnership to reduce the development costs associated with the insulin delivery devices. For example, Novo Nordisk has teamed up with diabetes software expert Glooko to develop insulin dosing advisor software to help people with diabetes and healthcare professionals administer insulin more effectively.
Novo Nordisk also has developed connected insulin pen which tracks insulin doses and sends the dosing data to a smartphone app. Thus connected insulin delivery devices is the latest rage in the market. Thus advanced devices especially with connected and integrated software is expected to result in a premium as insulin results in thousands of hospitalizations every due to wrong doing. Thus alleviation of safety concerns with use of technology will lead to development of the market. Thus the days of asking your loved one the dreaded question “Did you take your insulin?" seem to be getting over, with patients giving their caretakers a smiling glare!
Insulin delivery devices are used for titrated and accurate delivery of insulin. Diabetes type I being a chronic disease requires a lifelong treatment with insulin which has resulted in the development of less painful and less invasive delivery systems.
The growth of the insulin delivery market can be attributed to factors such as high returns on investment, favourable reimbursement scenario, demand for non-invasive delivery systems, technological advancements in insulin delivery devices, growing diabetic population, rising awareness and others. The constraining factors are cost of the insulin delivery devices, presence of low cost manufacturers especially China and others.
Product development is a highly successful strategy that has been exploited by the market. For example, many insulin pens have adjustments for altering the dosage of insulin depending on the need. Thus controlling the dosage is easy with a flick of a button or a dial which is a very attractive development.
On the basis of type, the insulin delivery devices market is segmented into insulin syringes, insulin pump, insulin pens, insulin jet injectors and others devices (jet injectors, transdermal patches, and inhalers). The insulin pens segment is further sub segmented into disposable pens and reusable pens with the reusable segment commanded the largest share of insulins pens market in 2016. The pumps segment is further sub-segmented into external pumps and internal pumps with external pumps commanding in the largest share of the insulin pumps market in 2016.
Segments:
Insulin Delivery Devices market has been segmented on the basis of type which comprises of Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors.
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