The Global Insulin Delivery Devices Market value is expected to reach around US$ 22.5 Bn by 2026 and growing at a CAGR of around 7.2% over the forecast period 2019 to 2026.
Insulin delivery devices are used to deliver insulin to patients with Type 1 and Type 2 diabetes. Insulin is an important part of treatment for the diabetes patient which helps them to get glucose from the bloodstream into the muscle. It cannot be taken as a pill or swallowed liquid because in that way it gets digested and will not reach the bloodstream. As a result, it is injected or infused into the fatty tissues under the skin. Various types of devices are used for the delivery of insulin to the patients including insulin syringe, insulin pens, insulin jet injectors, insulin pumps, and insulin inhalers. Insulin syringes are used for the direct injection of insulin with the help of a needle. Insulin pens are available in the disposable and reusable form with short and thin. Insulin pumps are available in tethered and patch form where the tethered pump is attached with the body with a small tube, whereas the patch pump has no tubes or very short tubes. Additionally, insulin dose is inhaled with the help of insulin inhalers from the mouth, which goes into the lungs later absorbed and passes into the bloodstream and is available in the form of external and implantable insulin in the market.
The rapidly increasing number of diabetes patients across the globe in recent years is primarily driving the insulin devices market. Increasing discretionary income and favorable reimbursement policies are bolstering market growth. In addition, rising awareness among consumers about the availability of several insulin delivery devices is further supporting the demand in the market. Instead, the absence of a complete and effective cure for diabetes is emphasizing the development of better insulin therapy is additionally accelerating the market value.
On the other hand, the availability of oral insulin as an alternative drug delivery method is expected to hinder the market growth. Whereas, technological advancements associated with the insulin delivery devices are anticipated to augment demand over the forecast period.
Insulin pens accounted for the largest market share in the year 2018
The insulin pen segment dominated the market by type with maximum share. The segment is primarily gaining growth owing to the presence in the market since the late 1980s. The availability of pens in the disposable and reusable forms in the market is supporting the growth. According to the ADA, diabetes patients are happier with the insulin pen than the vial and syringe technique due to the benefits associated with the insulin pen and especially prefilled disposable pens. Some of the other benefits associated with the use of an insulin pen include easy use for children and old people, portable and convenient with a small needle to reduce fear and pain.
The market research study on “Insulin Delivery Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global insulin delivery devices market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights on the global insulin delivery devices market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global insulin delivery devices market size, and segment markets by product type, application, and geography along with the information on companies operating in the market. The insulin delivery devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size for different segments has been covered under the scope of the report.
North America dominated the regional market in the year 2018
In 2018, North America accounted for the major shares in the regional market and it is also expected to continue with the dominance over the forecast period from 2019 to 2026 owing to the increasing number of diabetes patients. The changing lifestyle and unhealthy eating habits are contributing to the growing number of diabetes cases in the region. In addition, favorable government policies, programs, and actions are further supporting the regional market growth.
The players profiled in the report include Novo Nordisk, Sanofi, Eli Lilly, Medtronic, Insulet, Ypsomed, Becton Dickinson, and others. The major players were involved in research & development activities for the expansion of market share and for offering advance solutions to the consumers.
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Insulin delivery devices are used to deliver insulin to patients with Type 1 and Type 2 diabetes.
Various types of devices are used for the delivery of insulin to the patients including insulin syringe, insulin pens, insulin jet injectors, insulin pumps, and insulin inhalers.
The rapidly increasing number of diabetes patients across the globe in recent years is main driver of the insulin delivery devices market.
Acumen Research and Consulting predict that the insulin delivery devices market value is anticipated to be worth around US$ 22.5 billion by 2026.
The insulin delivery devices market is anticipated to grow over 7.2% CAGR during the forecast period 2019 to 2026.
The increasing number of diabetes patients is the main driver to boost North America market.
Insulin pens accounted for the largest market share in the year 2018.