The global market for insulin delivery devices has been estimated at USD XX million in 2016 and is projected to reach USD XX billion by 2021at a CAGR of X% during the forecast period from 2016 to 2021. Diabetes is a chronic disease caused due to the insufficient production or inappropriate use of insulin in the body. Insulin is responsible for the maintenance of sugar levels in the body and helps in the proper execution of all physiological and cellular activities. Insulin delivery devices are used to deliver insulin to the body and their market is widely expanding due to the high incidence of diabetes. Insulin administration is essential for type 1 and type 2 diabetic patients.
Global Insulin Delivery Devices Market- Market Dynamics
The report details several driving and restraining factors for the insulin delivery devices market. Some of them have been listed below.
Re-use of the needle could lead to bacterial growth on the needle risk of lipohypertrophy and risk of breaking the fine tip of the needle. The risk associated with jet injectors are the inaccuracy of insulin dosage and improper injection that can lead to altered absorption level of insulin in the blood stream and bruising.
The insulin delivery devices market is segmented on the basis of product type into jet injectors, syringes, insulin infusion pumps and insulin pens. The market is also segmented on the basis of mode of delivery into insulin inhalers, mouth sprays, pills and the patch. Insulin pens can be disposable and reusable.
Globally, the insulin drug delivery devices market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America dominates the market owing to the increasing prevalence of diabetes and obesity in this region. Europe is the second largest market for these devices. The Asia-Pacific market is growing at a faster pace owing to the increasing incidence of diabetes, rising geriatric population, government initiatives and rapidly rising awareness about the treatment of diabetes.
Many players in this market are trying to expand their product portfolio in order to top the global market. While some companies are entering the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market.
Some of the key players in the market are:
Key Deliverables in the Study