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The insulin delivery devices market is projected to reach USD 17.85 Billion by 2021 from USD 11.54 Billion in 2016, growing at a CAGR of 9.1% during the forecast period. The growth of the overall market can be attributed to the favorable reimbursement scenario and strong government support in selected countries, technological advancements in insulin delivery devices, growing diabetic population, and rising awareness about insulin delivery devices.The global insulin delivery devices market is segmented on the basis of type, end user, and region. In 2016, North America accounted for the largest share of the market, followed by Europe, Asia-Pacific, and RoW. The Asia-Pacific region is projected to have the highest growth rate in the forecast period. Factors such as rising prevalence of diabetes, high adoption of insulin pens, and government initiatives in Singapore are expected to support the growth of the Asia-Pacific insulin delivery devices market.
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Insulin delivery devices market report. Favorable reimbursement scenario and strong government support in selected countries, technological advancements in insulin delivery devices, growing diabetic population, and rising awareness about insulin delivery devices are the major factors driving growth of this market. However, needle anxiety, emergence of oral drug delivery methods, and the growing trend of reuse of pen needles and infusion sets are the major factors restraining the growth of this market.
Stakeholders of the Insulin Delivery Devices Market
• Manufacturers of pen needles, insulin pens, pumps, syringes, and injectable drug delivery devices
• Suppliers and distributors of pen needles, insulin pens, injectable drug delivery devices, and diabetes supplies
• Research institutes and academic centers
• Pharmaceutical and biopharmaceutical companies
• Biotechnology companies
• Authorities framing reimbursement policies for insulin delivery devices
• Business research and consulting service providers
• Venture capitalists
Global insulin delivery devices market, Furthermore, increasing research and development activities and increasing diabetes-related health expenditure in emerging countries are likely to offer significant growth opportunities for players operating in market. Market witnesses high competitive intensity, as there are several big & many small firms with similar product offerings. These companies adopt various strategies (product launches, collaborations, agreements, partnerships, alliances, grants, joint ventures, acquisitions, & expansions) to increase their market shares & establish a strong foothold in global market.
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North America accounted for largest share of insulin delivery devices market. This growth can be attributed to rising prevalence of diabetes, favorable reimbursement scenario in the U.S. and Canada, growing venture capital investments and issuance of IPOs in the U.S., and FDA approvals to increase the commercial availability of insulin delivery devices in the U.S.
Key players in the global insulin delivery devices market include Becton, Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), Animas Corporation (U.S.), Tandem Diabetes Care, Inc. (U.S.), Sanofi (France), Biocon Ltd. (India), Eli Lilly and Company (U.S.), and Insulet Corporation (U.S.).
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On basis of end user, insulin delivery devices market segmented into patients/homecare and hospitals & clinics. In 2016, patients/homecare segment commanded largest share of insulin delivery devices market and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing diabetic population and rising healthcare expenditure.
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This report studies insulin delivery devices market based on type, end user, and region. Report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to total market. Report forecasts revenue of the market segments with respect to four main regions.
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