The Insulin Delivery Devices Market is growing at a rapid pace; mainly due to the rapidly increasing number of diabetic populations. Insulin delivery devices are adaptable & lifestyle friendly, and hence these are garnering huge popularity and advancement due to its programmable physiologic technique for the delivery of insulin. —
The current research and development activities that are coordinating the two technologies, "sensor-augmented" and "sensor-driven" to develop pumps with completely automated & independent sensing and delivery system are expected to escalate the market on the ascending global heights.
Acknowledging the burnished growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global insulin delivery devices market is expected to accrue exponentially by 2020, registering 7.9 % CAGR between 2014 and 2020.
Additional factors fostering the growth of this market include the rise in the obese population, the prevalence of diabetes that is rising significantly, and the spreading awareness towards diabetic care, worldwide. The wide uptake of technological advancements in drug delivery devices is acting as a major tailwind that is pushing up the market growth.
The number of the population diagnosed with diabetes is projected to increase at a tremendous rate. Thus, if these trends linearly continue over the next couple of years, it will dramatically increase the number of populations diagnosed with diabetes which, in turn, will substantially foster the demand for insulin delivery devices.
With the rising number of diabetic patients, the demand for insulin delivery devices is expected to surge, thus resulting in exploding the size of the global insulin pumps market.
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Insulin Delivery Devices Market - Key Players
Some of the key players in this market are:
Eli Lilly and Company
Novo Nordisk A/S
Becton, Dickinson and Company
Braun Melsungen AG
Ypsomed Holdings AG
Industry/ Innovation/ Related News:
December 14, 2018 – Eli Lilly and Company (US), a leading global pharmaceutical company announced its expanded collaboration with Evidation Health, Inc. (US), a technology company involved in the development of digital tools and technologies especially for the healthcare industry. The collaboration with a multi-year agreement will provide Lilly with global access to Evidation's Andromeda data platform to analyze the data through Smartphones & Connected Sensors.
Studying Evidation's data platform will help Lilly to analyze data from continuous glucose monitors, insulin pumps, and real-world information to build a connected ecosystem that includes an automated insulin delivery device and connected insulin pen.
Insulin Delivery Devices Market – Segments
The MRFR analysis is segmented into two key dynamics for the convenience of understanding;
By Type: Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors and others (jet injectors, transdermal patches, and inhalers).
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Insulin Delivery Devices Market - Key Finding
The Insulin Delivery Devices Market and is expected to reach $14.21 billion by 2020.
Insulin syringe hold the largest share of the market.
Globally, Asia-Pacific the fastest growing region and expected to grow at the rate of 7.9% during the forecast period.
Insulin Delivery Devices Market - 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.
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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 a greater 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.
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