Insulin Delivery Devices Market Growth Factors for Business Expansion 2023
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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Global 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 – Geographical Analysis:
The well-developed regions of North America and Europe account for the leading markets for insulin delivery devices, globally. The developed economy allows these regions to have an edge over other regions, in every aspect, be it technology or healthcare. Also, factors such as the growing diabetic population, increasing technological advancements in the healthcare industry, and the faster uptake of technology are driving the insulin delivery devices market in these regions.
The U.S backed by a higher GDP, higher per capita healthcare expenses, and technological advancements, is expected to lead the insulin delivery devices market in North America. Whereas, Germany will lead the European market, heading with the presence of its large medical device industry.
Insulin delivery devices market in the Asia Pacific region is growing rapidly owing to the huge patient population of Type -1 diabetes and the rising economy in countries such as China, Vietnam, Indonesia, and India.
India, due to the presence of a greater number of type-2 diabetes patients is expected to dominate the regional market for insulin delivery devices. Simultaneously, the demand for quality devices in healthcare rising alongside the rapidly developing healthcare technology is expected to lead the market growth in the APAC region.
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Global Insulin Delivery Devices Market – Competitive Landscape
The rapidly growing market of insulin delivery devices appears fiercely competitive and fragmented with many large and small-scale players alongside new entrants forming a competitive landscape. The fierce competition in the anti-diabetic drug market has forced many players to developed delivery devices as an effective way to control the fall in revenues.
Matured players are increasingly seeking market expansion through various strategic initiatives such as mergers and acquisitions, increasing investments, innovation, and R&D to develop cost-effective product portfolio. They are also expanding their sales operations in emerging markets such as India and China to gain high market shares. The partnership formed are helping the companies to reduce the development costs associated with the insulin delivery devices.
These players possess state-of-the-art developing labs and strong sales and distribution network that can help them to gain the leadership position in the market. An ever-increasing emphasis on inbound lead generation over branding-oriented efforts has been observed among the marketers.
The fervent players leading the global insulin delivery devices market include Sanofi, Novo Nordisk, Eli Lilly, Medtronic, Copernicus, Beta Bionics, InsuJet, MannKind, SHL Group, Roche, and Becton Dickinson (BD) among others.
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.
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