Global insulin delivery devices market is expected to grow at a CAGR of 8.6 % to reach a market value of USD YY million by 2026.
Insulin delivery devices are the devices used to transfer insulin from the external sources into the bloodstream when there is a decrease in insulin level. The methods include syringes, pumps, sprays, and insulin pens. These devices are used to treat patients suffering from diabetes type1, type2, and gestational diabetes.
Diabetes is a disease where the blood glucose levels in the body are too high. .. Insulin is a hormone, which helps in converting energy from glucose for bodily functions. Type1 diabetes can be defined as the medical condition where the body itself body does not produce insulin. Therefore insulin delivery devices are used to pump insulin from an external source when required. High glucose levels in the body can lead to various health disorders which can damage eyes, kidneys, and nerves, etc.,
Increase in diabetic population globally is one of the major factor having a positive impact on global insulin delivery devices market, and is also expected to remain high over the forecast period.
According to International Diabetes Federation (IDF), 2017, diabetes is one of the leading causes of death with ranking third among the other major diseases. According to the World Health Organisation (WHO), diabetes prevalence has been rising more rapidly in the middle- and low-income countries.
According to Transactions of The Royal Society of Tropical Medicine and Hygiene,2018, 336 million people with diabetes are living in the middle- and low-income countries.
According to researchers at the American Diabetes Association, explains that between 2009 and 2034 the global diabetes population would rise from 23.7 million to 44.1 million.
Market Restraints
One of the major factor hindering the global insulin delivery devices market is its high economic expenditure on diabetes diagnosis.
In 2017, the American Diabetes Association estimated that the average medical expenditure for people with diagnosed diabetes was about 13,700 per year which was a considerable amount for middle-income family.
Market Segmentation
By product type
The global insulin delivery devices market is segmented on product type which includes syringes, insulin pens, insulin infusion pumps, oral insulin, insulin sprays, insulin patches, jet injectors, automated insulin delivery system.
Insulin pumps are dominating the market in 2018, due to its precision and technological advancements. An insulin pump is a mini electronic device which can be attached to belt, pocket, etc., connected to the body with a thin tube called infusion set through which insulin is delivered.
Series of technological advancements in a closed loop insulin pump, which delivers inulin automatically based on the output from continuous glucose monitoring device is on a high, and is expected to subside the conventional insulin delivery devices.
By geography
North America dominates the global insulin delivery devices market in 2018, due to the increase in disease population and its prevalence ratio in this region.
According to Centre Of Disease Control and Prevention, July 2017, explains, around 29 million U.S. adults are living with diabetes., and is further expected to rise over the forecast period.
It has been argued that the diabetes is responsible for 12% of deaths in the U.S., rather than 3.3% of death certificates indicate.
Key players
Mergers between the major companies in the healthcare devices for research and development in automated insulin delivery devices, FDA approvals, and new product launches are driving the global insulin delivery devices market.
In January 2019, Bigfoot Biomedical merged with Eli Lilly and company to develop an artificial intelligence-based system for optimizing the dosing and delivery of insulin.
In February 2018, FDA approved Medtronic MiniMed; Inc MiniMed 670G System hybrid closed-loop system that monitors glucose and automatically adjusts the insulin delivery.
In July 2018, CeQur acquired wearable on demand insulin delivery system from Johnson Johnson’s caliber medical.
In September 2017, Becton Dickinson launched Ultra Fine micro needle 6mmx32G for the use with pen injection devices.
In July 2017, FDA approved Merck’s new device I insulin glargine injection LUSDUNA
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