Insulin Delivery System Market is Estimated To Achieve Steady CAGR Value Of 7.00% By 2026
The global insulin delivery systems market is estimated to reach a value of over US$ 11,417.1 Mn in 2017 at a CAGR of over 7.0% over the forecast period. Insulin delivery systems are used to inject measured doses of insulin through the skin. Insulin delivery system includes various devices such as insulin pump, insulin pen, insulin jet injector, insulin syringe, and insulin inhalers.
High prevalence rate coupled with increasing incidence of diabetes, and technological advancements in insulin delivery equipments are the key factors driving growth of the global insulin delivery systems market. Also, concerns regarding obesity among people may led to cause diabetes is another factor expected to propel growth of the global insulin delivery systems market over the forecast period. In addition, favourable government support for product approval is another factor expected to fuel growth of the global insulin delivery devices market.
However, high research & development costs associated with insulin delivery systems are a key factor restraining growth of the global insulin delivery systems market. Additionally, lack of proper reimbursement policies in developing economies and concerns related with reuse of insulin pen needles and infusion sets are other factors expected to hamper growth of the global insulin delivery systems market of over the forecast period.
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Major and growing trend in the market is introduction of wireless insulin pens that can be connected to a smartphone and which can automatically dispense the required dosage of insulin whenever required. This is another factor expected to propel growth of the global insulin delivery systems market over the forecast period.
The global insulin delivery market report has been segmented on the basis of product, distribution channel, and region. On the basis of region, the global insulin delivery systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Increasing obesity across the globe is a major cause of diabetes which is another factor supporting growth of target market to a significant extent. According to a study conducted by the Center for Disease Control and Prevention, in 2012, stated that 34.9% of US adults are obese. According to a survey analysis conducted in 2015, Arkansas, West Virginia, and Mississippi reported obesity rates exceeding 35%, which has led to increase demand for insulin delivery systems.
Among distribution channel segments, diabetes specialty clinics is expected to register highest CAGR of 7.0% owing to increasing incidence of diabetes across the globe. The hospitals segment in the global insulin delivery systems market is projected to account for highest market share in terms of revenue, owing to increasing investments by hospitals in advanced insulin delivery devices to increase the efficiency of insulin administration.
In 2016, Europe accounted for the second largest revenue share contribution to the global insulin delivery systems market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Growing demand for insulin delivery equipment that can administer accurate dosage of insulin and are safe & easy to use are key factors fueling growth of the Europe insulin delivery systems market currently. Moreover, increasing demand for cost-effective and innovative insulin delivery devices, and high obesity levels among individuals which may led to cause of diabetes among individuals in countries in the region are other factors expected to contribute growth of the Europe insulin delivery systems market over the forecast period. Increasing government initiatives through funding for research & development of insulin delivery systems is another factor expected to result in growth of the market in Europe registering a rapidly expanding CAGR over the forecast period.
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Prominent players in the global insulin delivery systems market include Becton, Dickinson and Company, Eli Lilly and Company, Medtronic plc, Sanofi, F. Hoffmann-La Roche Ltd., Cellnovo Limited, Insulet Corporation, Tandem Diabetes Care, Inc., Companion Medical, Inc., and Copernicus Sp. z o.o.