Needle-Free Diabetes Management Market Analysis of Business Strategies of The Top Players
The surging awareness on the safety issues with needles, growing aging population, and massive demand for needle-free treatment devices are driving the growth of the needle-free diabetes management market. In 2016, the market attained a size of $3,830.6 million, and it is predicted to generate revenue of more than $16,800.0 million by 2025. Needle-free diabetes management is a technique of monitoring, diagnosing, and treating a diabetic patient without the use of needles. Such devices are adopted for monitoring the blood glucose level and injecting insulin into diabetic patients.
On the basis of region, the needle-free diabetes management market is classified into Asia-Pacific, Europe, North America, and Rest of the World. Among these, during 2014–2016 (historical period), North America led the market in terms of revenue, and it is projected to continue leading it during 2017–2025, owing to the high prevalence of diabetes, technological advancements, and positive government regulations. In North America, due to the surging geriatric population and prevalence of obesity, diabetes has become one of the major public health issues.
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As per the American Diabetes Association (ADA), in 2012, around 29.1 million Americans were suffering from diabetes. The surging prevalence of diabetes-related issues is expected to boost the growth of the market during the forecast period. Based on device type, the needle-free diabetes management market is categorized into diagnostic devices, treatment devices, and artificial pancreas. Out of these, during the historical period, treatment devices dominated the market in terms of revenue, and these are predicted to maintain their dominance during the forecast period, owing to the rapid developments in their technologies.
Furthermore, needle stick injuries during insulin administration can lead to blood-borne pathogen transmission, which can further cause fear, anxiety, and emotional distress in patients and healthcare workers. With the use of needle-free diabetes management, the risk of needle stick injuries can be eliminated. According to the World Health Organization, each year contaminated injections cause around 1.3 million early deaths. As needle-free diabetes management helps in reducing the number of deaths, it is highly preferred by patients as well as healthcare providers, thereby leading to the needle-free diabetes management market growth.
Hence, the surging aging population and safety associated with needle-free diabetes management are projected to contribute to the progress of the market during the forecast period.