Disposable Insulin-Delivery Device Market size, Insights, Prospects, Growth Trends, Key Trends, Opportunities and Forecast until 2027
Diabetes is one of the most chronic and life-threatening diseases that affects a large population of the world. Diabetes, also known as diabetes mellitus, is a metabolic disorder wherein the pancreas is not able to produce insulin or the body is not able to utilize the insulin to metabolize glucose. There are mainly three distinct types of diabetes, Type I Diabetes, Type II Diabetes and gestational diabetes. According to American Diabetes Association, around 30.3 million Americans or 9.45 of the population had diabetes in the U.S. as of March 2015. Further, 1.5 million Americans are diagnosed with diabetes every year.
Disposable Insulin-Delivery Device Market: Dynamics
Disposable insulin-delivery device market is a growing market which is driven by the rising prevalence of diabetes with high unmet medical needs, growing awareness programs by various multinational companies. The market is supported by the favorable government funding for endocrine and metabolic research. Additionally, several factors contribute to the development of disposable insulin-delivery device market such as the increasing demand for non-invasive insulin delivery devices which is widely available at low cost. The increased use of insulin pumps for insulin delivery owing to ease of availability is also among the several factors which will fuel the growth of the disposable insulin-delivery device market during the forecast period.
However, there are several factors which restrict the growth of the disposable insulin-delivery device market such as diabetes is largely undiagnosed in the population. Disposable insulin-delivery device market faces a threat due to the patent expiry of various products which depletes the market share of multi-national companies. There are various companies which are involved in manufacturing of disposable insulin- delivery device however unfavorable reimbursement policies hinders the growth of these manufacturers.
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Disposable Insulin-Delivery Device Market: Region-wise Outlook
Based on geography, the disposable insulin-delivery device market can be segmented into seven major regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East & Africa. At present, North America holds a leading position in the disposable insulin-delivery device market followed by Europe. The major driving factors which have driven the growth of the disposable insulin-delivery device market in this regions are the involvement of leading players in new product development and upgrading their existing products to enhance their product portfolios. The competitiveness among the major players in the North America region is expected to drive innovative products in the disposable insulin-delivery device market. Following North America, European countries are also anticipated to show steady growth in the disposable insulin-delivery device market. In the next few years, Asia-Pacific would show remarkable growth in the disposable insulin-delivery device market as it is developing at a very rapid pace and has shown the emergence of many players. The factors which would fuel the growth of disposable insulin-delivery device market in Asia-Pacific are rising prevalence of metabolic disorders, growing demand for healthcare facilities in emerging economies such as India and China, and multinational companies moving towards the developing nations and setting operational set-ups. Disposable insulin-delivery device market would evolve at a rapid rate across the regions. However, North America would maintain its position in the overall disposable insulin-delivery device market.
Disposable Insulin-Delivery Device Market: Key Players
Some of the key players operating in the disposable insulin-delivery device market are Animas Corporation, F. Hoffmann-La Roche AG, Insulet Corporation, Medtronic Plc., Valeritas, Inc., Tandem Diabetes Care, Inc., Johnson & Johnson, Beta Bionics, Inc. Abbott Laboratories, Becton Dickinson & Co., EyeSense GmbH among others. Disposable insulin-delivery device market has the presence of many players operating on a regional and country level.
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