According to a new market research study titled 'Insulin Delivery Devices Market to 2025 - Global Analysis and Forecasts by Product and End User, the global insulin delivery devices market is expected to reach US$ 22,830.0 Mn in 2025 from US$ 11,869.0 Mn in 2017. The market is estimated to grow with a CAGR of 8.7% from 2018-2025. The report highlights the trends prevalent in the global insulin delivery devices market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to the increasing prevalence of diabetes, rapid growth in the geriatric population and technological advancements. However, the high cost of insulin delivery devices and complications & risk associated with the delivery of insulin are expected to act as a major challenges hindering the market growth in the forecast period.
The increasing products innovations and product launches with increased technology and more effective benefits is a major requirement in the treatment for diabetes. The advancement and development in the treatment is increasing in the last few years. As the prevalence of diabetes is increasing across the world, the demand for more products with advancements is also boosting up. Hence, over the years, researchers have been carrying out research activities which have resulted to product innovations. For instance, in July 2018, the Roche received a CE mark for its Accu-Chek Solo micropump system. The system is a small tube-free insulin delivery device that offers to their users the choice to bolus directly from the pump Additionally, in March 2018, the Medtronic announced to have a FDA approval for their latest smart technology of standalone CGM named the Guardian Connect system. The system has the advanced feature including alert system that helps in aware people about potential high or low glucose level events, up to 60 minutes in advance. Thus, the growing product innovations will lead to increasing demand for insulin delivery devices and will eventually will drive the market in the forecast period.
The insulin delivery devices market is segmented into product and end user. Based on product, the insulin delivery devices market is classified into insulin pens, insulin pumps, insulin syringes, pen needles and others. In 2017, insulin pens segment held the largest share of the market by product type. The insulin pumps segment is expected to grow at the fastest rate during the coming years.
The major players operating in the market of insulin delivery devices include BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi and among others. The global insulin delivery devices market is highly competitive and driven by advanced methods of treatment and innovative methods. For instance, in June 2018, Medtronic launched MiniMed(TM) 670G Performance Guarantee Program to deliver improved clinical outcomes.
Additionally, in August 2017, Tandem introduced t:slim X2 Insulin Pump with Dexcom G5 Mobile continuous glucose monitoring (CGM) integration which was the first sensor-augmented insulin pump.
The report segments the global insulin delivery devices market as follows:
Global Insulin Delivery Devices Market - By Product
Global Insulin Delivery Devices Market - By End User
Global insulin delivery devices Market - By Geography
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