The Global Insulin Delivery Devices Market, by Product Type (Insulin Syringes, Insulin Pens, Insulin Pumps, Insulin Jet Injectors), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) was valued at US$ 11,326.9 million in 2017 and is projected to exhibit a CAGR of 11.3% over the forecast period (2017–2025). Advancements in technology in insulin delivery devices by key players, and rising prevalence of diabetes are expected to be major factors driving growth of the global insulin delivery devices market over the forecast period. Insulin plays a vital role in the treatment of diabetes as it aids in controlling the blood glucose level in diabetes patients. Diabetes is considered to be one of the most prevalent disease in the world, as stated by the World Health Organization and resulted in 1.6 million deaths in 2015, globally. There are few devices that can be used to deliver insulin, including syringes, insulin pens, jet injectors, and insulin pumps. After getting infused or injected into the diabetic patient’s body, insulin helps to get glucose from the bloodstream into the fat cells or muscle. Increasing adaption of these devices coupled with rising number of patients with diabetes is expected to act as a major factor to boost growth of insulin delivery devices market. In addition to this, manufacturers are also focusing on investing in new technologies, which can address the current shortcomings of these drug delivery systems such as durability, painful procedure and cost, thus meeting the unmet needs of diabetic patients.
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Manufacturers in the market are focusing on developing advanced insulin pumps that will save time in administration. For instance, in 2016, Medtronic received FDA approval for the launch of MiniMed 630G in the U.S. The system features a new insulin pump hardware platform and new user-friendly insulin pump design, and SmartGuard technology, which mimics the function of healthy pancreas to provide advanced protection. Patients in developed economies such as the U.S. and Europe are early adopters of novel technologies such as insulin pumps and artificial pancreas devices. Emerging economies are also expected to witness increasing demand for conventional insulin delivery devices such as insulin pens, due to their lower cost. However, risks and complication associated with the delivery of insulin and packaging of insulin are factors restraining demand for insulin delivery devices. In July 2017, Novo Nordisk recalled certain insulin cartridge holders used in connection with the company’s NovoPen Echo-brand insulin delivery devices as cartridge holders might crack or break if exposed to certain chemicals such as cleaning agents result in a patient receiving a reduced dose of insulin, which could potentially lead to high blood sugar.
Key takeaways of the Insulin Delivery Devices Market:
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