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The Global Insulin Delivery Devices Market Was Valued At US$ XX In 2019 And It Is Anticipated To Exhibit A CAGR 8.7% To Reach The Market Value Of US$ 26.7 Bn Till 2028
Insulin is a kind of a glucose directing hormone which acts as a fundamental component in diabetes treatment. Insulin delivery frameworks are used to infuse insulin into tissues under the skin. Some of the factors fueling the growth of the global market include favoring reimbursement arrangements, developing diabetic patients, rising awareness among retailers for availability of few delivery devices, and R&D initiatives.
Mounting Pervasiveness of Diabetes and Obesity All over the World Driving the Global Insulin Delivery Devices market
Diabetes has become one of the leading causes of global deaths. The rising number of obese population and increasing diabetic patients are the major factors propelling the growth of the global market. According to a study conducted by the International Diabetes Federation, the global diabetic population is estimated to reach 500 million by 2030. Moreover, rising awareness regarding the necessity of diabetic treatments, growing geriatric population, and rising adoption of a sedentary lifestyle are expected to poise a positive impact on market growth.
Increasing awareness regarding advanced insulin delivery devices amongst diabetic people will increase the requirement for insulin delivering devices. The superior techniques for insulin delivery consist of the least possible intrusiveness in a heightened manner, reducing the patient’s burden will positively affect the market growth over the forthcoming years.
Prevalent availability of several insulin delivery devices including jet injectors, pens, pumps, and syringes is estimated to boost the growth of the global market. The private and public figures are conducting several campaigns intended to spread awareness regarding complications that occurred by diabetes which is expected to create new growth opportunities for the market growth. The manufactures are continuously launching new devices to cater to the rising demand from a large consumer base which is likely to fuel the growth of the global market.
High Cost Associated With the Insulin Delivery Devices Might Hamper the Growth of Global Market During The Forecast Period
However, high cost associated with these devices, stringent rules and regulations, huge expenditure on research and development activities might hamper the growth of the global market. Moreover, the needle-phobia among several consumers are limiting the growth of these devices. Although, initiatives taken by various governments and non-government organizations to increase awareness regarding insulin devices and quick advancements in the technology can be the opportunities for further growth of the market.
North America is Anticipated to Lead the Global Insulin Delivery Device Market
By geography, North America is expected to register maximum share in global insulin delivery devices. The growth of the region can be propelled by the well-developed healthcare sector and increasing occurrences of diabetes across North America. According to Canadian statistics, in the year 2017, 7.3% of Canadians people aged between 12 and older, more than 2 million people reported being diagnosed with diabetes. Between 2016 and 2017, the percentage of males who reported being diagnosed with diabetes escalates from 7.6% in 2016 to 8.4% in 2017. The percentage of females remained consistent between the two years.
Furthermore, Middle East & Africa is estimated to witness moderate growth during the period of the research study. This is mainly due to stringent government regulations imposed by the regional government and lack of awareness in consumers.
Several corporations are converging on organic development procedures such as product endorsements, and product introductions and others, for example, presentations and grants. The prevailing corporations from the dental radiology market are anticipated to have advantageous progression possibilities in the future with the increasing demand for the elastic therapeutic tape market in the international market.
Some of the major companies operating in the global insulin delivery devices market include Ypsomed, Sanofi, Medtronic, Becton, Insulet Corporation, Dickinson and Company, Roche, Novo Nordisk, and Eli Lilly.
Global Insulin Delivery Devices Market by Device Type
- Pen Needles
- Safety Pen Needles
- Standard Pen Needles
- Patch Pumps
- External Pumps
- Disposable Pens
- Reusable Pens
Global Insulin Delivery Devices Market by End-User
- Hospitals & Clinic
Global Insulin Delivery Devices Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa