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Insulin Delivery Device Market Overview
The global insulin delivery device market was valued at $9.9 billion in 2015 and is expected to witness a CAGR of 6.6% during 2016–2022 (forecast period). The market growth is expected to be led by factors such as increasing geriatric population, growing obese population, and rising prevalence of chronic diseases across the globe. Besides, technological advancements in the field and increasing awareness about insulin delivery devices for diabetes management are supporting the market growth.
Among various types of insulin delivery devices—pens, pumps, and syringes—insulin pens accounted for the largest share in the market during the historical period and are expected to hold 40% revenue share in 2022. However, in terms of growth, insulin pumps are expected to witness the highest demand in the insulin delivery device market during the forecast period.
GLOBAL INSULIN DELIVERY DEVICE MARKET, BY TYPE, $M (2012 - 2022)
Geographically, Europe holds the second-largest share in the insulin delivery device market, after North America. The market in Europe is projected to surpass $4.3 billion by 2022 and is mainly being driven by the rise in the burden of non-communicable diseases such as diabetes, cancer, respiratory diseases, and heart diseases. Besides, the prevalence of diabetes is increasing in the regional population, on account of factors such as obesity, lack of physical activity, and unhealthy lifestyle.
Insulin Delivery Device Market Dynamics
The growing adoption of home infusion therapies for diabetes management is one of the key trends observed in the insulin delivery device market. Infusion therapy involves the administration of a medication intravenously, through a needle or a catheter. It is generally performed when the patient’s body does not respond well to oral medication. Moreover, at-home infusion therapy is usually preferred by the elderly, since it is not always possible for them to visit a clinic or hospital for treatment. Besides, insulin delivery devices have evolved as a safe and effective solution with respect to at-home diabetes management.
Increasing obese population is a major factor responsible for the growth of the insulin delivery device market. Obesity leads to a high risk of medical conditions such as hypertension, type 2 diabetes, and cardiovascular problems. Countries across the globe are witnessing a sharp increase in the number of people with obesity, which, in turn, is resulting in increased prevalence of diabetes, further requiring the use of insulin infusion devices for its management. According to the World Health Organization (WHO), around 2.8 million people die every year as a result of obesity or being overweight, and approximately 44% of the diabetes cases reported globally are due to obesity or excess weight.
The risks associated with the use of insulin delivery devices are affecting their adoption, further negatively impacting the market growth. Since these devices are regularly used for checking the glucose level, patients, at times, may develop skin infections at the site of catheter insertion.
Besides, the re-use of needles for insulin delivery can also lead to bacterial infections and increased risk of lipohypertrophy. Similarly, jet injectors have constraints with respect to dosage accuracy and injection. Improper injecting of a drug may lead to altered absorption of insulin in the blood stream. Thus, the above-mentioned factors are expected to affect the adoption of these devices, further restraining the growth of the insulin delivery device market.
Insulin Delivery Device Market Competitive Landscape
Some of the key companies operating in the global insulin delivery device market are Abbott Laboratories, Novo Nordisk A/S, Medtronic Plc, Insulet Corporation, Eli Lilly and Company, Sanofi, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, Ypsomed Holdings AG, Animas Corporation, and Becton, Dickinson and Company.
Key Questions Answered in the Report