The global insulin delivery device market is expected to generate revenue worth $15.5 billion by 2022, registering a CAGR of 6.6% during the forecast period. Increasing geriatric population, rising prevalence of chronic diseases, and growing obese population are some of the key factors driving the market growth. However, the high cost of insulin analogs and risks associated with the use of drug delivery devices may impede the market growth in the near future.
Increasing prevalence of diabetes is a major factor driving the growth of the insulin delivery device market. Patients suffering from diabetes have a fluctuating blood glucose level, which is managed by insulin therapy. The therapy is mainly employed for type 1 diabetes but is also helpful in the management of type 2 diabetes. Moreover, geriatric population, which is at a higher risk of diabetes, is expected to continue driving the market demand for insulin delivery devices in the coming years.
Patients can administer insulin with the help of various devices. Based on type, the insulin delivery device market is categorized into pumps, pens, and syringes. Among these products, the market is expected to witness the fastest growth in demand for pumps, registering a CAGR of 7.2% during the forecast period.
Geographically, North America led the insulin delivery device market during the historical period and Asia-Pacific (APAC) is expected to be the fastest-growing regional market, with 7.2% CAGR, during the forecast period. The market growth in the APAC region is being driven by factors such as the presence of a large pool of diabetic patients, increasing geriatric population, and growing awareness on infusion therapies.
Novo Nordisk A/S, Medtronic Plc, Abbott Laboratories, Eli Lilly and Company, Insulet Corporation, Sanofi, F. Hoffmann-La Roche Ltd., Animas Corporation, B. Braun Melsungen AG, Ypsomed Holdings AG, and Becton, Dickinson and Company are some notable players in the global insulin delivery device market.
GLOBAL INSULIN DELIVERY DEVICE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Geography