According to a new market research report “Global Needle-Free Diabetes Management Market Size, Share, Development, Growth and Demand Forecast to 2025 - Industry Insights by Device Type (Treatment Device, Diagnostic Device, Artificial Pancreas)” published by P&S Market Research, the global needle free diabetes management market is projected to reach $ 16,831.5 million by 2025, growing at a CAGR of 17.8% during 2017 - 2025.
Browse the Report Summary at: https://www.psmarketresearch.com/market-analysis/needle-free-diabetes-management-market
Global needle-free diabetes management market worth $3,830.6 million in 2016
The study suggests that the global needle-free diabetes management market is likely to grow from $3,830.6 million in 2016 to $16.8 billion by 2025. With the explosive growth of needle-free treatment devices and the increasing awareness regarding the safety issues associated with needles, the needle-free diabetes management market is gaining traction. The growing need for development of safe needle-free diagnostic device has fueled the demand for continuous blood glucose monitoring across all regions worldwide.
Insights on market segments
As per the findings of research, the artificial pancreas market is expected to witness the fastest growth during 2017 – 2025 and needle-free diabetes treatment devices have been the largest revenue generator for the global market.
North America stand as the largest needle-free diabetes management market
Geographically, North America has been the largest market for needle-free diabetes management devices, with an estimated 41.5% contribution to the global market in 2016. Globally, The U.S. had been the largest country for needle-free diabetes management devices in 2016 and it is expected to continue being the largest market during the forecast period. In 2016, Japan is the major market in Asia-Pacific, whereas in Europe, Germany generates highest revenue in this market.
Increasing awareness regarding the safety issues associated with needles bolsters market growth
The factors driving the growth of the market include increasing awareness regarding the safety issues associated with needles and high prevalence of diabetes globally. Needle stick injury during insulin administration can lead to blood-borne pathogen transmission, and hence healthcare workers or patients experience anxiety, fear and emotional distress due to needle stick injury. The risk of needle stick injury is eliminated through needle-free diabetes management. Globally, approximately 16 billion injections are administered every year as per WHO; however, all the syringes and needles are not properly disposed of. This creates huge traction for needle-free diabetes management devices in the healthcare industry. The prevalence of diabetes is increasing due to the alteration in lifestyle and lack of access to preventive care. According to the International Diabetes Federation (IDF), about 415 million people worldwide were suffering from diabetes in 2015 and the number is expected to increase to 642 million by 2040. This reflects the growing need for improved diabetes management, for which needle-free diabetes management can be one of the prospective solutions.
The adoption of needle-free diabetes management in the emerging economies is expected to provide huge growth potential for the market, during the forthcoming years. The growth will be driven by the increasing healthcare awareness and increasing healthcare spending. The countries such as China and India have a huge market potential as the healthcare industry is witnessing significant growth in these countries.
Technological advancement is leading to the product innovation
The research states that the manufacturers in the needle-free diabetes management market are focusing continually on workflow enhancements and improving diabetes management and device performance. Currently, the healthcare cost is outpacing the government expenditure on healthcare. The development of technologically advanced diabetes management devices has become necessary to ensure increased healthcare efficiency and productivity. Some of the key players in the global market include Medtronic plc, Insulet Corporation, Tandem Diabetes Care, Inc., Inovio Pharmaceuticals, Inc., Pharmajet, Inc., Zogenix, Inc., Antares Pharma Inc., and Glide Pharmaceutical Technologies Ltd.
GLOBAL NEEDLE-FREE DIABETES MANAGEMENT MARKET SEGMENTATION