New York City, NY - November 20, 2017 - (Newswire.com)
Prominent players operating in the global insulin delivery devices market include B. Braun Melsungen AG, F. Hoffmann-La Roche, Ltd., Becton, Dickinson and Company, Sanofi S.A., Medtronic, Inc., Eli Lilly and Company, Novo Nordisk A/S, Abbott Laboratories, Insulet Corporation, Ypsomed Holding AG, and Animas Corporation, finds Persistence Market Research (PMR). A number of players are focusing on introduction of technologically advanced products and devices that differentiate them from their rivals and opt for competitive pricing, in order to consolidate their shares in various regions. In addition, several of them are also making strategic collaborations, notably with diabetic clinics, in a move to gain a competitive edge over others, observes PMR. Furthermore, various global and regional players are also adopting aggressive marketing strategies for their offerings, in a move to strengthen their market shares.
The global insulin delivery devices market is characterized by the presence of large number of globally prominent players and some regional players, which has intensified the market landscape. The global insulin delivery devices market is projected to rise at a CAGR of 7.0%, vis-à-vis revenue, during 2014-2020. The market stood at US$ 9.39 Bn in 2014 and the global opportunities is predicted to surge to US$ 14.09 Bn by the end of the forecast period.
The study presented here is based on a report by notes Persistence Market Research (PMR) titled, “Global Market Study on Insulin Delivery Devices.”
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The various types of insulin delivery devices are insulin pens, insulin syringes, insulin jet injections, and insulin pumps. Of these, the insulin pumps segment presently leads the global market. The segment is projected to account for the dominant revenue shares in the market throughout the forecast period. The various regional segments for mobile applications are North America, Latin America, Europe, Asia, and Rest of the World (RoW). Of these, North America is the dominant market and is anticipated to retain its leading position throughout the assessment period. The U.S is predicted to account for a significant share of the revenue of the regional market during the forecast timeline.
Prevalence of Diabetes and Obesity to Stoke Demand
The wide prevalence of diabetes, especially type 2 diabetes, in various parts of the world and the rising incidence of obesity concerns worldwide are primary factor propelling the demand for insulin delivery devices. The rising survival rate and the growing awareness levels of these conditions, mainly on account of conferences and meetings, have boosted the market in various regions. The presence of a favorable reimbursement scenario in a number of developed nations is a key factor catalyzing the growth of the insulin delivery devices market. Wide and easy availability of key devices such as insulin pens, pumps, and syringes among populations in several developing economies is a notable factor expected to boost the market. Furthermore, constant technological advancements in these devices and the soaring governmental and private spending on the management of diabetes in a number of countries, is a significant trend expected to bolster the demand for insulin delivery devices in the coming years.
Artificial Pancreas Device Systems to Unlock Exciting Avenues
However, the lack of cost-effectiveness of insulin analogues for diabetes, as a part of modern management strategy for the disease, is a notable factor likely to hinder the growth of the market to an extent. Nevertheless, the growing popularity of artificial pancreas device systems is anticipated to stoke the demand for advanced insulin delivery devices.
Furthermore, the growing prominence of home infusion therapy is a key factor expected to unlock a host of exciting avenues in the market during the forecast period. On the other hand, the presence of complications associated with insulin delivery devices is a notable concern that may hamper their demand. Nevertheless, recent advances in improving the efficacy of insulin delivery mechanism is a welcome development in the market, expected to open lucrative opportunities for market players.
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Insulin Delivery Devices Market
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Original Source: Insulin Delivery Devices Market to Be Worth US$ 14.09 Bn by 2020 - Persistence Market Research
