Insulin Delivery Devices Market research report (2018 – 2023) studies market insights, List of major Key players, buyers, threats of new entrants and substitute products. Also, Insulin Delivery Devices market includes the various market dynamics like Drivers, Restraints, and Opportunities globally. The research report involved the various affecting factors like market growth, market share, competitive intelligence and growth opportunity.
“Insulin Delivery Devices Market report is expected to register a CAGR of 10% over a five years forecast period.”
List of Major Key players operating in the Global Insulin Delivery Devices Market are –
- Becton Dickinson
- Insulet Corp.
- Novo Nordisk
- Owen Mumford
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An insulin delivery device is used to deliver insulin to the human body and, due to the high incidence of diabetes, its market is expanding. Insulin administration is essential for Type 1 and Type 2 diabetic patients. The global insulin delivery devices market is expected to register a CAGR of about 10.0% during 2018-2023 (the forecast period).
Growing Diabetic Population
According to a report by WHO, nearly 422 million adults, across the globe, were living with diabetes in 2014, which was around 108 million in 1980. The rise in affordability and out-of-pocket expenditure in the emerging markets is a significant factor affecting the market expansion. Some of the key regional hubs driving this growth include the United States, Mexico, Brazil, GCC countries, India, China, and other emerging countries. The global prevalence (age-standardized) of diabetes has nearly doubled since 1980, rising from 4.7% to 8.5% among the adult population. This reflects an increase in the associated risk factors, such as being overweight or obese. Over the past decade, diabetes prevalence has grown faster in the low-and middle-income countries than in the high-income ones. In 2012, diabetes was the major reason for nearly 1.5 million deaths. Moreover, higher-than-optimal blood glucose, which increases the risks of cardiovascular and other obesity-related diseases. Around 43% of these 3.7 million deaths occurred among people who were below 70 years of age. The percentage of deaths attributable to high blood glucose or diabetes that occurs prior to the age 70 is higher in low-and middle-income than in high-income countries. Therefore, the growing concerns and rising issues, related to diabetes, are the factors driving the market growth.
Technological advancements and awareness regarding insulin delivery devices, along with government initiatives, are some other factors contributing to the market growth.
High Out-of-pocket Expenditure on Diabetes
Diabetes and its complications bring about a substantial economic loss to diabetics and their families, along with health systems and national economies through direct medical costs and loss of work and wages. While the major cost drivers are hospital and outpatient care, the rise in cost for analogue insulin is a contributing factor, which are increasingly prescribed despite little evidence that they provide significant advantages over cheaper human insulin. In low- and middle-income countries where reimbursement policies are ill-defined, diabetics have to bear various cost concerns while managing the disease from their own pocket. This puts an economic pressure on the patients as they often are unable to afford the total cost of diabetic management on their own. Also, the modalities, covered by insurance providers and healthcare reimburses, and the actual treatments, undertaken by the patients, face disparities. In most cases, the list of approved drugs and treatment modalities, covered in insurance/ eligible for reimbursement, are outdated and differ from the actual drugs consumed by the patients. This implies that in spite of healthcare reimbursement framework in place, high out-of-pocket expenditure occurs in diabetic management. This factor has discouraged many potential diabetics who require the glycemic profile management, as its cost is beyond their capabilities.
Additionally, the factors, such as increasing number of needlestick injuries and infections, alternative insulin delivery methods, and issues associated with the reuse of pen needles and infusion sets are restraining the global insulin delivery devices market growth.
The US to Occupy the Highest Share
The United States holds the largest share of the global insulin delivery devices market. This can be attributed to the rising prevalence of diabetes and favorable reimbursement scenario, raising awareness to stimulate the use of insulin delivery devices, growing venture capital investments, and issuance of IPOs and FDA approvals, in order to increase the commercial availability of insulin delivery devices.
Major Players: BECTON DICKINSON, INSULET CORP., MEDTRONIC, NOVO NORDISK, OWEN MUMFORD, and YPSOMED, among others.
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Global Insulin Delivery Devices Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
- Asia Pacific (China, Japan, India, Southeast Asia and Australia)
- Latin America (Brazil, Argentina and Colombia)
- The Middle East and Africa
Key Questions Answered About Insulin Delivery Devices Market:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the Insulin Delivery Devices market for selective countries?
- Which region or sub-segment is selected is expected to drive the market in the forecast period?
- What factors are estimated to drive and restrain the market growth?
- What are the key technological and Insulin Delivery Devices market trends shaping the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
Reasons to Purchase Insulin Delivery Devices Market Report:
- The report analyses how stringent emission control norms will drive the global Insulin Delivery Devices market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Insulin Delivery Devices market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Points Covered in the TOC: –
- Introduction of Insulin Delivery Devices Market
1 Study Deliverables
1.2 Key Findings of The Study
1.3 Research Methodology
- Executive Summary
- Market Overview of Insulin Delivery Devices Market
3.2 Porters Five Force Analysis
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of Consumers
3.2.3 Bargaining Power of Suppliers
3.2.4 Threat of Substitute Products and Services
3.2.5 Intensity of Competitive Rivalry
- Market Dynamics
- Global Insulin Delivery Devices Market Segmentation
1 By Industry
5.1.4 Gaming and Entertainment
5.2 By Region
5.2.1 North America
5.2.3 Asia Pacific
5.2.4 Latin America
5.2.5 Middle East and Africa
- Vendor Market Share Analysis
- Competitive Intelligence – Company Profiles
- Investment Analysis
1 Recent Mergers & Acquisitions
8.2 Investment Scenario & Opportunities
- Future of Global Insulin Delivery Devices Market
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