(PharmaNewsWire.Com, June 06, 2017 ) Global insulin delivery devices market is expected to reach USD 14.10 billion by 2020 from USD 10.06 billion in 2015, growing at a CAGR of 6.99% during the forecast period 2015-2020. Insulin maintains sugar levels in the blood and essential for the people suffering from type I diabetes & type II diabetes. The development of insulin delivery devices has been encouraged from the past years. These devices are used to deliver the insulin doses via parenteral route rather than oral route of administration. Insulin delivery devices promote absorption rate of insulin into blood stream from the site of injection to execute immediate pharmacological action of insulin. Some of the majorly used insulin delivery devices such as insulin syringes, insulin pens, insulin pen needles, insulin pumps, and insulin jet injectors.
Growing rate of diabetes patients, rising exposure of population towards the diabetes risk factors, changes in lifestyle habits, and increasing demand for human insulin are driving the growth of global insulin delivery devices market. In addition, availability of favorable medical reimbursements, increasing healthcare expenditure, rising advancements in human insulin delivery devices technologies, growing focus of market players on the development & commercialization of advanced human insulin delivery devices (such as pens & portable insulin pumps) are further fueling the growth of global insulin delivery devices market. However, stringent regulatory policies for product approval and requirement of high costs for the product manufacturing are restraining the growth of global insulin delivery devices market.
Global insulin delivery devices market is segmented based on the type and application. Based on type, the market is further sub-segmented as insulin syringes, insulin pens, insulin pen needles, insulin pumps, and insulin jet injectors. Of these, insulin syringes commanded the largest share of the global insulin delivery devices market in 2015, whereas insulin pens segment is estimated to grow at the highest CAGR during the forecast period 2015-2020. Based on application, the market is segmented as type I diabetes and type II diabetes.
On the basis of geographical region the global insulin delivery devices market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America accounted for the largest share of 40.5% of the global insulin delivery devices market in 2015, whereas Asia-Pacific is estimated to grow at the highest CAGR of 9.10% during the forecast period 2015-2020.
The key players in global insulin delivery devices market such as, Becton, Dickinson and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland), and Biodel Inc. (U.S.).
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