The growth of the market is attributed favorable reimbursement scenario and strong government support in selected countries, technological advancements in insulin delivery devices, and growing diabetic population. Increasing research and development activities and increase in diabetes-related health expenditure in emerging economies are expected to offer significant growth opportunities for manufacturers in the coming years.
The
Insulin Delivery Devices
Market is
expected to reach USD 17.8 billion by 2021 from USD 11.5 billion in 2016, at a
CAGR of 9.1% during the forecast period.
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Key Market Drivers:-
1 Growing Diabetic Population
2 Technological Advancements in
Insulin Delivery Devices
3 Favorable Reimbursement Environment
and Government Support in Selected Countries
4 Conferences, Meetings, and
Congresses to Create Awareness About Insulin Delivery Devices
Market
Segmentation:-
Based
on type, the insulin delivery devices market is categorized into pens, pumps,
pen needles, syringes, and others (insulin inhalers, transdermal patches, and
insulin jet injectors, among others). In 2016, the pens segment is expected to
command the largest share of the insulin delivery devices market. The pens
segment is further divided into reusable and disposable pens. The reusable pens
segment is estimated to command the largest share of the insulin pens market in
2016. This large share can be attributed to lower price compared to disposable
pens; availability of reimbursement in selected countries, and increasing
adoption of insulin pens in the Asia-Pacific region.
By
end user, the insulin delivery devices market is segmented into
patients/homecare and hospitals & clinics. The patients/homecare
segment is estimated to command the largest share of the market in 2016 and is
expected to grow at the highest CAGR during the forecast period. Growth in this
segment can be primarily attributed to the increasing diabetic population and
rising healthcare expenditure.
Regional
Analysis: -
In
2016, North America is expected to account for the largest share of the global
insulin delivery devices market. North America’s leadership position in the
market can be attributed to the rising prevalence of diabetes and favorable
reimbursement scenarios in the US and Canada, awareness activities, venture
capital investments and issuance of IPOs in the US, and regulations for the
usage of safety-engineered needles in Canada.
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Top
Key Players :-
The
insulin delivery devices market is highly competitive with the presence of
several small and big players. Some of the players in the insulin delivery
devices market include Becton, Dickinson and Company (US), Novo Nordisk A/S
(Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), Animas
Corporation (US), Tandem Diabetes Care, Inc. (US), Sanofi (France), Biocon Ltd.
(India), Eli Lilly and Company (US), and Insulet Corporation (US).