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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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.
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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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).
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