LONDON, Sept. 13, 2016 /PRNewswire/ -- The global insulin delivery device market accounted for revenues of $9,998.3 million in 2015, and it is expected to grow at a CAGR of 6.6% during 2016-2022. Based on type, the insulin pump segment is expected to witness the fastest growth during the forecast period, at a CAGR of 7.2% globally.
Diabetes is a chronic disease caused due to insufficient production or inappropriate use of insulin in the body. Proper intervention is needed for diabetes, so as to reduce complications, such as damage of kidney, eyes, heart and feet, and death. Insulin in delivered with the help of various delivery devices such as insulin pumps, pen injectors, insulin syringe and jet injectors. Insulin syringes are most commonly used delivery system for self-medication. However, insulin syringe not being a convenient option resulted in development of other devices for the treatment of diabetes.
The global insulin delivery device market is growing at a significant rate, due to growing geriatric population, increasing prevalence of diabetes and increasing prevalence of obesity. In addition, the technological advancement in the delivery device and increasing awareness of diabetic care are also driving the growth of the global market. The increasing awareness of diabetes across the globe through campaigns, conferences and activities is creating awareness about the long term effects and complications of diabetes and encourages people to enter regular diabetes checkups. The restraints associated with the growth of the global insulin delivery device market include hazards and risks associated with delivery device and high analogue cost.
Geographically, North America is expected to maintain its dominance in the global market of insulin delivery device during 2016-2022. This is due to increasing prevalence of diabetes, growing geriatric population, and increasing prevalence of obesity in the region. In addition, the technological advancement in the delivery device is also driving the growth of the North American market.
The European insulin delivery device market is growing, mainly due to growing aging population, increasing prevalence of diabetes, and increasing awareness of diabetic care. However, the Asia-Pacific market of insulin delivery device is expected to witness the highest growth globally, during the forecast period. This is due to the growing geriatric population and surge in diabetes and obesity. Additionally, the large population pool and increasing awareness of diabetic care are driving the growth of the market in the region.
Some of the key companies operating in the global insulin delivery device market include Novo Nordisk A/S, Medtronic PLC, Abbott Laboratories, Eli Lilly and Company, Insulet Corporation, Sanofi S.A., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Animas Corporation, B. Braun Melsungen AG, and Ypsomed Holdings AG.
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