Insulin Delivery Devices Market: Hospital Pharmacy Segment to Expand at a Significant CAGR
Patient suffering from either type of diabetes mellitus require insulin to regulate adequate glucose level in the blood. Technological innovations in medical field have enabled patients to self-administer insulin in required amount. This avoids the need to visit medical professionals every now and then.
Meanwhile, increasing incidence of diabetes has been driving demand for minimal invasive devices for intravenous delivery of insulin in the body. This, in turn, is boosting insulin delivery devices market.
Obesity, sedentary lifestyles, and aging are few causes of diabetes across the globe. Among all, obesity is the leading factor resulting in development of diabetes in individuals. As per a report published by the World Health Organization (WHO), in 2014, around 1.9 billion people were categorized as overweight. Further, 600 million were identified as obese. Obesity and overweight are few risk factors highly associated with diabetes. Growing prevalence of diabetes across the globe contribute to expansion of global insulin delivery devices market.
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Some of the commonly used insulin delivery devices include- insulin pens, insulin syringes, and insulin pumps among other. Compatibility of these devices is underpinning the adoption rate of insulin deliver devices at sturdy rate.
Among all the devices, insulin pens accounts for maximum share in the global market. Prominence of the device is attributed to its user-friendly feature. Rising popularity about the device is pushing its adoption rate. Further, manufacturers are registering the adoption rate, and thus, focusing on consistent advancement of the device.
However, enforcement of strict regulations for approval of such products along with rising cost of insulin analogs in diabetes care management may hinder growth of the market in forthcoming years.
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In a fragmented and intensely competitive market landscape, most players in the global insulin delivery devices market are focused on uncovering new methods that help patients in better control of glycemia. Transparency Market Research (TMR) notes that many manufacturers of insulin delivery devices points toward reduction of the cost of healthcare through adoption of competitive pricing strategies. Existing players are entering into strategic alliances and also collaborating with diabetes associations and providers of microfluidic technology providers. Rising number of partnerships amongst several firms in the last few years to develop cutting-edge technologies are likely to up the ante in the global insulin delivery devices market, notes TMR. Presence of several big multinational players and small regional players in the market is likely to keep the intensity of competition up in the next few years.
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Expanding at 8.7% CAGR, the global insulin delivery devices market is projected to reach market valuation of US$ 21,783.3 Mn through 2026.
Amongst the different types of delivery systems available in the insulin delivery devices market, insulin pens have emerged as an extremely popular option over the last few years. It is likely to continue its dominant demand in coming years as well, thanks to its increased safety, efficacy, and adherence to insulin therapy.
Regionally, North America has been contributing the major share of global revenues in the last few years and is likely to retain its dominance over the tenure of assessment. High prevalence of diabetes, particularly type-1 diabetes mellitus in the U.S, is estimated to influence the growth of the insulin delivery devices market in North America.
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Worldwide Prevalence of Diabetes underpins Need for better Subcutaneous Insulin Delivery
Delivery devices for insulin have come a long way since its initial days. Now, it has become a popular non-invasive way of administration of insulin in patients with type-1 diabetes mellitus and in certain cases of type 2 diabetes mellitus. The insulin delivery devices market has made continuous strides pushed by the need for effective and safe devices for the management of type-1 diabetes, which has been on rise across the globe.
In the developed markets of Europe and North America and elsewhere, both the types of diabetes have affected millions of people and have been one of the leading causes of death. In addition, there has been a rise in the number of people of diabetes in Latin America and Asia Pacific as well. Insulin delivery devices have become more of a standard method for the management of long-term glycemic control. It also lessens the number of episodes of hypoglycemia, and minimize complications related to diabetes. This has further paved way for more comfortable and technologically advanced methods of insulin administration in global insulin delivery devices market.
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Novel Approaches in Superior Glycemic Control to pave way to Innovations
Over the last few years, the global insulin delivery market has increasingly benefitted from the advancement made in the devices subcutaneous insulin delivery technologies, notably insulin pens. Pharmaceutical companies and other market players in the global insulin delivery devices market have made coordinated efforts to come up with products that are more friendly toward and convenient for patients. Furthermore, these devices are also minimally invasive and safer.
On the other hand, shortage of favorable reimbursement frameworks in many countries has restricted the growth of the global insulin delivery market. The vast latent opportunities that lie ahead for the market remain unutilized due to absence of reimbursement frameworks.
In addition to that, changing preference of patients in the last few years has triggered product developments in the global insulin delivery devices market. New therapies have come up in the global insulin delivery devices market. In addition, technological progress in insulin needles and syringes has assisted patients needing insulin injections get over the phobia and achieve long-term control of glycaemia.
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