Patients/Homecare Segment, by End User, to Account for Largest Share in Insulin Delivery Devices Market During 2019–2025
According to our latest study on “Insulin Delivery Devices Market Forecast to 2025 – Global Analysis – by Product and End User,” the market is expected to grow from US$ 13,631.6 million in 2019 to US$ 22,830.0 million by 2025; it is expected to grow at a CAGR of 8.7% from 2019 to 2025. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Based on product, the insulin delivery devices market is segmented into insulin pens, insulin pumps, insulin syringes, pen needles, and others. The insulin pens segment held the largest share of the market in 2019, and insulin pumps is expected to register the highest CAGR during the forecast period. Based on end-user, the insulin delivery devices market is bifurcated into patients/homecare and hospitals & clinics. The patients/homecare segment held the largest share of the market in 2019, also the same segment is expected to register the highest CAGR during the forecast period.
Insulin is a hormone important for the treatment of people who have diabetes. Insulin majorly helps get glucose from the bloodstream into the muscles and fat cells for fuel. Insulin is injected or infused into the fatty tissue under the skin through the delivery devices. There are numerous devices, such as insulin pens, insulin pumps, pen needles, insulin syringes, and jet injectors.
Global Insulin Delivery Devices Market, by Region, 2019 (%)
Insulin Delivery Devices Market Forecast to 2025 - Global Analysis by Product (Insulin Pens, Insulin Pumps, Insulin Syringes, Pen Needles, and Others), End User (Patients/Homecare and Hospitals & Clinics), and Geography
Insulin Delivery Devices Market Share, Growth | Forecast 2025
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Source: The Insight Partners Analysis
Diabetes among the geriatric population is a growing public health burden worldwide. It is a major cause of morbidity and mortality in the aging population that is later largely attributable to various chronic complications. The aging population is poised to become one of the most significant transformations with a heavy impact on the global social and economic level. This population is growing exponentially worldwide. According to a report from the United Nations (2017), there were approximately 962 million people aged 60 or over across the globe in 2017, projected to reach 425 million by 2050. The number of geriatric populations is expected to grow significantly in Africa, followed by North America, Latin America & the Caribbean, and Asia Pacific. Elderly people are more likely to have diabetes than younger people, and the effect of the disease on quality of life is particularly deep in this population. With an increase in the number of geriatric populations, the prevalence of diabetes has increased. Therefore, the demand for insulin delivery devices is expected to fuel the insulin delivery devices market growth in the forecast period.
BD, Novo Nordisk A/S, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., and Sanofi are among the leading companies operating in the global insulin delivery devices market.
Various organic and inorganic strategies are adopted by companies operating in the global insulin delivery devices market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few of the significant developments by key players in the global insulin delivery devices market are listed below.
- In April 2018, Tandem signed an agreement for the distribution of insulin pumps in New Zealand and Australia.
- In August 2017, Tandem Diabetes Care received FDA approval for t:slim X2 Insulin Pump with Dexcom G5 Mobile CGM Integration.
- In June 2017, Roche completed the acquisition of mySugr to develop a leading open platform for the digital diabetes management.
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