In the recent years, insulin delivery devices market has progressed significantly. The global insulin delivery devices market is anticipated to grow from US$ 11,869.0 Mn in 2017 to US$ 22,830.0 by 2025 at a CAGR of 8.7%. The rising prevalence of diabetes and rapid growth in the geriatric population are the major factors anticipated to propel the growth for the insulin delivery devices market. However, the high cost of insulin delivery devices is expected to act as major challenges hindering the market growth.
Diabetes is the major cause of morbidity and mortality in ageing population that later largely attributable to various chronic complications. The 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. The ageing factor is poised to become one of the most significant transformation with a heavy impact on the social and economic level which is growing exponentially worldwide. For instance, according to a report of United Nation (2017), in 2017, approximately 962 million people aged 60 or over, that was projected to reach to 425 million by 2050 across the globe. The number of geriatric population is expected to grow significantly in Africa followed by North America, Latin America & the Caribbean, and Asia Pacific region. With increase in the number of geriatric population, the prevalence of the diabetes has increased. Therefore, the demand of insulin delivery devices market are expected to increase in the coming years.
The global insulin delivery devices market is highly competitive due to the presence of large numbers of players which is attributed to the easy market entry and high profit margins in the market. Some of the prominent players in this market are thus indulged into adoption of organic growth strategies such as innovative product launches and product approvals. For instance, in September 2017, BD introduced a new BD Ultra-Fine micro pen needle 6mm x 32G for use with leading pen injection devices to provide best possible outcomes. The advancement in the field of the healthcare industry is driving the prominent players in this market for more research and developments for the insulin delivery devices market. The key players in the market such as Novo Nordisk A/S and Medtronic that is provide a vast spectrum of expertise in medical healthcare.
The players operating in the global insulin delivery devices market include BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi and among others.
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