INSULIN DELIVERY DEVICES MARKET ANALYSIS

Insulin Delivery Devices MarketSize and Trends

Insulin Delivery Devices Market - Insights

The global insulin delivery devices market was valued at US$ 11,326.9 million in 2017 and is expected to witness a CAGR of 11.3% over the forecast period (2017–2025).

Increasing prevalence and incidence of diabetes is a major factor driving the global insulin delivery devices market growth. According to the Centers for Disease Control and Prevention (CDC), 2014, around 29.1 million people in the U.S. have diabetes with a healthcare burden of around US$ 245 Bn and with an estimated 4.6–9.2% of pregnant women affected by gestational diabetes. Moreover, the Australian government launched National Diabetes Strategy (2016–2020), to prevent diabetes and support people living with diabetes. Thus, increasing government initiatives to support diabetic patients is expected to favor growth of the global insulin delivery devices market.

Development of systems and devices for improved drug delivery is expected to drive growth of the market. When compared with vial and syringe regimens, insulin pens offer a greater clinical efficacy, improved quality of life, and increased dosing accuracy, particularly at low doses. Thus, introduction of insulin pen devices has aided patients with diabetes mellitus in easier and more convenient treatment regimens. For instance, in January 2014, Novo Nordisk launched the NovoPen Echo in the U.S. market. This is the first and only pen device available in the U.S. with half-unit dosing and a memory function that can record the dose and time passed since the last injection.