Thursday, 6 July 2017

The Insulin Delivery Devices market growth outlook with industry review and forecasts

An outlook on Insulin Delivery Devices Market growth is presented in this latest research report that reviews industry growth drivers, trends, regional factors & companies as well as provides forecasts for next few years.

Insulin Delivery Devices Market size is expected to witness a considerable growth over the forecast period. Increasing diabetes prevalence will drive insulin delivery devices market growth throughout the forecast period. As per the Centers for Disease Control and Prevention (CDC) about over 20 million people are stated to have diabetes. Obesity is linked to the prevalence of diabetes, thus leads to high diabetes prevalence. Growing population affected by diabetes should further drive the insulin delivery devices market size.

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Growing diabetes awareness around the world through conferences, campaigns, and events educating about the complications and extended effects of diabetes, should encourage people to take their medications on time to avoid further health complications. Additionally, growing demand for developed insulin delivery devices is complementing the adoption of newly launched portable pumps devices and innovative pen.

Strict regulations governing the product approval process and government rules and the high price of insulin analogs in diabetes care management should hamper the market growth.

Insulin pens accounted for highest market share in 2016, owing to its benefits such as its user-friendly design, high adoption rate, and increasing acceptance amongst consumers. Rising focus of companies on product innovation should yield the high industry share. For example, Novo Nordisk launched a new device called NovoPen Echo in the U.S. It was the first device of its kind, with a half-unit dosage feature and memory function.

Browse key industry insights from the report Insulin Delivery Devices Market in detail along with the table of contents:

Homecare segment will continue to account for maximum market share during the forecast period. The significant factors resulting in substantial growth are growing adoption of insulin delivery devices and increasing awareness of diabetes care. Home usage of insulin devices saves additional visiting costs, clinic, or hospital fee, and waiting time. The developed devices including pens, pumps, and injectors, are small, highly portable, and give a comfort of using them anywhere and anytime. Therefore, better access to such delivery devices and their developed ease of usage has enabled insulin users opt for self-care diabetes management options.

U.S. insulin delivery devices market accounted for largest market share in 2016 owing to increasing awareness levels amongst the affected population. Increasing diabetic population and the availability of technologically advanced devices are the factors leading to the high market growth. Also, as per Canadian Diabetes Association, the prevalence of diabetes is increasing in Canada and it is projected to reach over 4 million by 2025. Forming a large patient base with diabetes and its growing incidence is likely to enhance the growth in the U.S. region for insulin delivery devices market during the forecast period.

India and China, are anticipated to witness significant growth during the forecast period due to the existence of a vast patient base suffering with diabetes and rising awareness of insulin delivery devices. In addition, large number of regional players are expanding their business by providing high-end products for diabetes care.

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Companies operating in insulin delivery devices market include Novo Nordisk (Subsidiary of Novo A/S), Tandem Diabetes Care, Sanofi, Medtronic, Valeritas, Becton, Dickinson and Company, Eli Lilly, F. Hoffmann-La Roche, Ypsomed, Owen Mumford, Animas, Insulet Corporation, Asante Solutions (Now Bigfoot Biomedical), Abbott Laboratories, Biocon Ltd., Antares Pharma, Bioject Medical Technologies, Injex - Equidyne Systems, Tonghua Dongbao Pharmaceutical, Shanghai Fosun Pharmaceutical.

Technology innovation and product advancement initiatives are other major strategies adopted by the industry players to gain maximum market share. Industry players are growing their business with planned mergers and acquisitions and collaborations with other industry vendors. For example, in June 2014, Medtronic and Sanofi entered a tactical collaboration to develop drug-device combinations for diabetes patients. This association combined Medtronic's proficiency in pump therapy and continuous glucose monitoring with Sanofi's wide-ranging insulin product portfolio to advance upon type 2 diabetes care management and patient medication compliance.

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