Rapidly increasing global diabetic patient base coupled with increasing awareness about the diagnosis of diabetes are the major factors driving the insulin delivery devices market. Addionally, increasing global geriatric population base suffering from diabete coupled with incidences of diabetes in children and women is propelling growth of this market. The rising prevalence of diabetes is a direct consequence of increasing incidences of obesity globally. Furthermore, the introduction of efficient and technologically advanced devices for the delivery of insulin such as portable pumps are also fueling the global insulin delivery devices market. Artificial pancreas and home infusion therapy are gaining popularity in the market.
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On the basis of product, insulin syringes accounted for the largest market share in terms of revenue, as of 2014. The factors responsible for this dominance includes ease of usage features such as small needles which are less invasive to the patient. Syringes are comparatively cheaper than other delvery devices and the cost is covered by insurance providers in developed nations such as U.S. The insulin pen segment is anticipated to witness high growth over next few years owing to its accessibility and compact design.
Geographically, owing to increasing incidences of obesity and diabetes, North America held largest revenue share in the market, as of 2014. Adiitionally, increasing healthcare expenditure levels coupled with awareness levels amongst patients are further expected to boost regional growth of this market. Asia Pacific is anticipated as the fastest growing region due to rapidly rising geriatric base and increasing incidences of diabetes in this region. Rising awareness regarding the treatment of diabetes and government initiatives in emerging countries such as India and China are also anticipated to boost the growth of insulin delivery devices market in Asia Pacific.
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Some major players in the global insulin delivery devices market include Abbott Laboratories, Eli Lilly and Company, Becton, Novo Nordisk A/S, Sanofi, Dickinson and Company, Medtronic Inc. and F. Hoffmann La Roche. The global insulin delivery device maret is highly competitive in nature. These players are adopting various competitive strategies such as mergers and acquisitions, geographical expansion and patient awareness programs in collaboration with healthcare providers to increase market penetration in the insulin delivery devices market.
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