San Francisco, California, February 28, 2018: A recent report by TMR Research, titled, “Insulin Delivery Devices Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025”, offers a comprehensive analysis of this market with data extracted from extensive primary and secondary research.
Diabetes, also known as a silent killer disease, is a highly widespread disease, occurring in almost every region of the world. This is a primary driver of the global insulin delivery devices market, wherein provision of insulin is highly needed for those suffering from this disease. Highly fast and contrasting sedentary lifestyles, are emerging as important health concerns, consequently presenting increasing the chances of diabetes occurrence, thus boosting the market. A surge in sugar levels in the body might increase the chances of decreased insulin production, thereafter possible causing diabetes. This increase in sugar levels is a chief cause for rise in the requirement of insulin for processing the sugar, thus boosting the global insulin delivery devices market’s growth. Cardiovascular disorders and blood pressure problems might aggravate occurrence of diabetes, thus existing as primary propelling factors for boosting the insulin delivery devices market.
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Extensive regulatory support provided for employing the use of insulin delivery devices is also likely to pose as a chief supporting aspect for improvement of the global insulin delivery devices market in future. From the perspective of hospitalization and healthcare, the market has strengthened due to better provision of reimbursement facilities. This is further expected to showcase improvement in sales of the insulin delivery devices market, thus pushing its growth towards a positive direction. Home-based medical care is another factor that is likely to boost the sales of insulin delivery devices, thus proving to be beneficial to the market. Self-administration of insulin is a favorable way of providing the hormone, in the context of long-term diabetes management. This is possible with minimum hassles by using the modern insulin delivery devices, and hence foster better growth in the global insulin delivery devices market.
From the perspective of insulin delivery devices available in the market, the insulin pen segment registered a leading share of 42% in 2016, as a result of easier handling and availability all across the world. Geography-wise, the global insulin delivery devices market is spread across North America, Asia Pacific, Middle East and Africa, Latin America, and Europe. From these, North America acquired a share of 37% in 2016, greater than any other region, consequently holding the leading segment spot. The widespread occurrence of diabetes in leading countries from North America such as the U.S. and Canada, as well as the high rate adoption of advanced insulin delivery mechanisms also are prime reasons for this region to garner a handsome market share.
The global insulin deliver devices market mainly showcases a highly fragmented vendor landscape. An intense competitive scenario exists within the assortment of players operating in this market, owing to the presence of several international and regional players. Subsequently, most market players are releasing products characterized by neck-to-neck pricing and feature differentiation, thus giving rise to a tough competitive outlook. Mergers, collaborations, and other similar activities are key strategies being employed by most players in the global insulin deliver devices market. Few companies are adopting strategies such as partnerships with diabetes specialty clinics, and other healthcare centers. Effective utilization of these strategies have caused many businesses to expand their product portfolio, thus securely establishing their position in the market. Aggressive marketing practices are being implemented by several players in the market in order to attract maximum revenue in the upcoming years. Eli Lilly and Company, Tandem Diabetes Care Inc., Becton, Dickinson, and Company, Medtronic plc, and Abbott, are some of the chief players operating in the insulin delivery market.