The global insulin delivery devices market features a largely fragmented vendor landscape, according to a recent report by Transparency Market Research. The intense level of competition in the market owing to the presence of several international and local players has compelled vendors to introduce products with competitive pricing and differentiating features. The focus on strategic alliances, collaborations with the constantly rising numbers of diabetes clinics, and aggressive marketing practices has increased in the recent years.
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The report states that the market will exhibit a promising 8.6% CAGR from 2017 to 2025, rising to a valuation of US$20.9 bn by the end of 2025 from US$10.2 bn in 2016.
Insulin Pens to Remain Most In-demand Product Variety
Geographically, the market in North America held the top spot in the global insulin delivery devices market, acquiring a nearly 37% of the overall demand in 2016. The high prevalence of the condition in the U.S. and the high rate of adoption of advanced mechanisms are expected to help the region maintain its spot over the forecast period as well. In terms of the variety of insulin delivery devices available in the market, the segment of insulin pen accounted for the dominant 42% share of overall global demand in the said year.
Rising Global Burden of Diabetes to have High Impact on Market Growth
The rapidly spreading epidemic of diabetes across the globe has kept the interest level in diabetes-related R&D immensely high in the recent years. Despite the condition affecting millions of people worldwide, scientists and researchers have not been able to find a cure for the disease and controlling it by the effective and timely administration of insulin remains an indispensable measure for patients with type-1 diabetes to lead a normal life.
Thus in the absence of a complete and effective cure for diabetes, the emphasis largely lies on making insulin therapy better and more successful As a result, the continuous quest for new and pioneering therapies and insulin delivery measures continues and is reflecting positively on the overall global market for insulin delivery devices. The market also benefits massively from the constant rise in the number of vendors, R&D activities, technological advancements in products, and easy availability of advanced products across the globe. Moreover, favorable reimbursement scenario in developed nations and a constant rise in awareness programs across developing economies are also working in favor of the market.
Positive Development of Safety Needles to have High Impact on Growth Prospects
Although the market displays mostly positive growth prospects, a handful of factors could hinder its expansion as expected. One of the key challenges facing the market is the lack of encouraging medical reimbursement policies in several emerging economies. With a rapidly rising pool of diabetics in emerging countries across regions such as Asia Pacific and Latin America, the lack of encouraging reimbursement scenario could act as a big blow for international firms wanting to exploit the massive growth opportunities.
Additionally, needle anxiety among patients and the positive pace of development of oral insulin, which could act as an effective alternative to IV and subcutaneous insulin could hamper the market to a certain extent. Nevertheless, promising developments in the area of safety needles and a rise in diabetes-related expenditure and R&D activities in a number of countries could open up favorable growth avenues for companies operating in the market for insulin delivery devices.