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Albany, New York, Feb. 26, 2019 (GLOBE NEWSWIRE) -- According to TMR, the global insulin delivery devices market is projected to collect revenue of US$20.9 bn by the end of 2025 from the value US$10.2 bn registered in 2016. The market is expected to swell with a CAGR of 8.6% over the forecast period from 2017 to 2025.
Based on the product, the insulin pens segment dominated the global market for insulin delivery devices by accounting for 42% of the overall demand in the year 2016. This is likely to remain dominant over the forecast period. Based on region, North America dominated the global insulin delivery devices market by accounting 37% shares of the total demand in 2016. This growth is attributable to a high prevalence of favorable conditions and high adoption of advanced technologies in the region.
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Growing Investment in R&D to Propel Market’s Expansion
Swiftly spreading diabetes globally has increased the interest of diabetes-related research & development (R&D) from the past few years. Due to the growing prevalence of diabetes and especially the type-1 diabetes is leading to boost investment in the R&D activities for improving and enhancing the delivery systems is propelling the growth of the global insulin delivery devices market. Additionally, the absence of an effective cure for diabetes is boosting the emphasis on improving the insulin delivery devices, which is reflecting positively on the growth of its market.
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Furthermore, a growing number of vendors, R&D investment, and technological advancement globally are fuelling the growth of the global insulin delivery devices market. Growing favorable reimbursement mainly in the developed nations coupled with rising awareness levels in the emerging nations is favoring growth of the global insulin delivery devices market.
Lack of Reimbursement Policies to Hinder Market Growth
Despite this growth, the lack of medical reimbursement policies across the developing and underdeveloped region is hindering growth of the global insulin delivery devices market. Additionally, the growing cost of insulin delivery devices is also hindering the growth of the global market for insulin delivery devices.
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Nevertheless, a rising number of the patients in the region coupled with growing awareness about the presence of numerous methods are expected to offer numerous opportunities for growth in the global insulin delivery devices market. Additionally, numerous key players are leading to tap these opportunities and expanding their businesses in the region. This is also providing support to the growth of the global insulin delivery devices market. Further, growing improvement in the products is also reflecting positively on the expansion of the global insulin delivery devices market.
Transparency Market Research (TMR) witnesses that the global insulin delivery devices market has a highly competitive vendor landscape. Some of the companies operating in the global insulin delivery devices market are Sanofi S.A., F. Hoffmann-La Roche Ltd., Novo Nordisk A/S, B. Braun Melsungen AG, and Eli Lilly and Company. However, large numbers of local players are increasing the fragmentation in the global insulin delivery devices market.
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This information is encompassed in the report by TMR, titled, “Insulin Delivery Devices Market (Product Type - Insulin Syringe, Insulin Pens, and Insulin Pumps; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics and Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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