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The rising awareness about the adverse effects of diabetes to fuel the growth of Insulin Delivery Devices Market



2024-03-29 03:10:00 Industry

1035


Insulin is a hormone secreted in the pancreas gland and is crucial in controlling blood glucose levels. It plays an important role in metabolism because the lack of insulin production or inability to respond to insulin results in the onset of diabetes. Individuals with type one and type two diabetes need to take insulin shots externally so as to forestall long-term issues and to help the body in processing glucose and avoid complications related to excess glucose in the blood.
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Global insulin delivery devices market is anticipated to achieve USD 14.10 billion by 2020 from USD 10.06 billion in 2015, growing at a CAGR of 6.99%. Increasing awareness programs and campaigns regarding diabetes and its complications around the world is the main reason behind the high projected growth of the market.
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Drivers and Restraints:
According to the WHO in 2014, over 1.9 billion individuals were known to be overweight, of which, around 600 million individuals were obese. Risk factors like obesity and being overweight are extremely connected to the incidence of diabetes, which has been rising by epidemic proportions, therefore leading to a high prevalence of diabetes. Consequently, the massive population afflicted with diabetes is driving the market for insulin delivery devices.
Technological advances in these devices, in addition to rising patient awareness regarding diabetes care are expected to be some of the key factors holding a positive impact on the market growth. The widespread accessibility of varied insulin delivery devices, like insulin pens, syringes, pumps, and jet injectors, are also supposed to fuel the demand for insulin delivery devices over the forecast time period.
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Geographical Segmentation:
On the premise of geography, the global insulin delivery devices market is classified as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America accounted for the biggest share of around 40% of the global insulin delivery devices market in 2015 thanks to the considerable proportion of overweight people in the region.
The leading companies in the current market include Becton, Dickinson and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland), and Biodel Inc. (U.S.).


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