The global insulin delivery devices market, worth $9,499.1 million in 2014, is expected to grow at a CAGR of 7.0% during 2015-2020. The insulin syringes segment held the largest share of 33% in the global insulin delivery devices market; whereas, the insulin pump was the fastest growing segment in the same year. The insulin pump market is escalating with high growth rate due to several factors such as technological advancements in insulin pumps to maintain the level of insulin in the body, increasing awareness of diabetes, and increasing prevalence of diabetes. Rising awareness of diabetes have been imparting positive impact on insulin delivery devices market, as people are increasingly adopting new technology to maintain insulin level in body and experience better results from the delivery devices.
Diabetes is a chronic disease caused due to insufficient production or inappropriate use of insulin in the body. Insulin in delivered with the help of various delivery devices, such as insulin pumps, pen injectors, insulin syringe and jet injectors. The insulin syringes are most commonly used delivery systems for self-medication. However, for some people insulin syringe is not convenient option, which resulted in development of other devices for the treatment of diabetes. Insulin pens and pumps have various advantages, which help in delivering accurate dosage of insulin and maintain the normal level of insulin in body. Usage of insulin pen in administering insulin is less time-consuming compared to the usage of syringes and vials.
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The increasing awareness of diabetes across the globe through campaigns, conferences and activities is creating awareness about the long term effects and complications of diabetes, encouraging people to enter regular diabetes checkups. Moreover, obesity is caused due to diet imbalance, leading to various risk factors for Type 2 diabetes, high blood pressure, heart disease and other health problems. Risk factors of Type 2 diabetes and high blood pressure are increasing steadily with rise in prevalence of obesity, which is consequently driving the growth of the insulin delivery device market.
The prevalence of diabetes is also increasing every year. It is one of the leading causes of death and has increased risk of developing number of serious health problems. It is the major cause of cardiovascular disease, kidney disease, eye disorders and stroke. Also, increase in geriatric population is also driving the growth of the global insulin delivery device market.
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The restraints associated with insulin delivery devices market include high insulin analogue cost and hazards and risks associated with the drug delivery devices. The insulin pen needle is for single use, although many diabetic patients re-use needle for delivery of insulin. The re-use of needle could lead to bacterial growth on the needle, risk of lipohypertrophy and risk of breaking fine tip of needle. Similarly, the risk associated with jet injectors are accuracy of insulin dosage and improper injection. Improper injection of insulin can lead to altered absorption level of insulin in the blood stream and bruising. However, limited number of insulin producers and high price variation in different countries impedes the growth of the market.
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