Global Insulin Delivery Devices Market: Overview
Insulin delivery devices have become important in the global healthcare sector due to the steady rise in the prevalence of diabetes. The global insulin delivery devices market has been one of the prime beneficiaries of the steady rise in investment in the healthcare sector directed at the development of advanced medical devices. The ready availability of investment in recent years has led to a competitive market scenario in the insulin delivery devices sector at present and is likely to ensure sustained growth of the market in the coming years.
Global Insulin Delivery Devices Market: Key Trends
The rising prevalence of diabetes is the prime driver for the global insulin delivery devices market. The adherence to a sedentary lifestyle observed in developed as well as an increasing number of developing countries has led to diabetes emerging as one of the crucial healthcare concerns of our time. Diabetes is not only a concern on its own, but also plays a role in other lifestyle conditions such as cardiovascular and blood pressure problems. Due to this, management and eradication of diabetes is likely to remain a key driver for the global insulin delivery devices market in the coming years.
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The growing regulatory support to the usage of insulin delivery devices is also likely to remain a key supporting factor in the development of the global insulin delivery devices market in the coming years. The reimbursement scenario regarding the use of insulin delivery devices has also strengthened in the past few years and the global insulin delivery devices market is thus likely to receive support from government agencies in the coming years.
The growing adoption of home-based medical care is another factor likely to boost the demand from the insulin delivery devices market in the coming years. Due to the long-term management needs of diabetes, self-administration of insulin via a range of insulin delivery devices has become the norm in diabetes treatment. Due to the ease of using most modern insulin delivery devices and the convenience of using them at one’s own home, homecare accounted for a dominant share in the global insulin delivery devices market in 2016. This is likely to remain the norm in the global insulin delivery devices market in the coming years.
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Global Insulin Delivery Devices Market: Market Potential
The key development trend in the global insulin delivery devices market is technological progression. Steady advancement in insulin delivery devices has been necessary due to the need to avoid complicated operating procedures. Since the global insulin delivery devices market receives significant demand in home-based management of diabetes, devices that can be operated by laypeople hold an important role in the growth of the insulin delivery devices market.
The global insulin delivery devices market is set for revolutionary changes in the coming years thanks to the release of Medtronic’s MiniMed 670G, an automated insulin delivery device approved by the FDA in September 2016. The device, fixed on to the patient’s body, measures the patient’s blood glucose levels and releases small amounts of insulin at regular intervals to maintain a stable condition. While the device is useful only against type 1 diabetes, it represents a significant step forward for the global insulin delivery devices market.
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Global Insulin Delivery Devices Market: Geographical Dynamics
The global insulin delivery devices market is likely to be dominated by North America in the coming years due to the high prevalence of diabetes and the strong presence of several leaders in the medical devices industry in the region. The promising reimbursement scenario in the U.S. and Canada is another key driver for the insulin delivery devices market in the region.
Global Insulin Delivery Devices Market: Competitive Dynamics
The global insulin delivery devices market is led by companies such as Medtronic plc, Novo Nordisk, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon Ltd., and Becton, Dickinson, and Company.
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