The Global Insulin Delivery Devices Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, and Competitive Landscape etc. According to the report, the Global Insulin Delivery Devices Market is estimated to reach $ 17.27 billion by 2023 from $ 12.32 billion in 2018 with a CAGR of 6.99%. The market is segmented based on type (Insulin Syringes, Insulin Pens, Insulin Pen Needles, Insulin Pumps, and Insulin Jet Injectors) and application (Type I diabetes and Type II diabetes). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Growth of global insulin delivery devices market is attributed to growing rate of diabetes patients, rising exposure of population towards the diabetes risk factors, changes in lifestyle habits, and increasing demand for human insulin. In addition, availability of favorable medical reimbursements, increasing healthcare expenditure, rising advancements in human insulin delivery devices technologies, growing focus of market players on the development & commercialization of advanced human insulin delivery devices (such as pens & portable insulin pumps) are further fueling the growth of global insulin delivery devices market. However, stringent regulatory policies for product approval and requirement of high costs for the product manufacturing are restraining the growth of global insulin delivery devices market.
North America accounted for the largest market share of 40.5% of global insulin delivery devices market owing to growing number of obese population, increasing healthcare expenditure, rising number of diabetes patients, availability of medical reimbursements for human insulin pens in the U.S., and presence of more number of market players. Asia-Pacific region is estimated to be the fastest growing segment with a CAGR of 9.10% during forecast period 2018-2023. High growth of the market in this region is due to rising number of pre-diabetic & large diabetic patient population, growing distribution networks of foreign manufacturers in this region, presence of favorable regulatory frameworks, availability of significant medical reimbursements, and growing expansions of advanced medical facilities in certain Asian countries (China & India).
The key players in global insulin delivery devices market such as, Becton, Dickinson and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland), and Biodel Inc. (U.S.).
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