Delaware, U.S. – The insulin delivery devices market is anticipated to register lucrative revenues proceeds over the years on account of increasing number of diabetes cases worldwide. With a meteoric rise in diabetes related disorders, patients across the globe are seeking to adopt advanced insulin delivery and diabetes management devices for treating their clinical condition.
Diabetes is one of the most common diseases among middle-aged population. According to a report published by the American Diabetes Association, almost 10% of the total U.S. population, or nearly 30 million Americans, suffered from diabetes in 2015. Increasing number of diabetes patients arising from undeveloped regions could massively boost the demand for insulin delivery devices over the forthcoming years.
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Mounting number of product development activities coupled with the introduction of latest diagnostic products across under-addressed regions could broaden business horizon. Global Market Insights, Inc., thereby suggests that the insulin delivery devices market may reach USD 20 billion by the year 2025. Additionally, proliferating demand for minimally invasive delivery solutions could further enhance product adoption rate.
However, high cost of certain insulin delivery devices could become a huge hindering factor for industry growth. People living in developing as well as under-developed countries may face issues affording high-priced delivery systems. Moreover, inadequate awareness about the availability of multiple insulin delivery methods could impede business growth.
Elaborating on the regional landscape, the U.S. is forecasted to be a promising market for insulin delivery devices. Earlier in 2018, the region controlled more than 40% of the overall market share, bagging a valuation of almost USD 5,333.9 million. United States has one of the highest prevalence of diabetes and has access to some of the most advanced healthcare facilities.
Factors like increasing government initiatives, growing awareness among citizens, rise in adoption of novel insulin delivery products, and rapid technological advancements could play a crucial role in strengthening the U.S. insulin delivery devices market growth.
As in Europe, the market is likely to witness increasing demand for insulin pumps over the predicted timeframe. Germany comes as one of the largest marketplaces for insulin delivery systems in Europe, holding roughly 30% of the total industry share. As per WHO, there are nearly 60 million people in the European region who are suffering from diabetes. It is observed that the prevalence of diabetes is rising among all age groups across the region majorly due to increase in morbid obesity, unhealthy diet and lifestyle.
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Companies operating in the insulin delivery devices industry are focusing on launching technologically advanced products, mergers and geographical expansion activities to enhance consumer base and global market reach. Speaking on product launch, in June 2020, Medtronic introduced a new version of its hybrid closed-loop insulin delivery system, capable of improving blood sugar control in young adults and adolescents with Type 1 diabetes.