Insulin Delivery Devices Market - Product Advancement Will Present New Opportunities For Sector Growth
Diabetes is a chronic disease that affects a large percentage of the population worldwide. According to International Diabetes Federation (IDF), in 2015, about 415 million of the world population was suffering with diabetes and it is projected that this number will reach 642 million by 2040. Healthcare expenditure on diabetes care is very high in developed economies, such as the U.S. and Canada, compared to developing countries like South Africa and India. American Diabetes Association stated that the total expenditure on diabetes control and management had risen to USD 245 billion in 2012 from USD 174 billion in 2007, and is expected to continue to increase in the near future.
Obesity and diabetes share an integral relationship. Irregular and unregulated dietary habits contribute significantly in causing diabetes. According to IDF, almost 80% to 90% of the patients diagnosed with diabetes are also detected with obesity. According to the WHO, the global prevalence of obesity has doubled between the years, 1980 and 2014. In 2014, around 39% of the population aged 18 years and more were identified to be overweight and 13% were obese. In addition, about 41 million children below the age of 5 were obese or overweight. This continual upward shift observed in the prevalence of obesity is expected to progressively rise, which is expected to serve this market as a driver.
Various products including insulin syringes, pens, pumps, and injectors equipped with advanced features are employed for insulin administration in patients. These devices are highly regulated by regulatory bodies like the U.S. Food and Drug Administration. The guidelines from the American Diabetes Association and American Association of Clinical Endocrinologists highlight the significance of appropriate treatment for diabetics to maintain the required blood glucose level in these patients as proper control and management of diabetes prevents the development of other medical complications such as cardiovascular diseases and damage to nerves, eyes, kidney, or feet.
Technological innovations and product advancement is a major trend observed in the insulin delivery devices market. Innovative insulin delivery devices, such as pens, pumps, and other devices, are designed and developed by manufactures. For instance, in September 2016, the U.S. Food and Drug Administration announced the approval of Medtronic’s MiniMed 670G system. This device automatically monitors the blood glucose level and delivers appropriate insulin doses in type 1 diabetics.
Some of the key players in the insulin delivery devices market are Novo Nordisk A/S; Sanofi; Medtronic; Eli Lilly and Company; Becton, Dickinson and Company; Abbott; and F. Hoffmann-La Roche Ltd. Several leading vendors in the market have focused on forming strategic partnerships and undertaking mergers & acquisitions for novel product development and to expand their geographical presence.
In-depth report on global insulin delivery devices market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/insulin-delivery-devices-market