The global insulin delivery devices market accounted to US$ 11,869.0 Mn in 2017 and is expected to grow at a CAGR of 8.7% during the forecast period 2018 – 2025, to account to US$ 22,830.0 Mn by 2025.
The increasing rate of obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major issue that affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Hence, this is expected to increase the demand of insulin delivery devices in the coming years.
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The report highlights the trends prevalent in the global insulin delivery devices market and the factors driving the market along with those that act as deterrents to its growth. The increasing prevalence of diabetes, rapid growth in the geriatric population and increasing technological advancement are the other factors that are anticipated to upsurge the market growth of insulin delivery devices. However, the factors such as high cost of insulin delivery devices and complications & risk associated with the delivery of insulin are expected to act as a major challenges hindering the market growth at a certain extent.
Rise in obesity associated with increasing sedentary lifestyle and improper diet is anticipated to drive the market for insulin delivery devices over the forecast period.
The major players operating in the insulin delivery devices market include BD, B. Braun Melsungen AG, Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc., Eli Lilly and Company, Biocon, Owen Mumford, Ltd., Sanofi among others. The market players are focused towards bringing new and innovative product launches to sustain their position in the market. For instance, in February, 2018, Medtronic launched MiniMed (TM) 670G system for patients with 7-13 years of age.
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. North American market is driven by the factors such as, rising geriatric population and increasing prevalence of diabetes in the region.
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Product approvals and agreements were observed as the most adopted strategy in global insulin delivery devices industry. Few of the product approvals and agreements made by the players in the market are listed below;
2018: In June, 2018, Medtronic received CE Mark for its MiniMed(TM) 670G Hybrid Closed Loop System.
2018: In February, 2018, Tandem and Rubin Medical signed an agreement for distribution of insulin pumps in Scandinavia.
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