Insulin delivery system Market By Product (Insulin Pen, Insulin Pump, Insulin Syringe, Others) By Distribution Channel (Hospitals, Diabetes Specialty Clinics, Retail Channels) and Region - Global Forecast to 2026
28 February 2018
The global insulin delivery systems market is estimated to reach a value of over US$ 11,417.1 Mn in 2017 at a CAGR of over 7.0% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global insulin delivery systems market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global insulin delivery systems market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global insulin delivery systems market is segmented on the basis of product, distribution channel, and region.
Insulin delivery systems are used for administration of insulin through skin and into the fatty tissue below the skin. Insulin delivery systems includes insulin pen, insulin pump, insulin syringe, insulin jet injector, and insulin inhaler. Insulin pen offer patients an accurate and easy way to administer insulin anywhere the necessity arises. Insulin pens come in mainly two types, disposable insulin pen and reusable insulin pen. Innovation in insulin delivery systems include ability to measure blood glucose levels, keep track of insulin doses, etc. Also, manufacturers are now focusing on developing needle free insulin delivery systems that reduce the chances of needle stick injuries and also are helpful to those individuals suffering from syringe phobia.
Global Insulin Delivery Systems Market Dynamics:
High prevalence rate coupled with increasing incidence of diabetes in developed as well as in developing countries, coupled with growing awareness among individuals about use of insulin delivery systems are major factors driving growth of the global insulin delivery systems market. In addition, increasing government initiatives for spreading awareness about diabetes, availability of various insulin delivery systems, and growing adoption of insulin delivery systems by households across developed and developing economies are other major factors expected to fuel growth of the global insulin delivery systems market over the forecast period.
Report Coverage and Deliverables
However, high research & development costs associated with insulin delivery systems are a key factor restraining growth of the global insulin delivery systems market. Additionally, lack of proper reimbursement policies in developing economies and concerns related with reuse of insulin pen needles and infusion sets are other factors expected to hamper growth of the global insulin delivery systems market of over the forecast period.
Major and growing trend in the market is introduction of wireless insulin pens that can be connected to a smartphone and which can automatically dispense the required dosage of insulin whenever required. This is another factor expected to propel growth of the global insulin delivery systems market over the forecast period.
Increasing diabetes related health expenditure in emerging economies and development of needle free insulin delivery systems, can create major potential opportunities for players in the market.
Market Analysis by Product:
On the basis of product segmentation, insulin pen segment is expected to contribute major revenue share and register a CAGR of over 7%, in terms of revenue over the forecast period, owing to technological advancements with regard to insulin pens to better manage insulin dispensing and administration.
Increasing obesity across the globe is a major cause of diabetes which is another factor supporting growth of target market to a significant extent. According to a study conducted by the Center for Disease Control and Prevention, in 2012, stated that 34.9% of US adults are obese. According to a survey analysis conducted in 2015, Arkansas, West Virginia, and Mississippi reported obesity rates exceeding 35%, which has led to increase demand for insulin delivery systems.
The insulin pump segment in the global insulin delivery systems market is estimated to account for highest CAGR over the forecast period.
Among the type segments, the others segment in the global insulin delivery systems market includes insulin jet injectors and insulin inhalers
Analysis by Distribution Channel:
Among distribution channel segments, diabetes specialty clinics is expected to register highest CAGR of 7.0% owing to increasing incidence of diabetes across the globe.
The hospitals segment in the global insulin delivery systems market is projected to account for highest market share in terms of revenue, owing to increasing investments by hospitals in advanced insulin delivery devices to increase the efficiency of insulin administration.
Analysis by Region:
North America market is expected to dominate the global insulin delivery systems market in terms of revenue, and is estimated to account for largest market share of over 35% in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period owing to high prevalence rate coupled with increasing incidence of diabetes, and technological advancements in insulin delivery equipment in countries such as the US and Canada. Other factors include presence of leading insulin delivery systems manufacturers in these countries, and increasing consumer base adopting insulin delivery systems in countries in this region.
Furthermore, favorable government support for product approvals in countries in the North America region is fueling growth to the North America insulin delivery systems market to a significant extent, and this trend is expected to continue in near future. Technological advancements in insulin delivery systems, coupled with prominent manufacturers developing new insulin delivery devices are other major factors expected to boost growth of the North America insulin delivery systems market over the forecast period. In 2017 for instance, Eli Lilly and Company launched KwikPen which is fine-tuned prefilled disposable pen for insulin administration.
Revenue contribution of the US market to the North America insulin delivery systems market is 7.6 times more as compared to revenue contribution by the Canada market.
In 2016, Europe accounted for the second largest revenue share contribution to the global insulin delivery systems market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Growing demand for insulin delivery equipment that can administer accurate dosage of insulin and are safe & easy to use are key factors fueling growth of the Europe insulin delivery systems market currently. Moreover, increasing demand for cost-effective and innovative insulin delivery devices, and high obesity levels among individuals which may led to cause of diabetes among individuals in countries in the region are other factors expected to contribute growth of the Europe insulin delivery systems market over the forecast period. Increasing government initiatives through funding for research & development of insulin delivery systems is another factor expected to result in growth of the market in Europe registering a rapidly expanding CAGR over the forecast period.
Revenue contribution of the UK market to the Europe insulin delivery systems market is 2.4 times more as compared to revenue contribution by the Russia market.
The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of 8.0% over the forecast period, owing to growing adoption of insulin administration devices among individuals, and increase in disposable income in emerging economies such as India, China, and Japan.
Revenue contribution from the Japan market in 2016, was 1.2 times greater than that of revenue contributed from the India market in the Asia Pacific insulin delivery systems market.
Global insulin delivery systems market segmentation, by product:
- Insulin Pen
- Insulin Pump
- Insulin Syringe
Global insulin delivery systems market segmentation, by distribution channel:
- Diabetes Specialty Clinics
- Retail Channels
Global insulin delivery systems market segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Becton, Dickinson and Company
- Eli Lilly and Company
- Medtronic plc
- Hoffmann-La Roche Ltd.
- Cellnovo Limited
- Insulet Corporation
- Tandem Diabetes Care, Inc.
- Companion Medical, Inc.
- Copernicus Sp. z o.o.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.1.2 Opportunity Map Analysis
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Product
- 2.2.2 Market Snapshot, By Distribution Channel
- 2.2.3 Market Snapshot, By Region
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