Global Insulin Delivery Devices MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $22.8 Billion by 2024 from $11.5 Billion in 2016, growing at a CAGR of 8.9% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 9.8% and 8.8%, respectively, during the forecast period.
"Insulin Delivery Devices Market (By Device Type: insulin pumps, insulin syringes, insulin pens and insulin jet injectors; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors boosting the growth of the market include growing geriatric and obesity population, favoring reimbursement policies, rising awareness on drug delivery devices, and surge in demand for human insulin devices. Though, high costs and risks related with the misuse of drug delivery devices could hamper the growth. Moreover, market expansion and increasing number of R&D would provide several growth opportunities in forecast period.
Device type and geography are the two bifurcations considered in the global insulin delivery devices market. Device type is further categorized into insulin pumps, insulin syringes, insulin pens and insulin jet injectors. Among which, insulin syringes accounted the maximum share in 2016, and is expected to grow with the fastest CAGR during the forecast period. Insulin pens held second largest share in 2016.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America held the major share in the market with 38.7% in 2016, followed by Europe with 26.1%. In terms of growth, Asia-Pacific is anticipated to attain fastest CAGR during the forecast period, driven by high diagnosis rate, changing consumer lifestyle, and increasing awareness among consumers and adoption of latest technologies.
Major players competing in the market include Medtronic plc, Eli Lilly and Company, Becton, Dickinson and Company, Tandem Diabetes Care, Inc., Ypsomed Holding AG, F. Hoffmann-La Roche, Ltd., Animas Corporation, Novo Nordisk A/S, B. Braun Melsungen AG, and Insulet Corporation, among others.