Industry Background:
The devices which are used to inject insulin into the body is called insulin delivery devices, these devices include Syringes, pens, pumps, and jet injectors give many persons with diabetes options for their insulin delivery. According to the research, Diabetes affects 20.9 million people in the U.S. and 347 million people worldwide.1,2 It is estimated that one in three American adults will have diabetes by 2050. Approximately 5% of diabetes cases in the U.S. are classified as type-1 diabetes mellitus, which requires insulin therapy because of β-cell destruction. Of all diabetes cases, 90% to 95% are classified as type-2 diabetes mellitus, which results from a progressive insulin secretory defect against a background of insulin resistance. The demand for the insulin delivery devices conferences meetings and congresses to create awareness about insulin delivery devices.
According to AMA Research, the market for Insulin Delivery Devices is expected to register a CAGR of 8.2% during the forecast period to 2030. This growth is primarily driven by Increasing adoption of the Insulin delivery devices as it is the safest and most potent glucose-lowering therapy
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Pharmaceuticals sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Becton Dickinson and Company (United States), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), Animas Corporation (United States), Tandem Diabetes Care Inc. (United States), Sanofi (France), Biocon Ltd. (India), Eli Lilly and Company (United States) and Insulet Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In August 2020 Medtronic announced its agreement of acquiring Smart Insulin Pen Company Companion Medical. t. The addition of Companion Medical’s InPen to the Medtronic portfolio expands the company’s ability to serve people where they are in their diabetes journey and offer them a unique and expansive ecosystem of support regardless of how insulin is delivered.
In November 2020 Medtronic United States-based company introduced its new integrated smart insulin pen for multiple daily injections. Medtronic's InPen is the only smart insulin pen cleared by the FDA for use by people requiring multiple daily injections. It received that 510(k) back in 2016.The companies are exploring the market by adopting mergers & acquisitions expansions investments new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Technological advancements in insulin delivery devices
Market Growth Drivers:
Increasing adoption of the Insulin delivery devices as it is the safest and most potent glucose-lowering therapy and Conferences meetings and congresses to create awareness about insulin delivery devices
Challenges:
Concern Associated With the Reuse of Pen Needles and Infusion Sets
Restraints:
Use of Alternative Drug Delivery Method
Opportunities:
Growing diabetic population and Increasing diabetes-related health expenditure in emerging economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Insulin Delivery Devices Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Insulin Delivery Devices Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Insulin Delivery Devices players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Insulin Delivery Devices Study Sheds Light on
The Insulin Delivery Devices Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insulin Delivery Devices industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insulin Delivery Devices industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.