New York – As the prevalence of diabetes continues to expand rapidly across the world, the insulin delivery devices market value is expected to increase from $8.78 billion in 2012 to $13.8 billion by 2019, at a significant Compound Annual Growth Rate (CAGR) of 7%, says business intelligence provider GBI Research.
According to the company’s latest report - Insulin Delivery Devices Market to 2019- Simplified Pump Solutions and Low Cost Pens Represent Distinct Regional Growth Drivers - insulin delivery devices market growth in the U.S. and Europe is due to an increasing preference for insulin pumps and the uptake of technical advances, such as artificial pancreas devices, in the long term. Meanwhile, the high prevalence of diabetes and low penetration of insulin delivery devices in developing countries will also contribute towards the market expansion.
Srikanth Venkataraman, analyst for GBI Research,says: “Insulin pumps will continue to undergo rapid adoption in North America, where patients are shifting from conventional insulin delivery devices, such as syringes and pens, to insulin pumps. This is due to the need for improved glucose control and flexible, lifestyle-compatible treatment options. The European market will be driven by insulin pen sales thanks to their low cost and ease of use.”
GBI Research states that the worldwide prevalence of diabetes was 381.8 million in 2013, and this is expected to increase by 55%, reaching 591.1 million by 2035. At this current rate, diabetes prevalence in China and India is forecast to increase to 142.7 million and 109 million by 2035, respectively.
Venkataraman concludes: “In previous years, fear of injections, coupled with a cultural misconception that the use of injections over oral tablets is a sign of deteriorating health, has impacted negatively on the adoption of insulin delivery devices in Asia-Pacific. However, increasing awareness of the benefits of insulin in managing diabetes will significantly improve the uptake of syringes and pens in this region over the coming years.”
Source: GBI Research