Global Insulin Delivery Systems Market 2016-2020
The cost of syringes and insulin pens is low, which enables users to opt for them as first choice devices. High cost of insulin pumps and insulin jet injectors poses a challenge to the growth of the market. Insulin pumps and jet injectors also require special care and maintenance, which is an additional cost burden to patients.
Technavio’s analysts forecast the global insulin delivery systems market to grow at a CAGR of 5.11% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global insulin delivery systems market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of insulin delivery systems.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Insulin Delivery Systems Market 2016-2020
Technavio recognizes the following companies as the key players in the global insulin delivery systems market: Novo Nordisk, Sanofi, BD, Eli Lilly, and Medtronic.
Other Prominent Vendors in the market are: Animas, Beta Bionics, Cellnovo, Copernicus, Dance Biopharm, Debiotech, InsuJet¸ Insulet, MannKind, Owen Mumford, Roche¸ SHL, SOOIL, Tandem Diabetes Care, Valeritas, West Pharma¸ and Ypsomed.
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends for market growth will be the presence of strategic alliances leading to innovative insulin delivery systems. In November 2015, Debiotech, the ARTORG Center for Biomedical Engineering Research of the University of Bern, and the Division of Endocrinology, Diabetes and Clinical Nutrition of the Bern University Hospital collaborated to develop a novel generation artificial pancreas for the personalized delivery of insulin with the accuracy of an MEMS based pump. The ambition is to create a substantial change in the treatment of diabetes and in the market for the artificial pancreas.”
According to the report, one of the key drivers for market growth will be to focus on self-management of diabetes. The adoption of insulin delivery systems for type-1 diabetes management has increased in recent years. The adoption rate is increasing due to factors such as awareness, health consciousness, and a marginal improvement of healthcare policies allowing some reimbursement for insulin delivery devices. The devices used in hospitals and specialty clinics are now being used in home care treatment by patients. This trend is seen largely because it helps save the visiting costs and fees of hospitals and clinics, and saves waiting time. In recent times, normal insulin injections are being used at home by patients with the guidance of a physician. Insulin pens, pumps, and jet injectors are handy and can be carried anywhere and can be used anytime. This flexibility has made insulin delivery device users opt for self-care diabetes management.
Further, the report states that this comes as an interesting challenge for the insulin delivery systems market, where governments are willing to encourage the usage of these devices, but with certain limitations like stringent reimbursement policies. Since these devices are expensive, and not everyone can afford it, governments have to intervene with reimbursements. For instance, reimbursement for insulin delivery devices is available in parts of the US, whereas in Australia, these devices are offered as part of the healthcare policy. Reimbursement policies are generally decided based on the healthcare budget of the country. Hence, countries like India and China, where the diabetic population is high, find it difficult to offer reimbursement for such expensive insulin delivery devices.
Novo Nordisk, Sanofi, BD, Eli Lilly, Medtronic, Animas, Beta Bionics, Cellnovo, Copernicus, Dance Biopharm, Debiotech, InsuJet¸ Insulet, MannKind, Owen Mumford, Roche¸ SHL, SOOIL, Tandem Diabetes Care, Valeritas, West Pharma¸ and Ypsomed.