Description
The global insulin delivery devices market was valued at $10.4 bn in 2016 and is anticipated to reach over $18.3bn by 2024.
The insulin delivery devices market is anticipated to witness lucrative growth owing to the rise in prevalence of obesity, diabetes, growing geriatric population and changes in lifestyle. The lifestyle factors such as lack of physical activity, smoking, substance abuse, alcohol, and constant stress are strongly contributing to the early onset of diabetes and thus patients are now using diabetic management products for a significantly longer period.
The WHO (World Health Organization) estimates that in 2014, nearly 1.9 billion (39% of adults) aged 18 years and above were overweight, and out of these, 600 million (13% adults) were obese. The International Diabetes Federation (IDF), estimates that in 2015, over 400 million adults had diabetes and by 2040, it is estimated that over 642 million adults will be impacted due to the disease. The geographical and demographic shift in the prevalence of diabetes is evident as 75% of adults with diabetes are present in low-income, middle-income countries. The significant rise in prevalence of diabetes and obesity is anticipated to propel the usage of various insulin delivery devices over the forecast period.
The rise in geriatric population is amongst the key factors propelling the demand for insulin delivery devices. The IDF data suggest that majority of the diabetic population is in the age group of 40 years to 59 years. Moreover, 46% of the people with diabetes are undiagnosed and in 2015, and nearly 5 million deaths are attributed to the condition. In the U.S., as per the Administration of Aging (AoA) estimates, there are over 46.2 million people aged 65 and above and by 2040, this population is expected to increase by 21.7%. The significant rise in the aging population is anticipated to reinforce growth over the next few years strongly.
Pricing Analysis
“Optimal Price Point (OPP) for Products”
Estimated Average insulin delivery device cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model. The average cost of insulin pumps is in the range of USD 4500 to USD 6000, and therefore are unaffordable to a large section of the population in living in the low and middle-income countries. The insulin pens are available in the price range of USD 300 to USD 700, whereas the other products are available at a much lower cost. Moreover, the technological advancements and rise in diabetic population, growing healthcare expenditure are improving access to quality healthcare and drive the market growth over the forecast period.
Insulin Delivery Devices Market by “Product”
The key products analyzed in the study include insulin pumps, syringes, needles, and injections. In 2016, insulin pens accounted for the largest share of over 39% owing to their wide usage portability, and convenience for use at any external location away from home. Some of the notable insulin products include Apidra, Victoza, Humalog, NovoLog, NovoPen, Autopen and others. Due to the rise in disease prevalence and healthcare expenditure, the demand for insulin products is expected to witness significant growth over the next few years. Moreover, the growing use of insulin injections and syringes is expected to create a niche market with low pricing and high volumes.
Insulin Delivery Devices Market by “End-Use”
Based on end-use, the market is segmented as hospitals, home healthcare and others. The home healthcare contributed the maximum revenue in 2016 and is expected to continue its lead over the forecast period. The growing awareness about diabetes management in home care settings using the portable injections, pumps, pens and other products is a key factor driving the market growth. Moreover, the significant cost and time saved by avoiding hospital visits are encouraging more patients to opt for home care treatment.
Regional Segmentation
In 2016, North America was the leading region with a market share of nearly 39.5%, due to the high disease burden, presence of robust reimbursement framework, rising awareness about technologically advanced products, and patient safety features. The high healthcare expenditure in the U.S., the presence of global R&D headquarters, and streamlined clinical trial and product approval process of the U.S. FDA enables the introduction of several new products and technologies each year are some of the additional factors contributing to the high share of the region.
Asia Pacific is anticipated to register the highest CAGR of over 8.4% through the forecast period. The countries such as India and China now have the maximum number of people with obesity, lifestyle disorders, and diabetes. The IDF data suggests that the six South East Asian nations including India, Bangladesh, Nepal, Sri Lanka, Maldives and Mauritius collectively account for 78 million patients. Moreover, India is the diabetic capital of the world with 69.2 million patients living with diabetes. The high unmet needs, rising healthcare expenditure to improve healthcare access, awareness about genetic factors, lifestyle factors, physical health, and other nutritional factors is anticipated to propel market growth over the next few years.
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“Competitive Landscape” and “Merger & Acquisition Insights”
The insulin delivery devices market is dominated by players such as Novo Nordisk A/S, Eli Lilly, Becton, Dickinson and Company; Medtronic, Abbott, F. Hoffmann-La Roche Ltd, Mylan, Biocon and others. The market is highly competitive and companies are looking out to acquire suitable assets and extend their dominance. Moreover, the high R&D investment for diabetes management is driving innovation and use of modern technology. For instance, the development of wearable insulin pump patch is anticipated to generate significant revenue over the next few years.
Insulin Delivery Devices Market by Product (Revenue, Million, 2014 – 2024)
- Insulin Syringes
- Insulin Pens
- Insulin Pumps
- Insulin Injectors
Insulin Delivery Devices Market by End-Use, (Revenue, USD Million, 2014 – 2024)
- Hospitals
- Homecare
- Others
Insulin Delivery Devices Market Regional Outlook (Revenue, USD Million, 20124- 2024)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
Asia Pacific
- Japan
- China
- India
Latin America
- Brazil
- Mexico
- Columbia
Middle East and Africa
- South Africa
- Saudi Arabia
