Therapy Areas: Diabetes
Rising diabetes rates increase demand for insulin delivery devices
15 May 2018 -

The global market for insulin delivery devices is predicted to be worth more than $19bn by 2024, according to new research by Global Market Insights.

In a report published on Thursday, the research firm said that the increasing prevalence of diabetes and adoption of insulin delivery devices are the major factors driving the global market.

Meanwhile, the rapidly growing demand for needle-free, minimally invasive delivery systems is further boosting market growth.

The report also suggests that growing awareness about early disease detection along with the increasing availability of delivery devices will positively impact growth over the forecast period. However, the high cost of insulin and associated devices will continue to act as a barrier to regular and optimum management of the disease, especially in resource poor regions.

The different types of insulin delivery devices include pumps (tubed and tubeless), pens (reusable and disposable), pen needles (standard and safety) and syringes.

Insulin pens dominated the market in 2017, generating sales of over $6.6bn, and are forecast to maintain this leading position through to 2024. Within the insulin pen business, the market for reusable pens is expected to grow at a compound annual rate of more than 6.5%.

The insulin pumps market is forecast to grow by 7%, fuelled by demand for injection-free, minimally invasive systems. Global Market Insights said that it expects factors such as ease of use, needleless insulin delivery and portability to lead to rapid adoption of insulin pumps over the next 5-7 years.

Login
Username:

Password: