Insulin Delivery Device Market

NEW YORK, NY, UNITED STATES, April 26, 2023/EINPresswire.com/ -- NEW YORK: The market for insulin delivery devices is expected to witness significant growth in the coming years as the prevalence of diabetes increases globally. Insulin is an essential hormone for regulating blood sugar levels in the body, and patients with type 1 and type 2 diabetes require insulin injections to manage their condition. The insulin delivery devices market includes various types of devices such as insulin pens, insulin pumps, and syringes. The market is driven by factors such as increasing prevalence of diabetes, convenience of insulin delivery devices, and adoption of advanced technologies.

Market overview:

The global insulin delivery devices market is on the cusp and is estimated to grow in terms of revenue to reach USD 14.09 billion by the end of 2020 from USD 9.39 billion in 2014. The overall growth rate will be healthy, which will exhibit a CAGR of around 7% during the forecast period 2014-2020.

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Some of the major players operating in the market:

Abbott Laboratories.
Novo Nordisk A/S.
Eli Lilly and Company.
Medtronic, Inc.
Sanofi, Becton.
Dickinson and Company.
F. Hoffmann-La Roche, Ltd.

Drivers and restraints

The market for insulin delivery devices is driven by several factors, including increasing prevalence of diabetes, growing awareness of insulin therapy, and technological advancements in insulin delivery devices. Moreover, increasing demand for self-administration devices such as insulin pens and pumps is further driving the market growth. However, high cost of insulin delivery devices and limited reimbursement policies in developing countries are hampering the market growth. Additionally, safety concerns and complications associated with the use of insulin delivery devices are hindering market expansion. However, continuous efforts by manufacturers to improve product safety and efficacy are expected to create lucrative opportunities for market growth in the coming years.

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Segment Analysis:

By device

Insulin syringes
Insulin pens
Insulin pumps
Insulin jet injectors

By geography

North America
Europe
Asia
Latin America

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