Study Predicts Continued Robust Growth for Insulin Delivery Products

As the prevalence of diabetes continues to expand rapidly throughout the globe, the insulin delivery devices market value is expected to increase from $8.78 billion in 2012 to $13.8 billion by 2019, at a compound annual growth rate of 7 percent, according to New York, N.Y.-based business intelligence provider GBI Research.

This report provides information on market size for the four insulin delivery devices market segments: insulin pens, insulin pumps, insulin syringes and traditional insulin pump accessories. It also provides analysis on the competitive insulin market landscape and the leading technologies of key players. The information was gathered using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GBI Research’s analysts.

According to the company’s latest report, insulin delivery devices market growth in the United States 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 to the market expansion.

“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,” said Srikanth Venkataraman, analyst for GBI Research. “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 estimates that the worldwide prevalence of diabetes was 381.8 million in 2013, and this is expected to increase by 55 percent, 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.

“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,” Venkataraman said. “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.”