LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global insulin delivery systems market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Insulin Delivery Systems Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to the International Diabetes Federation (IDF) estimate, in 2015, more than 415 million adults were diagnosed with diabetes worldwide and the number is expected to reach 642 million by 2040. Diabetes is also a cause of co-morbidities such as heart disease, stroke, kidney disease, blindness, and other debilitating diseases. Therefore, the demand for insulin delivery devices has increased as it offers diabetic people to have a better control over blood glucose levels.
“In addition, the cost of syringes and insulin pens is low, which enables users to opt for them as first choice devices. However, the 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,” says Srinivas Sashidhar, a lead analyst at Technavio for medical devices research.
Increase in private specialty diabetic clinics will lead to a shift of patient pool from hospitals to specialty diabetes clinics.
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The report categorizes the global insulin delivery systems market into three major end-user segments. They are:
- Specialty diabetic clinics
- Retail channels
Hospitals are key end-users that greatly influence market growth. They procure insulin delivery systems and other devices and engage closely with many suppliers, reimbursement authorities, and government organizations.
The sales of insulin delivery systems through these channels is declining due to various factors with respect to patients such as long waiting time, high consultation fees, and treatment cost. All these factors favor a move towards specialty clinics or opting for home care, for management of diabetes.
Specialty diabetic clinics
The growing diabetes population has led to a huge demand for diabetic specialists leading to set up of exclusive centers or specialty diabetic clinics. This setup includes endocrinologists, physicians, dieticians, and psychologists.
The endocrinologists and physicians analyze the case and suggest better insulin delivery devices to patients, considering the type of device needed and the affordability of those devices for the patients. The role of dieticians is to advice patients on the diet they need to follow during and post treatment. The role of psychologists is to encourage an individual to change his/her perspective toward diabetes and medication. This kind of approach is quite popular in the Americas and Europe. It is also gaining ground to some extent in the Asian countries.
“The waiting period is less as the specialists are available in clinics throughout the day. Moreover, complete focus by specialists helps in effective and efficient diabetes care. Revisits if needed, even on emergency basis, are easier as compared to hospitals,” says Srinivas.
These retail channels are broadly categorized as pharmacy stores and online stores. The pharmacy stores are very common and found in most countries. An individual has to go to the stores and purchase the device. Online stores require individuals to order online by creating an account for a particular online store after which insulin devices are delivered to the customer.
By incorporating retail strategies such as compulsory prescription, free home delivery, and discounts, these channels can meet patient's unique needs. Both of the above retail channels offer convenience which will drive patients to opt for these channels for purchasing insulin delivery systems.
The top vendors highlighted by Technavio’s healthcare and life sciences research analysts in this report are:
- Novo Nordisk
- Eli Lilly
- Becton Dickinson
Browse Related Reports:
- Insulin Market in the US and Europe 2016-2020
- Global Human Insulin Market 2015-2019
- Global Self-Care Medical Devices Market 2016-2020
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