DUBLIN--(BUSINESS WIRE)--The "Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global insulin pens, syringes, pumps and injectors market was valued at about $13.09 billion in 2018 and is expected to grow to $18.21 billion at a CAGR of 8.6% through 2022.
The insulin pens, syringes, pumps and injectors devices and equipment market consists of sales of insulin pens, syringes, pumps and injectors and related services. Insulin pens are reusable pen-like tools used to inject desired a dose of insulin into the blood of a diabetic patient. Insulin helps to ensure that glucose levels in the patient's blood are appropriate. Insulin syringes are the reusable devices used to inject insulin which is specifically made for self-administration. Insulin pumps and injectors are the devices which are used to deliver insulin continuously throughout the day to the diabetic patient and maintain blood glucose levels.
North America was the largest region in the insulin pens, syringes, pumps and injectors market in 2017. The insulin pens, syringes, pumps and injectors market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
An increase in the prevalence of diabetes globally is driving the growth of insulin pens, syringes, pumps, and injectors market. Increase in number of people suffering from obesity, unhealthy eating habits, physical inactivity and increasing geriatric population are some of the key factors which are leading to the increase in the global prevalence of diabetes. According to the US Centers for Disease Control and Prevention (CDC) in 2016, around 29 million people in the U.S. were suffering from diabetes. Also, according to the International Diabetes Federation, in 2017, globally approximately 425 million adults were living with diabetes; by 2045, this number would rise by 48% to 629 million, driving the insulin pens, syringes, pumps and injectors market.
Resistance towards self-injection by patients is restraining the insulin pens, syringes, pumps and injectors market. The fear of injections causes anxiety in some patients thus causing them to avoid the use of insulin injections and being inconsistent in their insulin uptake. In 2015, according to a report by National Center for Biotechnology Information (NCBI), anxiety about and the fear of injection-associated pain has been estimated to affect approximately 30%-50% of patients, before the initiation of diabetes education interventions.
The report also stated that close to 28% of patients were unwilling to initiate insulin therapy, if prescribed, because they were not confident about handling the injections and the anticipated needle pain due to self-injection. This resistance for self-injection due to the fear of needles is hampering the growth of the market.
Many companies are focusing on technological advancements in insulin delivery systems to deliver insulin effectively and safely. For instance, on June 2018, the US Food and Drug Administration approved MiniMed 670G hybrid closed looped system for curing diabetic individuals aged between 7-13 years of age. This is a diabetes management device that automatically monitors glucose and provides appropriate level insulin doses needed. It requires little or no input from the user.
Similarly, on February 2019, FDA also approved Tandem Diabetes Care t: Slim X2 insulin pump. This pump uses interoperable technology that allows patients to customize their diabetes management devices according to their preferences. These devices contain of automated insulin dosing systems, continuous glucose monitors, blood glucose meters or other electronic devices.
The insulin pens, syringes, pumps and injectors devices and equipment market is regulated by authorities such as the US FDA and European Medicines Agency. For instance, FDA's Title 21 of the Code of Federal Regulations (CFR) provide guidelines for proper labelling of medical devices such as food, drugs, cosmetics and other medical devices, which manufacturers of these devices must comply and adhere to. FDA also provides strict label warnings prohibiting the sharing of insulin injectable medicines, to avoid infections in patients which are caused by the sharing of these insulin devices.
On August 2018, Novo Nordisk acquired Ziylo for more than $800 million. Ziylo, founded in 2014 is a Bristol-based company that manufactures glucose-responsive insulins. This acquisition helped Novo Nordisk to use Ziylo's new technology to develop the glucose-responsive insulins, for safe and effective delivery of insulin to the patients.
Major players in the market are Novo Nordisk A/S (Denmark), Eli Lilly and Company, Medtronic plc (Ireland), Abbott and Insulet Corporation (US).
For more information about this report visit https://www.researchandmarkets.com/r/47n0i9