Insulin delivery systems: Key market research findings
- The Americas dominate the market geographically
- Increasing preference for home care and treatment
- Key vendors – Novo Nordisk, Sanofi, Eli Lilly, Medtronic, and Becton Dickinson
The market analysts at Technavio predict the global insulin delivery systems market to grow at a CAGR of over 5% between 2016 and 2020. The growth of this market is fueled primarily by the paradigm shift of patient pool from hospitals to specialty clinics. Clinics have several advantages over hospitals such as reduced waiting time, scheduled appointments, availability of medication and delivery systems at the attached pharmacy stores. Though the cost of treatment may be the same or bit higher than the hospitals, however, the preference for these clinics has increased considerably. In 2015, the global insulin delivery systems market was dominated by the Americas with a market share of almost 76%. The growth of the market in this region is driven by the reformation in healthcare system such as favorable reimbursement policies in the US and Canada.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Buccal drug delivery technology allows ease of administration and termination. The ability to deliver acid labile insulin and being able to eliminate insulin destruction by the first pass metabolism are the major advantages of the buccal area as it has an abundant blood supply. In this system, the formulation is delivered as fine sprays onto the buccal mucosa. Rapid absorption into the bloodstream is allowed with high-speed spray,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The devices used in hospitals and specialty clinics are now being used in home care and treatment by patients. This trend is rapidly gaining momentum because it helps save the visiting costs and fees of hospitals and clinics, and saves waiting time. In recent times, normal insulin injections are being used at home by patients with the guidance of a physician. Insulin pens, pumps, and jet injectors are handy and can be carried anywhere and can be used anytime. This flexibility has made insulin delivery device users opt for self-care diabetes management.
The key vendors in the global insulin delivery systems market include Novo Nordisk, Sanofi, Eli Lilly, Medtronic, and Becton Dickinson. Major players in the market are focusing on enhancing their global and regional presence through M&A and operational expansion. Vendors are also expanding their sales operations in the emerging markets such as India, China, Russia, Singapore, and South Korea to gain high market shares. Vendors are adopting strategies like tie-up with hospitals and specialty diabetic clinics, online marketing, and home services to increase their market share.
A more detailed analysis is available in the Technavio report, Global Insulin Delivery Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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