Global Insulin Delivery Devices Market to Grow at a CAGR of 7% to 2019
Dallas, TX (PRWEB) April 10, 2014
Global Insulin Delivery Devices Market to See Significant Growth During the Forecast Period
The global insulin delivery devices market was valued at $8.8 billion in 2012 and is forecast to reach $13.8 billion by 2019, at a CAGR of 7%. Growth in developed economies such as the US and Europe is attributed to an increasing preference for insulin pumps and the uptake of technical advances such as artificial pancreas devices. Supply-side initiatives aim to develop artificial pancreas devices that closely mimic the pancreas by using rapid-acting insulin and multiple hormone-secreting devices for the effective control of blood glucose. The growth in developing economies is attributed to the high prevalence of diabetes and low penetration of insulin delivery devices in these countries.
Complete report is available @ http://www.rnrmarketresearch.com/insulin-delivery-devices-market-to-2019-simplified-pump-solutions-and-low-cost-pens-represent-distinct-regional-growth-drivers-market-report.html.
Collaborations among companies and research foundations such as the Juvenile Diabetes Research Foundation (JDRF) help foster innovation in the diabetes care devices market. Many of these collaborations aim to develop artificial pancreas devices that can effectively replace the pancreas, ensuring the effective management of diabetes.
Emerging economies such as India and China are expected to grow at the fastest pace during the 2012–2019 forecast period. While developed economies will witness increasing uptake of technically advanced devices, emerging economies will continue to see increasing uptake for conventional insulin delivery devices such as insulin pens, due to their lower cost.
New Entrants Act as Catalysts in Transformation from a Physician-Driven to Consumer-Driven Market
New entrants such as Insulet Corporation and Asante act as catalysts in transformation of the insulin pumps from a physician-driven to a consumer-driven market. The change of perception of insulin pumps from being a medical device to a commodity is increasingly observed in developed economies such as the US. This is vindicated by companies such as Insulet and Asante, which have developed insulin pumps with simplified solutions that save time in administration. For instance, Asante Snap is a recently launched insulin pump that has a unique approach to using pre-filled cartridges that simplifies the use of an insulin pump. So far, the company has been targeting new patients who shift from conventional Multiple Daily Injection (MDI) to insulin pump therapy. The use of pre-filled cartridges eliminates the need for insulin reservoirs and reduces the weight of the insulin pump by 25%. These glass pre-filled cartridges are proven to be an effective way of storing insulin and maintaining it at a high quality. The Asante Snap automatically fills the tubing, which results in time savings. The device’s battery does not need to be replaced or charged, which increases patient convenience and saves the time and cost involved in charging or replacing the pump battery.
Similarly, Insulet Corporation’s OmniPod insulin pump comes bundled with accessories such as an insulin reservoir, angled infusion sets, an automated inserter and a pumping mechanism. The overall package just covers two parts, the OmniPod and the Personal Diabetes Manager (PDM). While the PDM sends information wirelessly to control optimal insulin delivery, the pod holds and delivers the insulin. The OmniPod is waterproof and can be used even while taking a bath, ensuring nonstop insulin delivery. The patient only has to push the button on the PDM and the OmniPod activates to provide virtually painless insulin delivery.
When GBI Research interviewed industry experts, this is what one of the key opinion leaders had to say about the commoditization of insulin pumps in the future:
“The insulin pump market is evolving from being a space for medical devices driven by clinicians to being a market driven by consumers. Until recently, real world simplicity was not much of a part of the design for insulin pumps. New entrants like Asante are making it a consumer-driven market where people with diabetes are looking for simple solutions that take less time. As pump options become more streamlined and user friendly, more of the MDI market will convert to insulin pumps, fueling the growth of the market.”
Purchase a copy of this report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=165983.
Browse more reports on Diabetes Device Market @ http://www.rnrmarketresearch.com/reports/life-sciences/medical-devices/diabetes-device.
Contact sales(at)rnrmarketresearch(dot)com for further information.
RnRMarketResearch.com (http://www.rnrmarketresearch.com/) is an online database of market research reports offers in-depth analysis of over 5000 market segments. The library has syndicated reports by leading market research publishers across the globe and also offer customized market research reports for multiple industries.