June 16, 2022 10:20 ET | Source: Precedence Research Precedence Research
Ottawa, June 16, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Insulin Delivery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030”.
The North American region dominated the market for the insulin delivery devices. It accounted for the largest revenue share of about 37.5% in the year 2021. The increased diabetic population and the availability of technologically advanced devices are the reasons which are leading to a high market growth in North America. About 29 million people in US are affected by diabetes. In terms of revenue the North American region accounts for over 1/3 of the insulin delivery devices market share. Also the prevalence of diabetes is growing in Canada. As an increased number of patient base which is suffering from diabetes and its increasing prevalence across many other nations is boosting the market of insulin delivery devices.
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Insulin delivery devices market is expected to grow fast in the Asia Pacific region during the forecast period. In countries like India and China there is expected to be in highest growth due to the presence of increasing population which is suffering from diabetes.
The Asia Pacific market is expected to secure growth as many global vendors are entering the Asia Pacific market. These companies are providing high end products which contribute to the growth of the insulin delivery devices market. Europe holds a considerable and steady position in the insulin delivery devices market.
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The increasing prevalence of diabetes is that important factor for the growth of the insulin delivery devices. As the diabetes patient population is growing day by day the industry is expected to have a significant growth due to the preference for insulin delivery devices as this happens to be a reliable option and provides patient satisfaction. The number of diabetic patients is expected to grow to 700 million in the coming years which will lead to the growth of the market. The insulin delivery devices market is expected to benefit from the increase in the type 1 diabetes. The type one diabetes requires insulin therapy to survive which is extremely intensive insulin therapy. Type 1 diabetes has being characterized with the body's inability to produce insulin. The favorable reimbursement policies supported by the government of various nations are that celebrating the growth of the market. As there is an increased health care expenditure related to diabetes in many emerging economies the market for the insulin delivery devices shall grow during the forecast period. The market shall expand further as vessel increasing awareness regarding the insulin delivery devices.
In the developing nations the issues which are related to the reuse of pen needles or the infusion sets shall hamper the growth of the market. The reimbursement structure in the developing economies is also expected to hamper the market growth. Insulin happens to be an alternative drug delivery method but challenges the growth of the insulin delivery devices market due to an anxiety of needle in the patients.
Increased research and development activities will prove to be profitable for the growth of the market. Continuous research and development activities are label to provide opportunities for the growth of the market.
The high cost of insulin pumps poses a great challenge for the growth of the delivery devices market. In the developing nations although the demand for the insulin delivery devices is good but the high cost of these options happens to be here challenge for the growth of this market. In the developing nations as reimbursement policies are not enough there is out of pocket expenditure in order to purchase the devices. The continuous research and developmental activities in the developed as well as developing nations are proving to be a boon in the insulin delivery devices market. the stringent government regulations across the world are hampering the introduction of new products. The stringent government policies add affecting the market growth as the process to introduce a new product or an innovative product into the market could be lengthy.
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