The insulin delivery device market size is projected to reach $15.6 billion by 2022, growing at a CAGR 6.6% between 2016-2022.
The increasing prevalence of diabetes, growing geriatric population, increasing prevalence of obesity, technological of drug delivery devices and increasing awareness of diabetic care are driving the growth of the market.
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Various initiatives, such as programs, activities and campaigns, are implemented by IDF, NGOs, diabetes associations and health departments to create awareness among people regarding effects of diabetes and correct method of treatment is driving the growth of the insulin delivery device market. One such example is a major initiative taken at a global level in the form of World Diabetes Day; celebrated on 14th November each year. World Diabetes Day is a key campaign led by IDF and its member associations, such as the (American Diabetes Association) ADA, Diabetes UK, Diabetes Australia, Diabetes South Africa, the Canadian Diabetes Association (CDA), Diabetes New Zealand, and Diabetic Association of India.
Insulin pen needle has single use, although many diabetic patients re-use needle for delivery of insulin. The re-use of needle could lead to bacterial growth on the needle, risk of lipohypertrophy and risk of breaking fine tip of needle. Similarly, the risk associated with jet injectors are accuracy of insulin dosage and improper injection. Improper injection of insulin can lead to altered absorption level of insulin in the blood stream and bruising. Hence, these risks and complications associated with delivery devices are inhibiting the growth of the insulin delivery device market.
Some of the key companies operating in the insulin delivery device market include Novo Nordisk A/S, Medtronic PLC, Abbott Laboratories, Eli Lilly and Company, Insulet Corporation, Sanofi S.A., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Animas Corporation, B. Braun Melsungen AG, and Ypsomed Holdings AG.
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This post was originally published on Financial Sector