Global insulin devices market to reach $13.9 billion

The global insulin delivery devices market value is projected to increase from $8.78 billion in 2012 to $13.8 billion by 2019, according to a new report.

The insulin delivery devices market will grow at a compounded annual growth rate of 7%, due to the increasing epidemic of diabetes around the world, business intelligence provider GBI Research found in its “Insulin Delivery Devices Market to 2019 - Simplified Pump Solutions and Low Cost Pens Represent Distinct Regional Growth Drivers” report.

The worldwide prevalence of diabetes was 381.8 million in 2013, and that figure is expected to soar 55%, reaching 591.1 million diabetes patients by 2035. At the current rate, diabetes prevalence in China and India is forecast to increase to 142.7 million and 109 million by 2035, respectively.

Meanwhile, the growth of insulin delivery devices in the United States and Europe is due to an increasing preference for insulin pumps and, in the long term, the uptake of technical advances such as artificial pancreas devices.

“Insulin pumps will continue to undergo rapid adoption in North America, where patients are shifting from conventional insulin delivery devices, such as syringes and pens, to insulin pumps. This is due to the need for improved glucose control and flexible, lifestyle-compatible treatment options,” Analyst for GBI Research Srikanth Venkataraman, said in a company statement. “The European market will be driven by insulin pen sales thanks to their low cost and ease of use.”

In addition, the high prevalence of diabetes and low penetration of insulin delivery devices in developing countries will also contribute towards the market expansion.

In the past, diabetes sufferers in the Asia-Pacific region were slow to adopt insulin delivery devices in fear of injections, coupled with a cultural misconception that the use of injections over oral tablets is a sign of deteriorating health.

“However, increasing awareness of the benefits of insulin in managing diabetes will significantly improve the uptake of syringes and pens in this region over the coming years,” Venkataraman said.