Acumen Research and Consulting, Recently Published Report On “Insulin Delivery Devices Medication Market Size, Share, Growth, Sales and Forecast, 2019 - 2026”.
LOS ANGELES, Dec. 05, 2019 (GLOBE NEWSWIRE) -- The global insulin delivery devices market is expected to grow at a CAGR of around 7.2% over the forecast period 2019 to 2026 and reach the market value of over US$ 22.5 billion by 2026.
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North America dominated the regional market in 2018 and the region is projected to witness the same pace over the forecast period from 2019 to 2026. The favorable reimbursement policies in the US and Canada, coupled with the increasing FDA approvals to increase the commercial availability of the insulin delivery devices in the country are propelling the regional market growth. In addition, increasing investment in healthcare infrastructure in the region is further accelerating the market value. For instance, Bank of America Corp DE has owned 126,159 shares of Tandem Diabetes Care Inc. stock after buying an additional 30,215 shares in 2019. Bank of America Corp DE has grown its position in the medical company by owning 0.22% of Tandem Diabetes equals US$ 8.14 million.
The insulin pen accounted for the largest market share in the year 2018 owing to the several benefits associated with the usage. It has the ability to accurately pre-set doses using a dial which ultimately saves time and provides on-time dose delivery. They also come with memory features that recall the timing and amount of the previous dose and it comes with a wide range of accessories to allow easy storage and usage. These are the factors accelerating the demand for insulin pen over its alternative segments. For instance, Novo Nordisk partnered with Abbott in 2019 to provide integrated solutions for diabetic patients with the help of insulin pens. This partnership is likely to provide more productive and meaningful outcomes with the optimization of diabetes management.
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On the basis of end-use, the homecare segment held the largest market share in 2018 owing to the ease of use and less medical cost. The segment is also expected to witness the maximum market share over the forecast period 2019-2026 because of the increasing awareness among people about the availability of various insulin delivery devices offering convenience and affordability. In addition, the high amount of charges for the treatment imposed by the hospitals is further pushing the individuals to opt homecare solutions.
Some of the leading competitors are Nordisk, Sanofi, Eli Lilly, Medtronic, Insulet, Ypsomed, Becton Dickinson, and others. The companies are involved in research and development activities for providing advance and convenient solutions to diabetes patients. The players were also involved in the mergers and acquisitions for gaining a competitive advantage and also for expanding the market share.
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Some of the key observations regarding insulin delivery devices industry include:
- Bigfoot Biomedical partnered with Eli Lilly in 2019 for the development of solutions for optimization of dose delivery with the help of artificial intelligence (AI). The new partnership is heading towards the elevation of the company's position with the introduction of innovative products for diabetes patients.
- Valeritas Holdings, Inc., V-Go Wearable Insulin Delivery device maker has announced and presented the research data at the 19th Annual Diabetes Technology Meeting held in Bethesda, Maryland in 2019. The data shows the positive outcomes for Type 2 diabetes patients who have switched from insulin therapy to V-Go.
- Insulet Corporation has announced the approval of FDA for the use of Fiasp (fast-acting insulin aspart) in 2019. The Fiasp has got the clearance with the Omnipod Insulin Management System and the Omnipod DASH Insulin Management System for adults.
- FDA accelerated the new insulin pump technology with the device approval in February 2019. The new device named Slim X2 insulin pump or an ACE insulin pump is designed to improve automated insulin delivery.
- Abbott and Sanofi have partnered to interconnect their technologies including Abbott’s wearable FreeStyle Libre sensor and Sanofi’s connected insulin pens. The companies are developing software to create a connected device experience for efficient diabetes management.
- Handelsbanken Fonder AB has invested around $3,299,000 in Insulet. Moreover, Insulet Corporation develops, manufactures, and sells insulin delivery systems to diabetes patients.
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