- Report ID: BMRC 1436 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Medical Device | Delivery Timeline:
“Global Diabetes Drug Delivery Devices Market is valued at USD 20337.3 Million in 2019 and expected to reach USD 31190.8 Million by 2026 with the CAGR of 6.3% over the forecast period”
Brandessence Market Research is working on a new report title “Diabetes Drug Delivery Devices Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. The increasing number prevalence of chronic diseases, flourishing healthcare sector, coupled with manufacturers approach towards lowering the manufacturing cost associated to drug development are the major factors driving the growth of Global Diabetes Drug Delivery Devices Market.
Diabetes drug delivery system is used to improve the adherence to insulin in diabetic patients to reduce the risk of complications related to sudden change in the blood sugar level. Drugs are used to recover health and to extend lives. Though, the medications can be taken in various ways, including by swallowing, by absorption, by inhalation, through the skin, and by intravenous injection. For this, the drug delivery devices are advanced, which are specialized tools for delivery of a therapeutic agent through the specific device type. Diabetes mellitus is the general term used to describe a group of metabolic diseases categorized by chronic hyperglycemia. The pathophysiology of diabetes is due to imperfect insulin secretion, impaired insulin action or both.
Global Diabetes Drug Delivery Devices market report is segmented on the basis of type, application and region & country level. Based upon type, Diabetes Drug Delivery Devices market is classified into pens, pumps, pen needles, syringes and other devices. Based upon application, Diabetes Drug Delivery Devices market is classified into diagnostic/clinics, ICUs and home healthcare.
The regions covered in this Diabetes Drug Delivery Devices market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Diabetes Drug Delivery Devices is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Diabetes Drug Delivery Devices market report covers prominent players are Zоѕаnо Рhаrmа, Gеrrеѕhеіmеr Вndе, Оwеn Мumfоrd, VіаСуtе, Vаlеrіtаѕ, Весtоn Dісkіnѕоn and others.
November 12th, 2020; Medtronic announced the launch of its InPen “smart” insulin pen integrated with real-time Guardian Connect continuous glucose monitor (CGM) data. The system is designed to provide real-time glucose readings alongside insulin dose information without switching apps. Medtronic obtained the InPen technology in its acquisition of Companion Medical in September. The InPen adds to Medtronic’s diabetes portfolio of the MiniMed insulin pump, Guardian CGM and more.
The global Diabetes Drug Delivery Devices market is witnessing substantial growth due to growing prevalence of diabetes and increasing geriatric population across the globe. Diabetes is a chronic disease that arises either when the pancreas does not create enough insulin or when the body cannot efficiently use the insulin it creates. Insulin is a hormone that regulates blood sugar. Hyperglycaemia, or raised blood sugar, is a common effect of uncontrolled diabetes and over time indications to serious damage to many of the body's systems, particularly the nerves and blood vessels. Diabetes is measured to be among the seventh leading causes of mortality globally. The chronic and debilitating nature of the disorder has a severe impact on the quality of life of patients. According to the World Health Organization (WHO); more than 400 million individuals across the world are currently suffering from diabetes; this number is estimated to reach over 570 million by 2030. Additionally, according to the International Diabetes Federation Diabetes Atlas report; the worldwide diabetes prevalence in 2019 is estimated to be 9.3% (463 million people), rising to 10.2% (578 million) by 2030 and 10.9% (700 million) by 2045. The prevalence is advanced in urban (10.8%) than rural (7.2%) areas, and in high-income (10.4%) than low-income countries (4.0%). One in two (50.1%) people living with diabetes do not know that they have diabetes.
However, lack of awareness, cost restrains in the developing regions, less variability of products and stringent government regulations associated with launch of new drug delivery devices may hamper the growth of the Diabetes Drug Delivery Devices market. In spite of that, high growth potential in developing economies is expected to create an opportunity for the further growth of the global Diabetes Drug Delivery Devices market.
North America is expected to dominate the global Diabetes Drug Delivery Devices market with the potential rate due to the growing incidences of chronic diseases such as diabetes and cancer in this region. Cancer has a major impact on society in the United States and across the world. Cancer statistics describe what happens in large groups of people and provide a picture in time of the burden of cancer on society. In 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States and 606,520 people will die from the disease. By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million. In addition, as per The National Diabetes Statistics Report, 2020; among the US population overall, crude estimates for 2018 were: 34.2 million Americans, just over 1 in 10, had diabetes and 88 million American adults, approximately 1 in 3 had prediabetes. The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period due to the increase government spending on development of present infrastructure in order to facilitate the advanced devices for R&D activities and high focus on R&D & substantial investment in this region.
By Regional & Country Analysis:
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Global Diabetes Drug Delivery Devices Market Size By Type (Pens, Pumps, Pen Needles, Syringes, Other Devices), By Application (Diagnostic/Clinics, ICUs, Home Healthcare) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027