What are Key Factors Driving the Growth of Insulin Delivery Device Market?

Diabetes is a fairly common, but menacing disorder, affecting 422 million in 2014, as per the World Health Organization (WHO). Its complications include kidney diseases, cardiovascular diseases, stroke, and eye disorders. Along with aging, which is its most common cause, improper diet, lack of exercise, and other poor lifestyle choices can also cause diabetes. Though there is no treatment for the condition, there is one proven way to control it — insulin intake. This is why the insulin delivery device market, which valued $9.9 billion in 2015, is projected to expand to $15.5 billion by 2022, at a CAGR of 6.6% during 2016–2022.

The drug can be given by pens, pumps, and syringes, among which pens were the most popular across the world during 2012–2015. The major advantages that result in a high preference for pens include accurate dosage and less injection pain. Additionally, due to their ease of use, patients can administer the dose themselves, without depending on a caregiver. Further, as there is no need pull the plunger, unlike syringes, the chances of an air bubble getting sucked in and entering the bloodstream are minimal.

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As diabetes is often a direct result of aging, the increasing geriatric population plays an important role in the rising demand for insulin delivery devices. The elderly are prone to illnesses, owing to their low physical and immunological strength. With age, their normal biological functions slow down, the pancreas often becoming non-functional, which is why the prevalence of diabetes increases sharply with age. As per the United Nations, people over the age of 60 would account for 21.1% of the global population by 2050, increasing from to 11.7% in 2013, thereby leading to more diabetes patients.

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Another important cause of the disorder, particularly type 2 diabetes mellitus, is obesity, which is therefore another major reason behind the growing usage of insulin and delivery devices. As per WHO’s 2018 data, the prevalence of obesity has become three times as that in 1975. Of the 1.9 billion people over the age of 18 years, who were overweight in 2016, 650 million were obese. With more people becoming obese, the number of diabetes patients would also increase, thereby resulting in the growing requirement for insulin delivery devices.

Concerned at the growing prevalence of the disease, various organizations are initiating programs to increase the awareness of people on the issue. World Diabetes Day is observed on 14th November in several countries, such as the U.S., the U.K., Australia, South Africa, Canada, New Zealand, and India. As part of the initiative, seminars, campaigns, and conferences are held to make people aware on the causes, preventive measures, effects and complications, and control methods of the disorder. With rising awareness, people are getting tested for the diseases, and if diagnosed, are making appointments with endocrinologists for effective management.