The international market for insulin delivery devices remains highly competitive with at least six major producers dominating the trade, according to Transparency Market Research (TMR), which predicts continued growth over the next eight years.
The Albany, New York-based TMR released a report projecting 8.6 percent compound annual growth rate (CAGR) between 2015 and 2017, with U.S. production estimated to attain a $20.9 billion value — over double the 2016 tally of $10.2 billion.
In 2016, insulin pens represented 42 percent of the entire device market, well ahead of syringes, pumps, patches and other alternatives. TMR spokespersons related that a substantial (90 percent) majority of Asia Pacific and developed European area consumers showed a preference for pen equipment, compared to only 25 percent of U.S. patients.
The prediction for strong growth factored in the high incidence of diabetes in the U.S. (37.5 percent of all demand globally) as well as technological advances. Insulin pens are manufactured as disposable or reusable units.
With expectations of collaborative marketing strategies, TMR indicated that pharmaceutical entities may begin to form affiliations with clinics, step up aggressive marketing campaigns, and add home services to their offerings to stay a step ahead of their competitors.
TMR identified Eli Lilly and Co., Novo Nordisk A/S, B. Braun Melsungen AG, Sanofi S.A., Medtronic PLC, Becton, Dickinson and Co., and F. Hoffmann-La Roche LTD. as participants in worldwide insulin device commerce.
Alerts Sign-up