Diabetes, also known as diabetes mellitus, is a group of metabolic disorders wherein there is an elevated level of blood sugar for prolonged period. In this disorder, the pancreas are not able to either produce insulin (glucose metabolizing hormone) or the body is not able to utilize the produced insulin (development of insulin resistance) to metabolize blood sugar. Diabetes is one of the biggest concerns globally and is estimated to affect more than 5% of the population in developed countries. Additionally, emerging economies with changing lifestyle increases the prevalence of diabetes. It is estimated that the number of people diagnosed with diabetes is increasing at the rate of 5% per annum. Thus, rapidly increasing prevalence of diabetes across the globe is one of the major factors driving the growth of the diabetes care market. Alternative to injection diabetes care products such as insulin pumps and artificial pancreas help patients to manage diabetes treatment efficiently, without the need for support from the doctors. Moreover, due to the better results associated with the use of these alternative to injection devices, there has been a growing awareness regarding the utilization of these devices among both physicians and patients.
Alternatives for Injectable Diabetes Care Market: Drivers and Restraints
The globally increasing number of diabetic patients is fuelling the demand for diabetes monitoring, diagnostic and insulin delivery devices and drugs, which would consequently drive growth of the global alternative for injectable diabetes care market during the forecast period. According to the International Diabetes Federation (IDF), globally around 382 Mn people were suffering from diabetes as of 2013, and this number is anticipated to increase to 592 Mn by 2035 end. In addition, needle phobia and rising needles stick injuries are compelling the preference for alternative for diabetes injection devices. Also, increasing adoption of technologically advanced products such as artificial pancreas and insulin pumps are some factors anticipated to boost the growth of global alternatives for injectable diabetes care market within the forecast period of 2016-2026. However, high cost of technologically advanced products in comparison to injectable diabetes care products can be the restraint for alternative for the growth of injectable diabetes care market.
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Alternatives for Injectable Diabetes Care Market: Segmentation
The global alternatives for injectable diabetes care market is classified on the basis of product type, distribution channel and geography.
Based on product type, the global alternatives for injectable diabetes care market is segmented into the following:
- Insulin Pumps
- Untethered insulin pumps
- Implantable insulin pump
- Tethered insulin pumps
- Artificial Pancreas
- Insulin Patches
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Based on distribution channel, the global alternatives for injectable diabetes care market is segmented into the following:
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinics/ Centers
Alternatives for Injectable Diabetes Care Market: Overview
Increased efficiency with less side effects and ongoing researches on improving quality of diabetes care for continence is anticipated to create attractive growth opportunities for the global alternatives for injectable diabetes care market. Among the products, insulin pumps are expected to dominate the market in terms of value during the forecast period. The hospitals pharmacy distribution channels segment is expected to hold the highest market share in terms of revenue in the global market for alternative for injectable diabetes care products.
Alternatives for Injectable Diabetes Care Market: Regional Overview
Region wise, the global alternatives for injectable diabetes care market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, Middle East and Africa. North America dominated the global market for alternative for injectable diabetes care products in terms of value and volume due to a high adoption rate of advanced technological products. Western Europe, Japan and Asia Pacific excluding Japan is expected to propel demand for the global alternative for injectable diabetes care products at a rapid pace in forecast period from 2016 to 2026.
Alternatives for Injectable Diabetes Care Market: Key Players
Some of the key players in global alternatives for injectable diabetes care market include Animas Corporation, F. Hoffmann-La Roche AG, Insulet Corporation, Medtronic plc, Valeritas, Inc. and others. Most of the providers of insulin pump products are adopting the strategy of providing these products through e-commerce, so that buyers can browse the products according to their needs.