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The recent report published by the Infinium Global Research on the global insulin delivery system market. The insulin delivery system industry was worth USD 9724.4 million in 2016 and it is expected to reach USD 14537 million by 2024. The global industry is expected to grow at a CAGR of 5.02% during the forecast period from 2018-2024.
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Insulin Delivery System Market: Segmentation
The insulin delivery system industry is bifurcated into product type and end-user. The Product type segment is bifurcated into insulin pens, insulin jet injectors, syringes, and insulin pumps. Insulin pens accounted for the largest industry share of 57.2 % in 2016, it was worth 5567.0 USD million in 2016 and is anticipated to reach 8516.7 USD million by 2024. The growth in insulin pens is mainly driven owing to its low cost, and wide availability and easy to administer. Also, recent product modifications are expected to support the growth of the industry during the forecast period. While the Insulin pumps are set to grow with a CAGR of 6.60 % over the period 2018 – 2024.
Geographically, the industry is divided into the Americas, Europe, APAC and RoW. The Americas dominated the insulin delivery system industry. America’s insulin delivery system industry is projected to reach USD 10,801.6 million in 2024, growing at a CAGR of 5.02% over the period of 2018 to 2024. The U.S is a key country that is driving the North America insulin delivery system industry. The growth in this region is mainly attributed owing to the high prevalence of diabetic patients and the growing elderly population. Besides this, the sedentary lifestyle of citizens is also one of the factors that cause diabetes among citizens. Moreover, high per capita expenditure on healthcare, high disposable income, and reformation in the healthcare system such as reimbursement offerings is driving the demand for the insulin delivery systems.
Furthermore, the health sector in Mexico has started providing assistance to patients with access to insurance to gain access to insulin delivery devices at subsidized rates in the institutions under the purview of the government. These factors have led to growth in the North America industry. The APAC region is expected to grow at the fastest CAGR of 9.92% over the forecast period. India and China are known as the diabetes capital of the world. Both countries are among the top 3 countries with a high number of diabetic population. Going further, government initiatives in healthcare policies and rising disposable income are among the vital factors that would lead to the adoption of the insulin delivery system industry in the Asia Pacific region.