The global insulin delivery devices market to showcase a lucrative growth rate during the forecast period. The growth in the market is anticipated due to increased technological advancement in insulin therapy by extensive R&D by major market players of the insulin delivery devices market. At present, scientists and researchers have not been able to found another alternative for curing diabetes. Thus, increased R&D in insulin delivery devices to make them easily accessible to diabetic patients is to drive the growth of the insulin delivery devices industry. The major companies of the insulin delivery devices market are making hefty investments in their R&D department for making new drug approval by the US Food and Drug Administration (FDA).
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Recent Developments
· In February 2019, the US FDA had announced the approval of Tandem Diabetes Care’s t: slim X2 pumps. The t: slim X2 insulin pumps of Tandem Diabetes Care poses several advanced features like a large color touch screen, Bluetooth, rechargeable battery, wireless technology, USB connectivity, and watertight construction. These pumps can make a reliable and secure communication through digitally connected devices such as insulin dosing software, to receive, execute, and confirm command from these devices.
· In April 2017, Sanofi and Regeneron Pharmaceuticals, Inc. had received approval of their new supplemental Biologics License Application for a once-monthly 300 mg dose of Praluent Injection for the treatment of adults with high low-density lipoprotein cholesterol. The usage of this supplement will improve glycemic control in adult patients with diabetes. This pen is capable of holding double the quantity of insulin which is previously available. The injectible pen SoloStar and the Max SoloStar are capable of delivering up to 160 units of insulin per injection.
· In September 2016, the US FDA announced the approval of Medtronic’s MiniMed 670G system. This device can automatically monitor the blood glucose level of type1 diabetics and delivers appropriate insulin doses to the patient.
Current Market Trends Covered in the Market Report
· The rapid increase in technological innovation and product development.
· North America held a major market share.
· Asia-Pacific to show a significant growth rate.
· Conferences, meetings, and congresses are to create awareness among people.
· Intensive incidence of diabetes across the globe geared the interest of pharmaceutical companies toward diabetes-related R&D.
· Partnerships and collaborations – key drivers of competition in this market.
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Insulin Delivery Devices Market Segmentation
By Type
· Insulin Syringes
· Insulin Pens
· Insulin Jet Injectors
· Insulin Pumps
By End-User Industry
· Hospitals & Clinics
· Homecare
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
