Insulin pens segment occupied the largest share of the insulin delivery devices market in 2016. This is attributed to factors such aseasy to use, increase in popularity among consumers, easier to transport than conventional vial and syringes, enables more specific dosages, and less painwhile injecting insulin. Insulin pumps segment is anticipated to grow at highest CAGR throughoutthe forecast period. This is attributed to factors such as increasing pervasiveness of Type 1 diabetes and technological improvements in insulin pumps. Insulin syringes are equally effective as longer needles and are less intimidating.
Homecare segment held the major share of the global market in 2016. This segment is projected to grow at the highest CAGR throughout the forecast period. This is attributed to factors such as less waiting time, reduction in number of visits to physicians or doctors, and reduced cost of treatment compared to hospitals and clinics.
North America held a major share of the overall market in 2016. This is attributed to factors such as increasing prevalence of diabetes and high adoption of technologically advanced products in the region. Europe is the second largest market for these devices due to factors such as rise in diabetes in elderly population.
Asia-Pacific is poised to be the fastest growing segment over the forecast period, due to large number of collaborations and partnerships between international and local players in thisregion, large number of people suffering with diabetes, increased awareness amongst people, and growing adoption of insulin pens. For instance, in May 2016, Medtronic collaborated with SingHealth, which isSingapore ' s largest group of healthcare institutions. This collaboration aims to provide trainings for physicians on the latest technology to manage diabetes.
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Some of the major companies include Becton, Dickinson and Company, Abbott Laboratories, Hoffmann- La Roche, Ltd., Sanofi, Eli Lilly and Company, and Medtronic. The key strategy adopted by these companies is product development. For instance, Tandem Diabetes Care launcheda software update for Insulin Pump using a personal computer. The t: slim X2 Insulin Pump is currently the slimmest and smallest durable insulin pump in the market. Due to this software update, the company will now be able to provide new pump features to its customers regardless of pump insurance replacement cycle. Likewise, in September 2015, Biocon launched Basalog One, a long acting basal insulin glargine. This product offers appropriate substitute to individual with diabetes using a syringe-vial mixture for insulin glargine.
Key Findings of the Research Study:
� Insulin pens segment held the major share of the global insulin delivery devices market in 2016, as insulin pens are easier to transport than conventional vial and syringes.
� Homecare segment held the major share of the global market in 2016, due to the high efficiency of the product with high comfort levels and better connectivity.