Needle-Free Diabetes Management Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects
The needle-free diabetes management marketsize is set to cross $16.8 billion by 2025, growing at a CAGR of 17.8% between 2017-2025. The market is driven by factors such as growing geriatric population, high prevalence of diabetes, technological advancements and increasing awareness regarding the safety issues associated with needles.
The needle-free diabetes managementmarket comprises of treatment device, diagnostic device and artificial pancreas. In 2016, the treatment device led the market, whereas artificial pancreas is expected to grow at the fastest rate during the forecast period. In terms of type, needle-free diabetes treatment device market has been segmented into insulin pen and jet injectors, insulin patch and pump, and insulin inhalers. The needle-free insulin pen & jet injectors contributed the largest revenue in the global market during 2016, owing to the increasing compliance for jet injectors for diabetes treatment and improving dosing rate through jet injectors.
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Asia-Pacific is the fastest growing region in the needle-free diabetes management market. The prevalence of Type 2 diabetes is increasing rapidly in Asia, which is the key growth driver for the needle-free diabetes management industry in the region. China is expected to have highest prevalence rate followed by India, due to increase in industrialization, urbanization and westernization. Another key factor creating huge demand for needle free diabetes management is the large geriatric patient pool. Older people are more diabetic prevalent; therefore, it significantly drives the Asia-Pacific needle-free diabetes management industry.Among the countries of the Asia-Pacific region, Japan was the largest contributor to the Asia-Pacific needle-free diabetes management market in 2016. The Japanese needle-free diabetes management industry is expected to grow at a CAGR of 19.8% during the forecast
period. However, the Chinese needle free diabetes management industry is expected to witness the highest growth at a of CAGR 24.1% during the forecast period.
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The demand for needle-free diabetes management market is increasing due to increasing prevalence of diabetes. The prevalence of diabetes is increasing due to the alteration in lifestyle and lack of access to preventive care. To reduce the worldwide burden of diabetes,
the demand for technologically advanced diabetes management is increasing, which is further expected to increase the demand for needle-free diabetes
management devices, as they are easy and safe mode of insulin delivery and blood glucose monitoring.The companies in the needle-free
diabetes management market are collaborating with other firms to improve their position in the market. For instance, in October 2016, Pharmajet, Inc.,
collaborated with Vaccibody AS to provide technology for needle-free injection, which would help in the research for vaccines to treat HPV disease, known to be the main cause of cervical cancer .
Some of the key players in the needle-free diabetes management market include Medtronic plc, Insulet
Corporation, Tandem Diabetes Care, Inc., Inovio Pharmaceuticals, Inc., Pharmajet, Inc., Zogenix, Inc., Antares Pharma Inc., and Glide Pharmaceutical