Surging Number of Diabetic Patients Supporting Needle-Free Diabetes Management Market Growth

Factors such as the soaring prevalence of diabetes and the surging awareness about safety issues associated with the use of needles will drive the needle-free diabetes management market at a CAGR of 17.8% during the forecast period (2017–2025). According to P&S Intelligence, the market revenue will surge from $3,830.6 million in 2016 to $16.8 billion by 2025. Needle-free diabetes management refers to the diagnosis, monitoring, and treatment of diabetes without using needles. Needle-free diabetes management devices are used for monitoring blood sugar levels and injecting insulin in diabetic patients.

One of the key contributors to the market growth is the burgeoning cases of diabetes worldwide. As per the World Health Organization (WHO), diabetes is a metabolic disease that is characterized by elevated levels of blood sugar and have a detrimental impact on the heart, eyes, kidneys, nerves, and blood vessels. The WHO states that approximately 422 million people across the world are currently living with this chronic disease. Furthermore, the International Diabetes Federation (IDF) forecasts that around 700 million people within the age group of 20–79 years will be affected by diabetes, by 2045.

Needle Free Diabetes Management Market

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Moreover, the escalating awareness about safety issues associated with needles will also complement the needle-free diabetes management market growth in the upcoming years. As needle stick injuries caused during insulin intake can result in the transmission of blood-borne pathogens, which cause fear, anxiety and emotional distress in diabetic patients and medical professionals, people across the world are increasingly opting for needle-free diabetes management solutions. As wounds take a long time to heal in diabetic patients, healthcare professionals are prescribing needle-free solutions for them.

Nowadays, companies operating in the needle-free diabetes management market are largely focusing on workflow enhancements and developing high-performance diabetes management devices to expand their geographical presence. As technologically advanced devices have become a necessity in the healthcare sector, market players such as Glide Pharmaceutical Technologies Ltd., Inovio Pharmaceuticals Inc., Medtronic plc, Pharmajet Inc., Insulet Corporation, Zogenix Inc., Tandem Diabetes Care Inc., and Antares Pharma Inc. are offering improved products in abundance.

The type segment of the needle-free diabetes management market is categorized into diagnostic device, treatment device, and artificial pancreas. Treatment devices are used for administering insulin to diabetic patients, while, diagnostic devices are used for monitoring blood sugar levels without needles. Whereas, artificial pancreas is created to automatically monitor blood glucose levels by functioning as a healthy pancreas. Under this segment, the artificial pancreas category will demonstrate the fastest growth, whereas the treatment device category will account for the largest market share in the forecast years.

Geographically, North America held the largest share in the needle-fire diabetes management market in 2016, and it is expected to continue this trend throughout the forecast period. This can be credited to the rising incidence of diabetes and the increasing availability of advanced management devices in the region. Of the North American nations, the U.S. accounted for the larger share in 2016 and it will retain its dominance in the forecast years as well. Whereas, Asia-Pacific (APAC) is projected to exhibit the fastest growth during the forecast period.

Therefore, the rising cases of diabetes and surging awareness about safety issues associated with needles will supplement the market growth in the upcoming years.

SOURCE: P&S Intelligence