Needle-Free Diabetes Management Market To Witness 17.8% CAGR during 2017–2025
A number of factors, such as the rising incidence of diabetes, surging aging population, growing healthcare expenditure, growing awareness regarding the safety issues with needles, and development of advanced needle-free treatment devices, are projected to boost the needle-free diabetes management market progress at a CAGR of 17.8% during the forecast period (2017–2025). At this growth rate, the market is expected to reach $16,831.5 million by 2025 from $3,830.6 million in 2016.
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The primary factor improving the needle-free diabetes management market growth prospects is the increasing awareness regarding the safety issues related to needles. During insulin administration, a needlestick injury can lead to the transmission of blood-borne pathogens, which can lead to the occurrence of various infectious diseases amongst healthcare professionals and patients. As per the World Health Organization (WHO), around 16 billion injections are administered annually. However, all the syringes are not properly disposed of, which creates a huge demand for needle-free diabetes management devices.
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The type segment of the needle-free diabetes management market is categorized into treatment device (insulin pen & jet injector, insulin patch & pump, and insulin inhaler), diagnostic device, and artificial pancreas. Among these, the treatment device category held the largest market share in 2016, as these devices are widely used to infuse or administer insulin in diabetic patients. Whereas, the artificial pancreas category is projected to record the fastest growth during the forecast period owing to the fact that it functions similarly as a healthy pancreas to monitor the blood sugar levels automatically.
Thus, the rise in the awareness regarding the safety issues with needles and the technological advancements in needle-free diabetes management devices are expected to propel the growth of the market during the forecast period.
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