Diabetes is a metabolic disorders caused due to insulin deficiency. The administration of the medication through a modern technique known as needle-free diabetic care for the patient. According to the International Diabetes Federation, about 420 million adult population was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040. Increasing diabetic population across the globe is the main reason for the development of the global needle-free diabetic care market. Moreover, increasing obese population, increasing healthcare expenditure, and strong encouragement from the government have also contributed to the growth of the market. According to research, smoking increases the possibility of diabetes; more than 60% of the global population smokes, this has increased the risk of diabetes and contributed to the growth of the market.
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On account of lack of effective treatment for this disorder, many manufacturers are continuously trying to develop new drugs and more convenient drug delivery devices. Moreover, increasing healthcare expenditure, increasing demand for the better and convenient devices, and development in healthcare infrastructure have contributed to the growth of the market. On the other hand, factors such as, lack of awareness among people and higher cost are hampering the growth of the market.
The global needle-free diabetic care market is expected to grow at a CAGR of 7.5% during the forecast period 2017-2023
Global Needle-Free Diabetes Care Market – Regional:
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
America dominates the global needle-free diabetes care market owing to large diabetic population. Apart from this, increasing number of obese people, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. According to American Diabetic Association, 29 million Americans were suffering from diabetes in 2016, which is 9.3% of total American population. Obese patients are more prone to diabetes; increasing number of obese population in America is the major driving factor in the growth of the market.
Europe is the second largest market, which is followed by Asia Pacific. Increasing awareness among the people and government support for the research and development have encouraged the growth of the market in Europe.
Asia Pacific is the fastest growing region in the global market due to the presence of large diabetic population. China and India contribute a major share in the Asia Pacific needle-free diabetes care market due to the presence of huge diabetic population. Owing to a large diabetic population, Asia Pacific is the fastest growing market in the globe, and according to WHO, more than 60 % of diabetic people in the world are living in Asia Pacific region. Therefore, increasing diabetic and obese population across Asia Pacific driving the growth of the market. Due to rapidly developing economies and increasing healthcare expenditure, boosted the growth of the market. India and China are the major contributors in the Asia Pacific region. According to WHO, about 90 million and 62 million diabetic population is currently present in India and China respectively. By 2030, both of the countries together will have about half a billion diabetic population. The Middle East and Africa contribute least in the global needle-free diabetes care market.
Global Needle-Free Diabetes Care Market – Company Analysis:
The global needle-free diabetic care market is highly fragmented due to the presence of a number multinational and local players. The prominent players in the market adopt various strategies such as new product launch, product innovation, and investment in research and development for the advancement of needle-free devices. Some companies have adopted developmental strategies like merger and acquisition to sustain in the competitive market environment.
For instance, in 2007, INJEX Pharma AG announced FDA clearance to market and sold their needle free injection products in the America. Twin-Jector EZ II and ZOMA-Jet are the most common needle-free injector developed by Antares Pharma Inc.,. Also, the company has got approval for Vision, which is a reusable needle-free injectors, and disposable multi-use pen injectors.
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