Furthermore, rising adoption of technologically advanced products such as artificial pancreas and insulin pumps are expected to drive the growth of the global alternatives for injectable diabetes care market between 2016 and 2026. However, the high cost of technologically advanced products compared to injectable diabetes care products may be a barrier to the growth of the injectable diabetes care market.
Diabetes, also known as diabetes mellitus, is a group of metabolic disorders characterised by a persistently elevated blood sugar level. The pancreas is either unable to produce insulin (glucose metabolising hormone) or the body is unable to utilise the produced insulin (development of insulin resistance) to metabolise blood sugar in this disorder. Diabetes is one of the world’s most serious health issues, affecting more than 5% of the population in developed countries.
Furthermore, diabetes prevalence rises in emerging economies as lifestyles change. Diabetes diagnoses are increasing at a rate of 5% per year, according to estimates. Thus, one of the major factors driving the growth of the diabetes care market is the rapidly increasing prevalence of diabetes around the world.
Diabetes care products that do not require injections, such as insulin pumps and artificial pancreas, assist patients in managing diabetes treatment efficiently and without the need for doctor assistance. Furthermore, because of the improved outcomes associated with the use of these alternatives to injection devices, there is a growing awareness of their use among both physicians and patients.
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According to the International Diabetes Federation (IDF), approximately 382 million people worldwide suffered from diabetes in 2013, with this figure expected to rise to 592 million by the end of 2035. Furthermore, needle phobia and an increase in needle stick injuries are driving the preference for alternative diabetes injection devices.
In terms of revenue, the hospitals pharmacy distribution channels segment is expected to hold the largest market share in the global market for alternative injectable diabetes care products.
In the forecast period from 2016 to 2026, Western Europe, Japan, and Asia Pacific excluding Japan are expected to drive demand for the global alternative for injectable diabetes care products at a rapid pace.
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Based on product type, the global alternatives for injectable diabetes care market is segmented into the following:
Based on distribution channel, the global alternatives for injectable diabetes care market is segmented into the following:
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