NEW YORK, July 20, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Needle-Free Diabetes Management Market Size, Share, Development, Growth and Demand Forecast to 2025 - Industry Insights by Device Type (Treatment Device, Diagnostic Device, Artificial Pancreas)” published by P&S Market Research, the global needle free diabetes management market is projected to reach $16.8 billion by 2025, growing at a CAGR of 17.8% during 2017 - 2025.
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The study suggests that the global needle-free diabetes management market is likely to grow from $3,830.6 million in 2016 to $16.8 billion by 2025. With the explosive growth of needle-free treatment devices and the increasing awareness regarding the safety issues associated with needles, the needle-free diabetes management market is gaining traction. The growing need for development of safe needle-free diagnostic device has fueled the demand for continuous blood glucose monitoring across all regions worldwide.
As per the findings of research, the artificial pancreas market is expected to witness the fastest growth during 2017 – 2025 and needle-free diabetes treatment devices have been the largest revenue generator for the global market.
Geographically, North America has been the largest market for needle-free diabetes management devices, with an estimated 41.5% contribution to the global market in 2016. Globally, The U.S. had been the largest country for needle-free diabetes management devices in 2016 and it is expected to continue being the largest market during the forecast period. In 2016, Japan is the major market in Asia-Pacific, whereas in Europe, Germany generates highest revenue in this market.
The factors driving the growth of the market include increasing awareness regarding the safety issues associated with needles and high prevalence of diabetes globally. Needle stick injury during insulin administration can lead to blood-borne pathogen transmission, and hence healthcare workers or patients experience anxiety, fear and emotional distress due to needle stick injury. The risk of needle stick injury is eliminated through needle-free diabetes management.
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The research states that the manufacturers in the needle-free diabetes management market are focusing continually on workflow enhancements and improving diabetes management and device performance. Currently, the healthcare cost is outpacing the government expenditure on healthcare. The development of technologically advanced diabetes management devices has become necessary to ensure increased healthcare efficiency and productivity. Some of the key players in the global market include Medtronic plc, Insulet Corporation, Tandem Diabetes Care, Inc., Inovio Pharmaceuticals, Inc., Pharmajet, Inc., Zogenix, Inc., Antares Pharma Inc., and Glide Pharmaceutical Technologies Ltd.
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