Needle-Free Diabetes Management Market Drivers, Opportunities, and Challenges
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.
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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. Globally, approximately 16 billion injections are administered every year as per WHO; however, all the syringes and needles are not properly disposed of. This creates huge traction for needle-free diabetes management devices in the healthcare industry. The prevalence of diabetes is increasing due to the alteration in lifestyle and lack of access to preventive care. According to the International Diabetes Federation (IDF), about 415 million people worldwide were suffering from diabetes in 2015 and the number is expected to increase to 642 million by 2040. This reflects the growing need for improved diabetes management, for which needle-free diabetes management can be one of the prospective solutions.
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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.
