In 2010, 537 million people around the world had diabetes, and by 2045, the patient count will rise to 783 million, as per the International Diabetes Federation (IDF). In people with this disease, the pancreas either doesn’t produce insulin (type 1) or it produces the insulin, but the body isn’t able to utilize it (type 2). Therefore, diabetes is a life-long regimen of blood glucose measurement and medication or external insulin administration.
Jet injectors administer the drug as a stream of tiny particles, which vaporize and are absorbed through the epidermis into the bloodstream. Moreover, though insulin patches have hundreds of needles, they are microneedles, which are so small that the person doesn’t feel the prick. The needles are covered with a polymer that senses the levels of glucose in the blood. Just as the levels rise, the patch administers the insulin into the blood vessels through the skin.
Currently, the demand for these devices and, in turn, the needle-free diabetes management market is growing because of the booming geriatric population. Diabetes has a clear correlation with age, with its prevalence increasing as in older people. As per WebMD, compared to people in the age group of 18 to 44, five times more in the age group of 45 to 64 have diabetes in the U.S. Similarly, as per the Centers for Disease Control and Prevention (CDC), in the U.S., the highest prevalence of diabetes, of 26.8%, is in the age group of 65 and above. Hence, with the global geriatric population set to rise to 1.5 billion by 2050, as per the United Nations (UN), the market will continue to grow.
In the coming years, the needle-free diabetes management market is predicted to witness the fastest growth in the Asia-Pacific (APAC). Being the region with the most people on earth, the population of APAC with diabetes and at risk of it is huge. The geriatric populations of India and China are the largest in the world, which would lead to a potentially high number of diabetics. Further, in much of the region, the disease is managed by conventional techniques, which incorporate needles; therefore, it offers lucrative opportunities to market players.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders