New analysis from Frost & Sullivan (medicaldevices.frost.com), European Insulin Delivery Devices Market, finds that the market earned revenues of $1,112.8 million in 2007 and estimates this to reach $1,895.0 million in 2014.
"The synergies created between pharmaceutical and medical device companies will be a key driver of the insulin pens market in Europe," notes Frost & Sullivan Research Analyst Kieu Vuong. "Another significant factor spurring growth is that insulin pens are more compatible with the fast paced modern environment."
The vast majority of insulin pens are given to patients free when they purchase insulin. This means that suppliers of insulin have a huge impact on the popularity and awareness of related devices. Insulin delivery device manufacturers need to work together with pharmaceutical companies to successfully distribute and promote their products.
The convenience of using insulin pens corresponds well to the needs of today's insulin users. There is a pressing need for a device with high levels of flexibility that requires little commitment in terms of time and effort.
In order to deliver insulin to the subcutaneous tissue, a needle injection is the most straightforward method. Needle phobia is however a significant deterrent for patients.
"Needle phobia has always represented the biggest restraint to the growth of the insulin syringes market," explains Vuong. "Needle phobia is not only an issue among new users and children but also among adult insulin users."
Perhaps the most effective method to achieve adequate dissemination of insulin for diabetic patients is through promoting the cooperation of insulin suppliers (pharmaceutical companies) and insulin delivery device manufacturers. Currently, only a few big multinational firms manufacture their own devices.
"Accordingly, one of the biggest and most important challenges for manufacturers of emerging insulin delivery devices is to build a close business relationship with pharmaceutical companies," advises Vuong. "Insulin pens are a good example of this kind of cooperation."
Through cooperative agreements and projects, both companies can benefit from mutual synergies and save on additional capital investments and operation costs, even while extending their product portfolio.
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European Insulin Delivery Devices Market / M2CD