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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.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the European insulin delivery devices market, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Insulin Delivery Devices Market is part of the Medical Devices Growth Partnership Service programme, which also includes research in the following markets: European Bone Growth and Spinal Fusion Stimulators Markets, European Patient Temperature Management Market, European Device Disinfection and Sterilisation Equipment Market and European Markets for Haemostats and Tissue Sealants. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Katja Feick, Corporate Communications Europe, at katja.feick[.]frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled.
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European Insulin Delivery Devices Market / M2CD
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