Growth in the insulin delivery devices market is likely to be centered in the Asia-Pacific region. Factors such as rising prevalence of diabetes, high adoption of insulin pens, and government initiatives in Singapore are expected to support the growth of the Asia-Pacific insulin delivery devices market. A high prevalence of diabetes is observed in China and India, primarily due to the growing population combined with urbanization and lifestyle changes. In addition, the focus on improving healthcare infrastructure and growing awareness of insulin delivery options are expected to result in a greater demand for insulin delivery devices in this region.
The insulin delivery devices market in Asia-Pacific has been growing at a faster pace as compared to other regions. Factors such as growing presence of global players and increasing incidences of diabetes in China and India are driving the growth of the market in this region. Increasing incidences of diabetes have been attracting insulin delivery device suppliers towards the Chinese and Indian markets. In January 2016, Medtronic plc (Ireland) entered into a partnership with the Chengdu Municipal Government (China) to manufacture and sell advanced diabetes therapies in the region. Similarly, in September 2013, Tonghua Dongbao Pharmaceutical Co., Ltd. an insulin provider, and Ypsomed (Switzerland) announced a partnership to develop a new insulin pen system for the Chinese market.
The Asian regions of Vietnam, Singapore, and Malaysia provide untapped potential to the insulin delivery devices market. These countries have been taking steps to tackle the growing diabetes population and to improve the diabetes care facilities. In addition, several companies have been actively expanding their presence in these countries. For instance, in November 2012, Novo Nordisk established a new office in Ho Chi Minh City to expand its presence in Vietnam. Adding to this, Singapore is likely to show a strong growth potential for insulin delivery devices during the forecast period. The growth of the insulin delivery devices market in Singapore is majorly due to the increasing diabetic population. The number of diabetic patients in 2015 was 541,600, with 3,815 diabetes-related deaths (Source: IDF). Correspondingly, Terumo Corporation, in March 2012, established a holding company in Singapore, Terumo Asia Holdings Pte. Ltd., to reorganize its sales subsidiaries in the Philippines, Thailand, Indonesia, Singapore, Malaysia, Australia, and Vietnam.
