Recognizing the kind of growth the market is witnessing currently, Market Research Future (MRFR) recently published a study report asserting that the Global Insulin Pump Market will reach approximately 8520.9 MN. USD by the end of 2023, registering a staggering CAGR of 8.4 % between 2017 and 2023 (forecast period).
Industry/ Innovation/ Related News:
July 03, 2018 – Insulet Corporation (Canada), one of the leading company involved in tubeless insulin pump technologies including Omnipod® Insulin Management System, announced that its Omnipod System had been selected as the preferred insulin pump for diabetic patients in the province, under the expanded British Columbia PharmaCare insulin pump program.
June 25, 2018 – Tandem Diabetes Care, a medical device company, and manufacturer of the only touch-screen insulin pumps available in the United States, announced receiving the approval from the U.S. FDA for its t: slim X2 Insulin Pump with Basal-IQ technology. Basal-IQ is predictive low glucose suspend (PLGS) feature designed to help reduce the frequency and duration of hypoglycemia.
June 22, 2018 – Medtronic, (Ireland) a leading global prescribed insulin pump company announced that the U.S. FDA has approved its MiniMed 670G hybrid closed-loop insulin pump system to be used for children between the age group of 7 and 13 and have Type 1 diabetes, an incurable autoimmune condition that prevents the pancreas from producing insulin.
Global Insulin Pump Market – Key Players
Some of the key players in this market are:
- Braun Melsungen AG
- Hoffmann-La Roche AG
- Medtronics
- Abbott Laboratories
- Becton
- Dickinson and Company
- Sanofi
- Insulet Corporation
Global Insulin Pump Market – Overview
The Insulin Pump is a device garnering huge popularity worldwide, owing to the advancement in the physiologic programmable technique for insulin delivery which has made these pumps adaptable and lifestyle friendly. Continuous subcutaneous insulin infusion (CSII) is a therapy which uses insulin pumps to deliver insulin to diabetics. Over a certain period, along with the technological advancements, these pumps have evolved significantly from constant observing glucose sensors that give exceptional access to the patient’s blood glucose levels to “sensor-augmented” and “sensor-driven” pumps.
The prevalence of diabetes has been increasing immensely, over the past decade, accounting for one of the foremost causes of death and a risk factor to the growing number of severe health conditions such as kidney disease, cardiovascular disease, eye disorders, and stroke, etc. According to the International Diabetes Foundation (IDF) survey conducted in 2013, around 384 million people were suffering from diabetes by then, and the number can rise to nearly 592 million people are expected to suffer from diabetes by 2035. The increasing convenience of operation of insulin pumps and the prevalence of diabetes are two major driving forces substantiating the market growth, augmenting the uptake of these pumps. Resultantly, the insulin pump market is pervasively increasing on the global platform.
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Rise in the obese population globally is one of the major factors driving the growth of the market. Technological advancement in drug delivery devices coupled with growing global awareness towards the diabetic care fosters the market growth to an extent. The amount of the population diagnosed with diabetes is projected to increase at a tremendous rate; defining the potential market landscape. The higher increase is expected to be in the age group of diabetics patients above age 60.
With increasing diabetic patients, the demand for insulin devices is expected to substantiate hugely. Therefore, the consumption of insulin pumps is expected to increase globally, driving the global insulin pumps market
Global Insulin Pump Market – Segments
For the convenience of understanding, MRFR has segmented the report into three key dynamics.
By Types: Comprises Disposable insulin pump and Traditional insulin pump among others
By End-Users: Hospital & Clinics, Home Care, and Laboratories, among others.
By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
The Traditional insulin pump segment holds the largest as in 55.7% of the market share by types. The segment is expected to reach USD 4587.5 million by 2023.
However, the disposable insulin pumps segment is expected to grow at the fastest CAGR of 9.1% during the forecast period 2017-2023.
By the end- users, the Home Care segment is estimated to grow at 8.9% CAGR during the assessment period.
The Hospital and Clinic Segment had accounted for approximately 45% of the market share in the year 2016.
Global Insulin Pump Market – Regional Analysis
In 2016, the North America market accounted for the leading market globally, capturing the largest market share in 2016. Factors supporting the market growth include increasing technological advancements in the healthcare industry and growing diabetic population in the region.
The Europe Insulin Pump market is expected to reach USD 2,784.5 million by 2023, growing at a CAGR of 8.7% during the review period.
Asia Pacific Insulin Pump market emerging as one of the promising markets is expected to grow at 8.9% CAGR during the forecast period 2017-2023.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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