Acknowledging the kind of growth, the Market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Insulin Pump Market is expected to accrue approximately 8520.9 Mn. USD by 2023, registering 8.4 % CAGR between 2017 and 2023.
The Insulin Pump Market is growing at the rapid pace; mainly due to the increasing prevalence of diabetic population. The insulin pump, also known as continuous subcutaneous insulin is adaptable and lifestyle friendly and is garnering huge popularity and advancement due to its programmable physiologic technique for insulin delivery.
Furthermore, the introduction of glucose sensors, gives exceptional access to a patient’s blood glucose levels alongside its prognosis, monitoring it constantly. Besides the ongoing research and development activities that are coordinating the two technologies, “sensor-augmented” and “sensor-driven” pumps to completely automated and independent sensing and delivery system are expected to support the market once completed.
Additional factors substantiating the market growth include the rise in the obese population globally, which is acting as a key risk factor causing diabetes. Furthermore, the prevalence of Diabetes that is rising significantly, worldwide, is acting as a key driving force for the market growth. Also, technological advancement in drug delivery devices and growing global awareness of diabetic care is supporting the market growth.
The amount of population diagnosed with diabetes is projected to increase at a tremendous rate, thus, if current trends in diabetes occurrence rates continue linearly over the next 50 years, there would be an intense increase in the number of populations diagnosed with diabetes which will foster the demand for insulin pump substantially. With increasing diabetic patients, the demand for insulin devices is expected to augment, thus resulting in increasing the consumption of insulin pumps globally and driving the global insulin pumps market.
Insulin Pump Market – Key Players
The fervent players leading the Global Insulin Pump Market include F. Hoffmann-La Roche AG, Medtronic, Braun Melsungen AG, Abbott Laboratories, Dickinson and Company, Sanofi, and Becton, Insulet Corporation.
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Industry/ Innovation/ Related News:
July 03, 2018 – Insulet Corporation (Canada), one of the leading companies 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 receiving of the U.S. FDA approval for its MiniMed 670G hybrid closed-loop insulin pump system. MiniMed 670G pumps are specially designed 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 – Segments
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Types : Traditional insulin pump, and Disposable insulin pump.
By End-Users : Hospital & Clinics, Home Care, and Laboratories, among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW)
The sub-segment Traditional insulin pump by types holds the largest as in 55.7% of the market share. The segment is estimated to reach USD 4587.5 Mn. by 2023.
The sub-segment – Disposable insulin pumps is expected to register a CAGR of 9.1% during the review period 2017-2023.
The sub-segment – Home Care by the end- users is estimated register 8.9% CAGR during the forecast period.
The sub-segment – Hospital, and Clinic had acquired approximately 45% of the market share in the year 2016.
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Insulin Pump Market – Geographical Analysis:
The North America region had accounted for the leading market for insulin pump globally, capturing the largest market share in 2016. This growth attributes to the increasing technological advancements in the healthcare industry and the growing diabetic population in the region.
The Insulin Pump market in Europe is projected to accrue USD 2,784.5 Mn. by 2023, registering a CAGR of 8.7% during the assessment period.
The Asia Pacific Insulin Pump market is expected to grow at 8.9% CAGR during the forecast period 2017-2023, emerging as one of the promising markets.
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