According to a recent study report published by the Market Research Future, The Global market of Insulin Pump is booming and expected to gain prominence over the forecast period. The Insulin Pump market is projected to raise up to USD 8520.9 Million by end of 2023, at a staggering CAGR of 8.4 % between 2017 and 2023. The Insulin Pump Market is growing with the rapid pace; mainly due to the increasing prevalence of diabetic population.
Furthermore, Diabetes is a chronic disease, and its global prevalence is increasing immensely. Recently, it is one of the foremost causes of death and has increased risk of developing number of serious health problems. It is the major cause of cardiovascular disease, kidney disease, eye disorders and stroke.
The amount of population diagnosed with diabetes is projected to increase at a tremendous rate, the largest percentage increase is expected to be in the age group of diabetics patients above age 60. Thus, if current trends in diabetes occurrence rates continues linearly over the next 50 years, there would be an intense increase in the number of population diagnosed with diabetes. With increasing diabetic patients, the demand of insulin devices is expected to be huge, thus resulting to the increasing consumption of insulin pumps globally and driving the global insulin pumps market
Global Insulin Pump Market – Key Players
Some of the key players in this market are:
- Braun Melsungen AG
- Hoffmann-La Roche AG
- Abbott Laboratories
- Becton, Dickinson and Company
- Insulet Corporation
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Global Insulin Pump Market – Key Findings
- The Global Insulin Pump Market is expected to reach USD 8520.9 million by 2023.
- By types, Traditional insulin pump segment holds the largest market share of Global Insulin Pump market and is expected to reach USD 4587.5 million by 2023.
- By End User, Home Care segment is expected to grow at a fastest CAGR of 8.9%.
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 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 – Segments
The Insulin Pump Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types: Comprises Traditional insulin pump, and Disposable insulin pump
Segmentation By End User: Comprises Hospital & Clinics, Home Care, and Laboratories, and other
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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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