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.
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The Global Insulin Pump Market is expected to reach a valuation of USD 8520.9 million by the end of the 2017-2023 forecast period, rising at a robust 8.4% CAGR.
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
Industry/ Innovation/ Related News:
Medtech player Medtronic lately launched an insulin pump system called the MiniMed 670G in the UK for people having Type 1 diabetes. The specialty of this pump is it is self-adjusting. This is the first ever system for automating personalizing basal insulin delivery for 24 hours. It learns the patient’s body thereby adjusting the insulin delivery automatically for stabilizing the level of glucose and avoiding hyperglycaemia and hypoglycaemia making a positive impact on those having type 1 diabetes. This will be on the perspective of both clinical as well as quality of life.
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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.
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%.
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