Insulin Pumps Market:
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An insulin pump is a medical device used by patients suffering from diabetes mellitus for the administration of insulin. The global insulin pump market, according to this report by Market Research Future (MRFR), is expected to expand saliently over the next couple of years. Increasing clearances by the government bodies are also anticipated to boost the revenue growth of the insulin pump market in the coming years. However, it has been assessed that the competition in the market is poised to be highly competitive, exhibiting neck to neck competition. The rising number of players might pose a challenge to the market players in the long run.
Increasing population of aeging people is one of the primary factors that has triggered the problem of diabetes on a larger scale. The elderly people are more prone to the disease. Thus, the global Insulin Pump Market is expected to be burgeoning over the next couple of years. The World Health Organization predicts that the population of elderly people is likely to cross 400 million mark by 2050 up from 143 million in 2019. These statistics ensure that the insulin pump market is set to witness a larger customer base in the years to come. Also, the rising patient population of younger adults is presumed to broader the growth base of the market players.
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The problem of diabetes and its exponentially increasing burden is triggered by the adoption of a sedentary lifestyle. In addition, the inclination towards unhealthy food pattern, especially convenience food, is anticipated to further intensify the problem. This, in turn, is projected to catalyze the growth of the Insulin Pump Market in the foreseeable future. Moreover, the rising healthcare expenditures hold immense potential to support the growth of the Insulin Pump Market in the coming years.
The classification of Insulin Pump includes Normal Pump and Patch Pump. The proportion of Normal Pump in 2017 is about 96%, and the proportion is in decreasing trend from 2012 to 2017.
Insulin Pump is widely used for Type I Diabetes and Type II Diabetes. The most proportion of Insulin Pump is for Type I Diabetes, and the proportion in 2017 is about 85.37%.
North America is the largest consumption place, with a consumption market share nearly 44% in 2017. Following North America, Europe is the second largest consumption place with the consumption market share of 24%.
The global Insulin Pumps market was valued at 1740 million US$ in 2018 and will reach 2190 million US$ by the end of 2025, growing at a CAGR of 2.9% during 2019-2025.
Market Key Player
Medtronic, Roche, Johnson & Johnson, Insulet Corp, Tandem Diabetes care, Valeritas, SOOIL, Microport
On the basis of type, the insulin pump market has been divided into normal pump and patch pump.
On the basis of application, the insulin pump market has been bifurcated into Type I Diabetes and Type II Diabetes.
The regional assessment of the global insulin pump market spans across six key regions, namely – North America, China, Europe, Japan, Southeast Asia, and India. North America has been witnessing an exponential rise in the patient population. The sedentary lifestyle of the population is likely to increase the prevalence of diabetes in the nearby future. These factors are likely to accelerate revenue growth for the players in the Insulin Pump Market over the review period. In addition, the clearances given by the FDA in the U.S. is also poised to have a favorable impact on the Insulin Pump Market.
In October 2019, a leading insulin delivery and diabetes technology company, Tandem Diabetes Care, Inc., has announced the study of increased time-in-range with its slim x2 insulin pump that comes with control-IQ technology.
In September 2019, the FDA (U.S.) has given clearance to Insult to market its integrated insulin pump, a tubeless omnipod DASH insulin management system.
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