Insulin Pumps Market Share, Trends and Growth Analysis By Type (Traditional Insulin Pumps, Smart Insulin Pumps and Disposable Insulin Pumps), Accessories (Insulin Reservoirs, Infusion Sets and Infusion Set Insertion Devices), Application (Type I Diabetes and Type II Diabetes), End User (Hospitals and Clinics, Home Care, Laboratories) and Region (North America, Europe, Asia-Pacific and Middle East & Africa), Global Forecast till 2023
Global Insulin Pumps Market size is projected to create a value of USD 8520.9 million with registering 8.4 % CAGR during the review period (2018-2023), says Market Research Future (MRFR). The Global Insulin Pump Market size is growing rapidly. The market growth attributes to the increasing prevalence of diabetes and the popularity of insulin pumps or continuous subcutaneous insulin devices due to their efficacy & convenient delivery. The programmable physiologic technique of insulin delivery has made these pumps adaptable and lifestyle friendly. With technological advances, 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.
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Diabetes accounts for one of the foremost causes of death and a risk factor to severe health conditions like kidney disease, cardiovascular disease, eye disorders, and stroke, etc. The convenience of operation of insulin pumps, alongside the prevalence of diabetes, drives the market growth of insulin pump predominantly. Moreover, the augmenting uptake of insulin pumps acts as a key factor in escalating the growth of the market. Rise in obesity disorders is a primary market growth driver, leading to increased risks for lifestyle diseases. Technological advancements in drug delivery devices and the growing global awareness of diabetic care fosters the insulin pump market growth substantially.
The rate of population diagnosed with diabetes is estimated to increase tremendously over the next few years. The higher increase is expected to be in the age group of diabetics patients above age 60. With the rising diabetic patient populations, the demand for insulin devices is predicted to substantiate hugely. These factors are anticipated to increase insulin pump market sales commutatively.
Also, growing R&D investments are seen in the market of insulin pump to drive developments & commercialization of products pipeline in different regions. Increasing numbers of industry players are raising funds to boost insulin pump production capacity. They adopt innovative technological approaches to alleviate the daily life of people with diabetes and a well-defined growth strategy.
Global Insulin Pump Market Segmentations
By Type, the global insulin pump market is segmented into Traditional Insulin Pump and Disposable Insulin Pump.
By Accessories, the global insulin pump market is segmented into Insulin Reservoirs, Infusion Sets, Infusion Set Insertion Devices, and others.
By Application, the global insulin pump market is segmented into Type I Diabetes and Type II Diabetes.
By End User, the global insulin pump market is segmented into Hospital & Clinics, Home Care, Laboratories, and others.
Insulin Pump Market Regional Outlook:
North America dominates the global insulin pumps market. The leading market share of insulin pump attributes to technological advances and the growing diabetic population in the region. Besides, the presence of notable industry players and well-established healthcare sectors impact the market growth positively. Moreover, the availability of top-class healthcare infrastructure advanced medical facilities, and the rapid adoption of new products & treatments increase smart insulin pumps market size.
Additionally, the availability of skilled health professionals, availability of products, and high purchasing power foster market growth. Also, increasing innovation and new product developments boost the growth of the market. The North American insulin pump market is projected to retain its dominance over the global market of insulin pumps throughout the assessment period.
Europe stands second in the global insulin pump market. The market of insulin pump is driven by the increasing healthcare expenditure and rapidly developing healthcare sector in the region. The European insulin pump market is forecasted to generate substantial revenues during the estimated period. The APAC insulin pump market is expected to be the fastest-growing market during the review period.
Insulin Pump Market Competitive Landscape
Highly competitive, the global insulin pump market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Industry players substantially invest in R&D to develop a cost-competitive product portfolio. They focus on optimizing situational awareness of customers to ensure their mission success.
These players possess state-of-the-art developing labs and strong sales & distribution network, which helps them gain a leading position in the market of insulin pumps. An ever-increasing emphasis has been observed among marketers on inbound lead generation over branding-oriented efforts.
Major Players:
Players active in the global insulin pump market include Braun Melsungen AG, Medtronic, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Abbott Laboratories, Sanofi, and Insulet Corporation, among others.
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Industry/Innovation/ Related News:
Netherland-based medical device company ViCentra, announced raising fresh funds to boost insulin pump production capacity. The company has closed a €10 MN investment round to fund its international growth plans. As part of the round, ViCentra signed an agreement with a new impact investor Invest-NL in the last month. Invest-NL will invest €4 MN in the company, which will supplement a total round of €10 MN by existing investors INKEF Capital, LSP, Health Innovations, and Kreos Capital.
The US FDA cleared an interoperable insulin pump for pediatric use. The FDA expanded pediatric indication for the t: slim X2 interoperable insulin pump, lowering its indicated age for children aged between 6 to 14 years. The pump can be used with the Control-IQ interoperable, automated insulin dosing algorithm, allowing people with diabetes to create a customizable automated insulin delivery system.
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