Insulin Pumps Market Size, Growth and Share 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, Global Forecast till 2023
Insulin Pump Market Overview
Market Research Future (MRFR) analysed the insulin pumps market size can expand at 8.4% CAGR with USD 8520.9 Mn on the conclusion of the review period. The increase in sales of smart insulin pumps among the growing diabetic populace can increase the market size through the review period. The insulin pump market growth can be attributed to the need to maintain regularity of insulin shots.
Insulin pumps are user-friendly and thus, easy administration of facility offered by insulin pumps to control the blood glucose level in patient can favor the market. The introduction of innovative glucose sensors that can observe and forecast blood glucose levels of patients offers great advantage to diabetic patients, which, in turn, is observed to boost sales of insulin pumps. This is expected to favor the market. Research & development in medical science, technological advances, and launch of better sugar level detection sensors are other causes that are likely to augment the insulin pumps market through the evaluation period.
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Insulin Pump Market Segmentation
The global insulin pump market segmentation covers end-users and types.
The end-user-based segment of the insulin pump market are hospital & clinics, home care, and laboratories. The home care segment can expand at 8.9% CAGR by 2023. The clinic segment can promote insulin pump market at higher growth pace in the approaching years, suggests MRFR.
The type-based segment of the insulin pump market are traditional insulin pump and disposable insulin pump. The traditional insulin pump segment can earn about USD 4587.5 Mn revenue by 2023. Launch of innovative glucose sensors can bolster sales of insulin pumps due to high consumer convenience. This can support the market growth
Insulin Pump Market Regional Segmentation
In North America, the insulin pump market can rise as sensor-driven insulin pumps are observed to gain high popularity. The development of complete automation of insulin pumps that are independent of sensing and delivery system are identified to gain high traction. This can bolster the insulin pump market in the North America region. Other important factors that can support the insulin pump market are rise in the prevalence of diabetes, resulting in increased demand for insulin pumps. In Europe, the high consumption of junk food, following the adoption of sedentary lifestyle are boosting diabetic populace market that can support the expansion of the insulin pump market across the review period.
In APAC, the insulin pump market can rise exponentially as the prevalence of diabetes across regions, such as India, Malaysia, Indonesia, and Taiwan can promote the expansion of the insulin pump market in the assessment period. The improving medical base in these regions can add momentum to APAC insulin pump market growth. The escalation of disposable income and easy availability of better medical solutions, following healthcare awareness can set the regional market to thrive.
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In MEA, the insulin pump is expected to secure smallest share of the worldwide market. Lack of emphasis on improving healthcare facilities and limited availability of technology can cause the insulin pump market to slow down. The lack of awareness and stringent government policies are some other constraints on the regional insulin pump market.
Insulin Pump Market Key Players
Becton Dickinson (USA), Abbott Laboratories (USA), F. Hoffmann-La Roche AG (Switzerland), Braun Melsungen AG (Germany), Medtronics (Ireland), Insulet Corporation (USA), and Sanofi (France) among others are some prominent names in the insulin pump market that are profiled by MRFR.
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