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
Insulin Pumps Market Scope
Market Research Future predicted that the global insulin pumps market 2020 would gain shares. The outlook is based on a survey of the status of the healthcare industry that has also witnessed the affect of COVID-19 pandemic like other markets. The study suggested that sales of diabetes devices, such as insulin pumps are poised for strong double-digit growth, such that it might help with a revenue collection of USD 8,520.9 Million by 2023. The rapidity of growth is predicted to be 8.4% CAGR as per the current scenario of the market. The study thus kept the fact that insulin pump market growth will immensely cater through 2017 to 2023—analysis period.
Insulin Pumps Market Drivers & Restraints
Through the latest study, it has come to the front that the insulin pump market is in a period of change. This has encouraged former rivals with new devices to seek increased penetration in the market. Observers expect the Type 1 and Type 2 diabetes markets to grow in the state where COVID-19 pandemic is high. The investors are actively in action over expecting growth with surged insulin pump market sales to happen and how companies will benefit most.
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MRFR predicted the penetration of an insulin pump in Type 1 and Type 2 diabetes markets augmented by about 2.5 percentage points in 2019. The study suggests that the insulin pump market will expand far faster than those forecasts, consequential up to 65,000 more patients starting to use pumps for the first time than initially anticipated. The future of the insulin market will soar with the introduction of smart insulin pumps.
The World Health Organization (WHO) claimed in 2016 on death occurred due to the diabetes was around 1.6 million. Currently, diabetes is not only found in older people, but it is also actively affecting all the age groups. Rising diabetes cases globally is one of the foremost factors, which is driving the insulin pump market progressively. It has been estimated that the technology development in the smart insulin pump market size would increase with diminishing traditional invasive insulin demand.
COVID-19 impact on insulin pump market has been such a way that rising diabetes patients are resulting in high use of insulin pumps, resulting in a boost of insulin pump market sales. Diabetic patients are seeking critical healthcare products in several ways, such as the hospital pharmacies, online portal, and emergency medical shops. The COVID-19 pandemic has had an enormous hit on the medical device industry mainly with the increased demand of protective equipment such as respiratory pumps, insulin devices, and mouth coverage, which has again boost the market’s snowballing.
Even many government actions have come forward to handle pandemic by manufacturing supply chains of insulin pumps as patients with diabetes pose as a higher risk of becoming COVID-109 affected. Thus, with constant access to essential medicines, technologies, and treatment, the smart insulin-manufacturing companies are taking several steps to make the product available to patients, which have catered well to the market’s valuation.
Insulin Pump Market Segment Review
A traditional insulin pump segment occupies the cosmic majority of the total insulin pump market value as it already was in 2016 with USD 2,696.9 million.
The accessories segment account for such a large portion of the insulin pump market because of the popularity of infusion sets, insulin reservoirs, and infusion set insertion devices. The infusion sets segment includes steel cannula and plastic cannula.
The global insulin pump market, by the segment of the application, has included Type I diabetes and Type II diabetes.
The global insulin pumps market by the segment of end-user has included home care, hospital & clinics, and laboratories. The hospital & clinics segment grabbed the leading market share, with 45.2% in 2016 and might reach USD 3,908.8 million by 2023 from USD 2,188.2 million that was gained in 2016.
Insulin Pump Market Regional Share
In the United States, Insulet offers the Omnipod® System, which consists of a wearable, tubeless and wireless pod that delivers insulin, and a personal diabetes manager (PDM) that can be programmed to personalize insulin delivery. Similarly, another key player Medtronic also holds the dominant position in the durable insulin pump market. Medtronic’s MiniMed® 670G, a hybrid closed-loop system, received CE Mark approval in June 2019 and was successfully launched in select regions. The MiniMed® 670G is an integrated CGM pump that automatically adjusts basal insulin delivery based on glucose readings measured every five minutes. Key players like these have primarily contributed to the market’s value, thus making the market-leading than other regions.
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Asia-Pacific insulin pump market stood at $121.4 million in the 2018 end and now is expected to surpass $747.0 million by 2026. The future of growth is attributed to the boost in the number of patient and government expenditure on awareness program for the control of diabetes among patient. These factors lead to contribute to the immense insulin pump market growth.
Insulin Pumps Market Vendors Landscape
The well-known vendors in the global insulin pumps market are F. Hoffmann-La Roche AG, Braun Melsungen AG, Medtronics, Becton, Dickinson and Company, and Insulet Corporation.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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