The global insulin pump market could benefit from its user-friendly nature. The innovative glucose sensors can observe and forecast a patient’s blood glucose levels. Research & development (R&D) in medical science have resulted in the coordination of two technologies, from sensor-augmented insulin pumps and sensor-driven insulin pumps to a completely automated, independent sensing and delivery system.
Market Research Future (MRFR) analyzed the insulin pump market 2020 for the assessment period 2016 to 2023. By 2023, the insulin pumps market can expand at 8.4% CAGR. The insulin pump market value can expand at USD 8520.9 Mn at the conclusion of the review period.
The insulin pump market growth can be attributed to the need to maintain the 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 patients can favor the market. The introduction of innovative glucose sensors that can observe and forecast blood glucose levels of patients offers a great advantage to diabetic patients, which, in turn, is observed to boost sales of insulin pumps.
In North America, the insulin pumps 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 the rise in the prevalence of diabetes, resulting in increased demand for insulin pumps.
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In Europe, the high consumption of junk food, following the adoption of a sedentary lifestyle are boosting the 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.
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 the insulin pump market at a higher growth pace in the approaching years, suggests MRFR.
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The type-based segment of the insulin pump market are traditional insulin pump and a disposable insulin pump. The traditional insulin pump segment can earn about USD 4587.5 Mn revenue by 2023.
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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