New York, October 08, 2021 – Reports and Data has published its latest report titled “Insulin Pumps market, By Device Type (Traditional Insulin Pumps, Disposable Insulin Pumps, Smart Pumps), By Accessories (Infusion Sets, Insulin Reservoirs/Cartridges, Infusion Set Insertion Devices, Battery, Others), By End-use (Hospitals & Clinics, Homecare Settings, Laboratories), And Region – Global Forecast To 2028”
Rise in global geriatric population, rapidly growing number of diabetic patients worldwide, and technological advancements in insulin pumps are some of the key factors driving market revenue growth
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According to Reports and Data, the global insulin pumps market size was USD 4.93 billion in 2020 and is expected to reach USD 10.29 billion in 2028 and register a revenue CAGR of 9.4% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
The global insulin pumps market growth is majorly supported by rise in geriatric population, growing prevalence of diabetes across the globe, increasing awareness of advanced diabetes management and care, and increasing incidence of juvenile diabetes due to conditions such as obesity and poor lifestyle habits including alcohol consumption and excessive junk food intake. Growing use of insulin pumps by diabetic patients to control their blood glucose levels, technological advancements insulin delivery devices such as integration or compatibility with smart gadgets, and favorable government policies for insulin delivery devices are other key factors creating growth opportunities for the global insulin pumps market.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Reservoirs/Cartridges Segment to Account for Largest Revenue Share:
Based on accessories, the reservoirs/cartridges segment is expected to acquire the largest revenue share in the global insulin pumps market over the forecast years. Increasing prevalence of diabetes, surging use of insulin pumps by diabetic patients, rising demand for high-quality reservoirs and cartridges for use in insulin pumps, and their increasing use in tethered insulin pumps are some of the key factors boosting growth of this segment.
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Homecare Settings Segment Dominated Other End-use Segments in 2020:
Based on end-use, the homecare settings segment was the most dominant in terms of revenue share in the global insulin pumps market in 2020. Rising awareness about the use of insulin pumps in homecare settings, increasing adoption of technologically advanced and high-end insulin pumps for regular diabetes control, growing use of patch insulin pumps owing to their high portability are major factors contributing to the growth of this segment.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America insulin pumps market accounted for the largest revenue share in the global market in 2020. Rising prevalence of lifestyle-induced conditions such as obesity, increasing cases of type 1 and type 2 diabetes, technological advances in diabetes management and care products including insulin delivery devices, and new product launches are among the major factors driving the regional market revenue growth to a significant extent. Increasing geriatric population, rising government initiatives to raise awareness of effective diabetes management, and presence of state-of-the-art healthcare infrastructure and leading industry players in the region are other key factors contributing to the North America market growth.
Major Companies in the Market Include:
- Medtronic Plc
- Hoffmann-La Roche AG
- Animus Corporation
- Insulet Corporation
- Nipro Diagnostic Inc.
- Cellnovo Ltd.
- Ypsomed Group
- Tandem Diabetes Care Inc.
- Sooil Development Co., Ltd.
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For the purpose of this report, Reports and Data has segmented the global insulin pumps market based on device type, accessories, end-use, and region:
Device Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Traditional Insulin Pumps
- Disposable Insulin Pumps
- Smart Pumps
Accessories Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Infusion sets
- Steel cannula
- Plastic cannula
- Insulin reservoirs/cartridges
- Infusion set insertion devices
End-use Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Hospitals & Clinics
- Homecare settings
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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