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
The
global Insulin Pump Market is given a thorough look-over in the new
report from Market Research Future (MRFR). The global insulin pump market’s
inner dynamics are revealed in detail in the report with the help of accurate
data, precise analysis, and valuable inputs from the industry’s current leading
lights. The segmentation of the global insulin pumps market is presented in
detail in order to provide readers with a clear picture of the market’s
granular composition. Drivers and restraints affecting the market are also
analyzed in detail in order to gain a clear picture of the factors helping the
market grow and those that stand as obstacles in the market’s path.
The
insulin pump market has been driven primarily by the growing prevalence of
diabetes worldwide. The global insulin pump market has risen in demand as the
prevalence of diabetes has grown thanks to the growing popularity of a
sedentary lifestyle and increasing consumption of junk food. The global
prevalence of diabetes among adults over 18 years of age has almost doubled
over the last three decades, according to the WHO, with around 422 million
people estimated to be suffering from diabetes around the world in 2014.
The
development of technologically advanced insulin pumps that can be easily
incorporated into the motions of a diabetes patient’s daily life has changed
the game for the global insulin pumps market. Technological development in
healthcare devices is a major part of healthcare research and is likely to
remain the same over the forecast period, driving the global insulin pumps
market.
The
global insulin pump market is expected to reach a valuation of USD 8520.9
million by the end of the 2017-2023 forecast period, rising at a robust 8.4%
CAGR.
Segmental Analysis:
The
global insulin pump market has been segmented on the basis of type and end use.
On
the basis of type, the global insulin pump market is segmented into traditional
and disposable insulin pumps. Traditional insulin pumps hold the largest share
in the global insulin pump market and the segment is likely to hold a dominant
share in the global insulin pump market over the forecast period, emerging with
a valuation of USD 4587.5 million by the end of the forecast period.
By
end use, the global insulin pump market is segmented into hospital and clinics,
home care, and laboratories. Of these, home care is likely to be the fastest
growing segment over the forecast period due to the growing demand from
diabetes patients to manage their complications on their own in the confines of
their own house. Many diabetes patients prefer the familiar environs of their
home over the unfamiliarity of hospitals and prefer to carry out minor and
simple monitoring procedures on their own. This is likely to drive the demand
for home care in the healthcare sector over the forecast period, leading to an
increase in the insulin pumps market. The home care segment is expected to
exhibit a robust CAGR of 8.9% over the forecast period.
Regional Analysis:
The
global insulin pump market is segmented into North America, Europe, Asia
Pacific, and rest of the world.
North
America is the dominant regional market for insulin pumps due to the growing
prevalence of diabetes in the region. The highly sedentary lifestyle of
consumers in North American countries and the high consumption of junk food
have led to a high prevalence of diabetes and obesity, which is likely to lead
to an increased demand from the insulin pump market over the forecast period.
Asia
Pacific is also likely to rise steadily in the global insulin pump market due
to the growing prevalence of diabetes in countries such as China, India,
Indonesia, Taiwan, and Malaysia.
Competitive Analysis:
Leading
players in the global insulin pump market include Braun Melsungen AG,
Medtronics, Sanofi, Abbott Laboratories, F. Hoffman-La Roche AG, Insulet
Corporation, and Becton, Dickinson, and Company.
The
global insulin pump market is becoming the topic of much research among medical
researchers due to the vital assistance the device provides to diabetes
patients. In 2018, the winner of the Congressional App Challenge was A Smarter
Insulin Pump, an app that improves upon existing sugar level tracking apps to
make the data more personal and more meaningful. Such innovations are likely to
drive the insulin pump market at a steady pace over the forecast period.
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