The presence or lack of insulin, a hormone used for producing sugar in the body, can lead to type I or type II diabetes. Patients with hectic work schedules or living in urban regions require the need for special devices to ensure the continuous intake of insulin. Insulin pumps are computerized devices which have a similar functioning to human pancreas and deliver small doses of insulin during or after meal consumption. The global insulin pump market report by Market Research Future (MRFR) contains an analysis of trends as well as a list of drivers and opportunities.
Market Outlook
The global Insulin Pump Market is expected to touch a towering valuation by exhibiting 8.4% CAGR from 2017 to 2023 (forecast period). It can reach a valuation of USD 8,520.9 million by 2023. High prevalence of diabetes is one of the biggest market drivers. According to the International Diabetes Federation (IDF), nearly 642 million adults can be affected with diabetes by 2040. China and India are countries with the largest reported numbers for diabetes and have potential for the global market.
Increasing focus on diabetes management is projected to push the sales of insulin pumps. Awareness initiatives by governments and vendor sponsored programs can influence patients and propel market demand. Popularity of insulin pump systems are driven by efforts by non-profit organizations such as the American Diabetes Association will be fruitful for the market. Other factors which can impact the market include sedentary lifestyles of patients, consumption of junk food, and adoption of insulin pumps. Furthermore, insulin pump accessories designed for women and kids can bode augment the market size.
Segmentation Analysis
The global insulin pump market is segmented by type, accessories, application, and end-user.
By type, it is segmented into smart insulin pump, disposable insulin pump, and traditional insulin pump. The traditional insulin pump segment was the largest in 2016 and valued at USD 2,696.9 million. It can touch a value of USD 4,587.5 million by the end of the forecast period. On the other hand, disposable insulin pumps can continue on a winning streak due to being worn on the body and being controlled by an external body.
By accessories, it is segmented into infusion set insertion devices, infusion sets, and insulin reservoirs.
By application, it is segmented into type I diabetes and type II diabetes.
By end-user, it is segmented into laboratories, home care, and hospitals & clinics. Hospitals & clinics had accounted for 45.2% share in 2016 with a valuation amounting to USD 2,188.2 million in 2016. The segment can accrue close to USD 3,908.8 million by 2023 due to management of inpatient care. Moreover, clinical trials of continuous subcutaneous insulin infusion (CSII) treatments can drive the segment growth as well. On the flip side, the home care segment is expected to exhibit 8.9% CAGR during the forecast period.
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Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific, and North America are regions covered in the insulin pump market report.
North America held the largest market share in 2016. It can continue to dominate the market till 2023 due to adoption of latest treatments, advanced medical facilities, and large healthcare expenditure allocated for minimizing the presence of diabetes. Rising rates of diabetes and obesity among patients can further the market demand in the region.
On the other hand, the APAC region can display a stupendous growth rate due to high incidences of diabetes in Taiwan, Malaysia, Indonesia, China, and India. Availability of better medical facilities and a surge in disposable income levels can propel the demand for insulin pumps among patients.
Competitive Outlook
Notable players in the global insulin pump market include Abbott Laboratories, Medtronics, Sanofi, Insulet Corporation, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Braun Melsungen AG, and others. Although new development of products is the primary strategy of these players, the exit of prominent names such as Johnson & Johnson leaves room for innovation and entry for new investors.
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