Insulin Pumpss Market Share, Trends and Growth Analysis By Type (Traditional Insulin Pumpss, Smart Insulin Pumpss and Disposable Insulin Pumpss), 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 Insulin Pumps Market is likely to touch USD 8,520.9 million at an 8.4% CAGR between 2016- 2023, reveals the new Market Research Future (MRFR) report. An insulin pump, simply put, is a medical device that is used to administer insulin to treat diabetes mellitus. Disposable insulin pump and traditional insulin pump are the two types of insulin pumps available.
Numerous factors are adding to the insulin pump market growth. Such factors, as revealed by the latest MRFR report, include home infusion therapy, creation of artificial pancreas, increasing awareness about insulin delivering devices and diabetes, development of different types of insulin, and increasing incidence of diabetes. Besides, consumer information and professional programs offered by manufacturers are also encouraging the adoption of such pumps which is also adding to the insulin pump market share.
On the contrary, the dearth of skilled professionals for proper insulin pump handling, the high price of insulin pumps and analogs, and skin infections are factors that may limit the insulin pump sales.
Scope of the Report
The report categorizes the insulin pump market based on type, accessories, application, end user, regions, and key players. An insulin pump is a good substitute for multiple daily insulin injections. It provides flexible insulin therapy, especially when used together with carbohydrate counting and blood glucose monitoring.
The Market Research Future Report provides an inclusive segmental analysis of the insulin pump market based on type, accessories, application, and end user.
By type, the insulin pump market is segmented into the disposable insulin pump and the traditional insulin pump. Of these, the traditional insulin pump segment will lead the market over the forecast period.
By accessories, the insulin pump market is segmented into infusion set insertion devices, infusion sets, and insulin reservoirs. Infusion sets are again segmented into plastic cannula and steel cannula. Of these, insertion devices will dominate the market over the forecast period.
By type, the insulin pump market is segmented into Type I and Type II diabetes.
By end user, the insulin pump market is segmented into laboratories, home care, and hospitals & clinics. Of these, hospitals & clinics will have a major share in the market during the forecast period. It is predicted to touch USD 3,908.8 million by 2023.
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By region, the global insulin pump market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period for the rising incidence of diabetes. Besides, the presence of top industry players in the region, rising prevalence of obesity, availability of innovative medical facilities, high junk food consumption, technological advances, and consumers sedentary lifestyle are also adding market growth. The USA & Canada are the key contributors in the region.
The global insulin pump market in Europe is predicted to hold the second-largest share over the forecast period for the presence of several significant market players in the region, availability of advanced medical facilities, and technological advancements. The UK, Spain, Italy, Germany, and France are the country-specific markets in the region.
The global insulin pump market in the APAC region is predicted to grow at a fast pace over the forecast period. Factors propelling the global insulin pump market growth in the region include the growing health awareness, availability of advanced medical facilities, increase in disposable income, improving medical facilities in South Korea, Japan, Australia, India, & China, and increasing incidence of diabetes in Taiwan, Malaysia, Indonesia, India, and China.
The global insulin pump market in the MEA will have a small share during the forecast period for poor economies, strict government policies, lack of awareness, limited availability of technology, and less focus to improve healthcare.
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Leading players profiled in the global insulin pump market report include Sanofi (France), Medtronics (Ireland), Insulet Corporation (USA), F. Hoffmann-La Roche AG (Switzerland), Braun Melsungen AG (Germany), Becton Dickinson (USA), and Abbott Laboratories (USA).
December 2019: Tandem’s insulin pump software gets US FDA approval.
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