The study also encompasses valuable insights about profitability prospects, market size, growth dynamics, and revenue estimation of the business vertical. The study further draws attention to the competitive backdrop of renowned market contenders, including their product offerings and business strategies.
Scope of the Report
As per Market Research Future (MRFR) analysis, the global Insulin Pumps Market is anticipated to reach USD 8,520.9 Million with a CAGR of 8.4% CAGR from 2017 to 2023 (forecast period). Insulin pumps are medical devices used in dispersing doses of insulin at specific intervals to diabetic patients. They are connected to the patient's body and the insulin is delivered through a catheter inserted under the skin. These pumps are considered to be an adequate substitute for injections due to their improved blood glucose control. The global insulin pumps market report contains useful insights, trends, and opportunities for the forecast period. The impact left by the COVID-19 pandemic and its aftereffects on production and manufacture of insulin pumps are explored.
Market Dynamics
The global insulin pumps market is primarily driven by the large diabetic populace. The exorbitant costs for insulin shots and the frequent hospital visits are likely to drive the demand for insulin pumps. According to the World Health Organization (WHO), 347 million people were diagnosed with diabetes in 2008. Similarly, as per the International Diabetes Federation (IDF) around 384 million people had diabetes in 2013, and the number expected to rise to 592 million by 2035. Emergence of insulin pump therapy for diabetics can be opportune for the market. The inclination towards home care and its preference by the elderly are expected to positively impact the global insulin pumps market.
COVID-19 is a respiratory disease caused by SARS-CoV-2 coronavirus. The current pandemic caused by the COVID-19 virus has had an enormous impact on the medical device industry. COVID-19 has increased the need for protective equipment and the attention. In order to lower the mortality rate in diabetics, insulin firms are taking steps in ensuring a seamless shopping experience online. Availability of mobile applications for checking insulin levels, reminders on insulin intake, and alerts on shortage or refills can bode well for the global insulin pumps market growth till 2023.
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Segmentation
The global insulin pumps market has been segmented by type, accessories, application, and end-user.
Based on type, the global market is divided into traditional insulin pumps and disposable insulin pumps. The traditional insulin pump segment was the largest in the world and held a value of USD 2.696.9 million in 2016. Traditional insulin pumps have an insulin container and a pumping mechanism placed attached to the body. On the other hand, disposable insulin pumps are worn directly on the body. Such insulin patch pumps have a pumping system, a container, and an infusion, all packed in a small case. These patch pumps administer insulin at the push of a button and gain a larger share in the coming years due to its convenience.
Accessories in the market are infusion sets, insulin reservoirs, and infusion set insertion devices.
Based on the application, the market for insulin pumps is divided into type I diabetes and type II diabetes.
Based on the end-user, the global demand for insulin pumps is segmented into laboratories, hospitals & clinics, and home care centers. The hospital & clinic segment is poised to hit a value of USD 3.908.8 million by 2023. This can be attributed to the facilities acting as the primary point of care for diabetics.
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Regional Analysis
Based on the region, the global insulin pumps market is segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is expected to be the largest market for insulin pumps. This can be attributed due to the presence of various insulin device manufacturers and pharmaceutical companies, state-of-the-art healthcare infrastructure, and rapid adoption of new products and treatments.
The APAC region is anticipated to be the fastest-growing in the global insulin pumps market due to increasing healthcare costs and the rapidly expanding healthcare sector. Demand is higher in high-income nations, but the market is heading towards developing and emerging Asian economies, such as China and India. A large geriatric populace, high numbers of diabetics, wireless pumps, and development of mobile applications for tracking insulin levels are other factors expected to drive the regional insulin pumps market growth.
Key Players
The leading participants in the global insulin pumps market are Abbott Laboratories, F. Hoffmann-La Roche AG, Insulet Corporation, Becton, Dickinson and Company, Braun Melsungen AG, Medtronics, and Sanofi.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and Wherever Required We Will be Considering Covid-19 Footprints for a Better Analysis of Markets and Industries. Cordially Get in Touch for More Details.
