Market Research Future published a Cooked research report on “Global Insulin Pump Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Global Insulin Pump Market Information, by types (Traditional insulin pump, Disposable insulin pump); by end users (Hospital & Clinics, Home Care, Laboratories) – Forecast to 2023
The Insulin Pump Market is growing with the rapid pace; mainly due to the increasing prevalence of diabetic population According to a recent study report published by the Market Research Future, The Global market of Insulin Pump is booming and expected to gain prominence over the forecast period. The Insulin Pump market is projected to raise up to USD 8520.9 Million by end of 2023, at a staggering CAGR of 8.4 % between 2017 and 2023.
Continuous Subcutaneous Insulin, or the Insulin Pump, has picked up popularity and advancement as a physiologic programmable technique for insulin delivery which is adaptable and life style friendly. Furthermore, the introduction of constant observing with glucose sensors gives exceptional access to, and forecast of, a patient’s blood glucose levels. Research and development is in progress to coordinate the two technologies, from “sensor-augmented” and “sensor-driven” pumps to a completely automated and independent sensing and delivery system.
The global Insulin Pump market is expected to grow at a stable pace. One of the major factors driving the growth of the market is rise in global obese population, technological advancement in drug delivery devices and growing global awareness of diabetic care.
Furthermore, Diabetes is a chronic disease, and its global prevalence is increasing immensely. Recently, it is one of the foremost causes of death and has increased risk of developing number of serious health problems. It is the major cause of cardiovascular disease, kidney disease, eye disorders and stroke.
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According to WHO, in 2008, approximately 347 million people were suffering from diabetes. Likewise, according to IDF in 2013, approximately 384 million people are suffering from diabetes and approximately 592 million people are expected to suffer by 2035.
The amount of population diagnosed with diabetes is projected to increase at a tremendous rate, the largest percentage increase is expected to be in the age group of diabetics patients above age 60. Thus if current trends in diabetes occurrence rates continues linearly over the next 50 years, there would be an intense increase in the number of population diagnosed with diabetes. With increasing diabetic patients, the demand of insulin devices is expected to be huge, thus resulting to the increasing consumption of insulin pumps globally and driving the global insulin pumps market
Insulin Pump Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Insulin Pump appears to be highly competitive. Players operating in the global Insulin Pump markets are focusing upon optimized situational awareness for customers and ensure their mission success. Well established players increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. These players possess state of art developing labs and strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among Insulin Pump industry marketers on inbound lead generation over branding-oriented efforts. Braun Melsungen AG, F. Hoffmann-La Roche AG, Medtronics, Abbott Laboratories, Becton, Dickinson and Company, Sanofi, and Insulet Corporation are some of the prominent players at the forefront of competition in the global Insulin Pump market and are profiled in MRFR Analysis.
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Insulin Pump Market – Segmentation
The Insulin Pump Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Traditional insulin pump, and Disposable insulin pump
Segmentation By End User : Comprises Hospital & Clinics, Home Care, and Laboratories, and other
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
By types, Traditional insulin pump segment holds the largest market share which is 55.7% of Global Insulin Pump market and is expected to reach USD 4587.5 million by 2023.
Traditional insulin pumps are currently dominating the market share in 2016, however disposable insulin pumps market is expected to grow at a fastest CAGR of 9.1% during the forecast period 2016-2023.
By End User, Home Care segment is expected to grow at a fastest CAGR of 8.9%. Whereas, Hospital and Clinic Segment is accounted for ~45% of market share in the year 2016.
Insulin Pump Market – Regional Analysis:
On the basis of regions the global insulin pumps market is divided into North America, Europe, Asia Pacific, Middle East & Africa. North America region captured the largest market share in 2016 owing to increasing technological advancement in the healthcare industry and growing diabetic population in the following regions. The European market is expected to reach US$ 2,784.5 million in 2023, this market is expect to grow at a CAGR of 8.7% during the forecast period. Asia Pacific market is expected to be the fastest growing market which is growing at a CAGR of 8.9% during the forecast period 2016-2023.