Improved product functionality is a determinant that may incite investors to pour in their money in tubeless insulin pump industry. Insulet’s latest addition of smart features to its product is an instance of the aforementioned statement. Elaborating further, Insulet Corporation, a renowned player across tubeless insulin pump industry, has recently added additional features such as touchscreen and Bluetooth to its OmniPod Dash system. Citing yet another example, in 2016, Medtrum Technologies Incorporation, a key participant in tubeless insulin pump market, had launched a tubeless insulin punch fitted with CGM system. Even Roche Holdings AG, a healthcare firm based in Switzerland, in 2015, introduced the Accu-Chek Connect – a bolus calculator, in its tubeless insulin pump, that has apparently helped numerous users to calculate the proportion of insulin doses to be consumed.
Critical agreements between prominent industry giants have ushered in new developments across tubeless insulin pump industry. Quoting an example, in 2016, Insulet Corporation and Eli Lilly & Company, a U.S. based pharmaceutical giant, had signed a pact to build a new type of OmniPod tubeless insulin delivery system to deliver Lilly’s highly concentrated U200 and U500 insulin formulations. It is undeniable therefore, that collaborations witnessed across the pharmaceutical and healthcare industry can have a major impact on the overall business.
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Tubeless insulin pumps find a remarkably high demand over their tubed counterparts across the United States. This, as the experts say, is a key determinant that will facilitate the development of North America tubeless insulin pump market. In 2016 alone, U.S. tubeless insulin pump industry size was pegged at USD 200 million. The region is expected to make notable contributions toward North America tubeless insulin pump market share in the ensuing years.
Brazil tubeless insulin pump market size is slated to expand at a rate of 18% over the coming timeframe. Easy accessibility of tubeless insulin pumps with user-friendly features is expected to expand the product penetration in the region.
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Europe is slated to be one of prime hubs for the development of tubeless insulin pump market. This prediction may have perhaps stemmed from the fact that the region is a model instance of highly sophisticated healthcare infrastructure. The robust improvement in healthcare services in addition to the deployment of novel technologies across the healthcare sector are projected to have a significant effect on the growth of Germany tubeless insulin pump market share. The country is expected to dominate the overall industry share in terms of revenue over the coming years.
Tubeless insulin pump industry is projected carve out a profitable growth curve over the coming years, subject to the product’s innumerable benefits. The market has been forecast to have bright growth prospects as is evident from the estimates put forth by a research study – the report apparently states that this market will grow at a rate of 25% over 2017-2024, having attained USD 350 million in 2016.
Tubeless insulin pump market is likely to be constrained by a few essential factors, such as escalating product costs and restricted insurance coverage policies. On these grounds, manufacturers have been striving to reduce equipment costs and make them affordable to attract a wider consumer base. In addition, competitive pricing strategies adopted by the key business players will further help in reducing the costs of devices, thereby propelling tubeless insulin pump market expansion.