Insulin Pumps are a medical device that is used for dispensing insulin as required in the treatment of diabetes and is also alternatively known as continuous subcutaneous insulin infusion therapy. It is extremely important to manage sugar levels in diabetes as low sugar levels can lead to a fatal condition called hypoglycemia and high sugar levels lead to long-term health problems like heart disease, eye, kidney damage etc. Patients with type 1 diabetes are unable to produce insulin naturally in their bodies and in this case, insulin therapy becomes imperative. Usage of an insulin pump ensures administration of pre-determined doses of insulin around the day.
According to a Market Research Future report on Insulin Pump Market Research Report – Global Forecast to 2023 forecasts that the Insulin Pump segment is expected to reach USD 8520.9 million by the end of the forecasted period and is expected to grow at a CAGR of 8.4% from 2017 – 2023. As insulin pumps are compact electronic devices that imitate the function of pancreas by delivering small doses of short acting insulin uninterruptedly. Usage of insulin pumps has been stimulated lately by factors related to its usability like less number of injections to get the required does of insulin, rise in obesity and diabetes related cases, conveniently administered doses since the cannula stays implanted , flexibility in terms of food & exercise control and increased control over blood glucose. Due to high rate of profitability in the sector there are a lot of competitors in the segment which has led to intense competition. Future strategic alliances between diabetic clinic and manufacturers will lead to expansion of the market considerably.
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The drive in demand for the insulin market is likely to increase favorably following factors like technological progresses in the device, government support and awareness programs for diabetes related treatment options. Lack of awareness, difficulty to gain government support and availability of alternatives are some of the factors that can lead to restrictions in market growth.
Latest Industry News:
Nov 2017 Thermalin Inc has announced a partnership with multi-national pharmaceutical firm Sanofi. The collaboration worth $17.5 million in venture-capital financing will be utilized for development of new insulin therapies.
Jul 2017 Abbott has entered into a deal to combine its FreeStyle Libre glucose sensing technology with Bigfoot Biomedical’s experimental insulin delivery device. Bigfoot has spent the past two years preparing for the anticipated introduction of its device by raising $35.5 million in a series A round and acquiring the developers of insulin pumps and pens.
Global Insulin Pump Market – Competitive Analysis
With the entry of new industry players in the Global Insulin Pump Market, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced content types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring quality product delivery and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of business development so as to gain maximum returns on investment.
Some of the key players in this market are Braun Melsungen AG, F. Hoffmann-La Roche AG, Medtronics. Other important players are Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation and others.
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Global Insulin Pump Market – Segments
Global Insulin Pump Market has been segmented into the following categories:
On The Basis Of Types: Traditional Insulin Pump and Disposable Insulin Pump.
On The Basis Of End Users: Hospital & Clinics, Home Care and Laboratories.
Global Insulin Pump Market – Regional Analysis
The Global market for Insulin Pumps is growing steadily. The market for Insulin Pump will be growing with the CAGR of 8.4% during the forecast period from 2016-2023. North America accounts the largest market share in Global Insulin Pump market in 2016.
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