Insulin Pump Market is Expected To Grow at CAGR of 8.4% By 2023

Insulin Pump Market
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.

According to a recent study report published by the Market Research Future analysts, the Global Insulin Pump Market is growing at a moderate pace; mainly due to the increasing prevalence of diabetes, rise in the obese population, technological advancements in the drug delivery devices, and growing awareness about the diabetes care. Having said that, all is not going well for the insulin pump market. Cost of device is a huge obstacle to greater pump adoption and the cost factor cannot be ignored. Moreover, recent product recalls due to device malfunction have resulted in huge losses for the companies hindering the growth of this market.

Diabetes is a chronic disease, and its global prevalence is increasing immensely. Recently a research study stated that it is one of the foremost causes of death and has increased risk of developing number of serious health problems. According to WHO, in 2008, approximately 347 million people were suffering from diabetes Likewise, according to International Diabetes Federation (IDF) in 2013, approximately 384 million people are suffering from diabetes and approximately 592 million people are expected to suffer by 2035.

Obesity plays a dynamic role in the growth of insulin pumps market. Risk factors of diabetes and high blood pressure are increasing steadily with rise in prevalence of obesity. According to WHO, approximately, 2.8 million people die each year due to obesity and approximately 44% of diabetes cases are attributable to obesity. Trust for America’s Health and Robert Wood Johnson Foundation obesity remains one of the biggest fears in the chronic diseases, leading to more than $147 billion to $210 billion dollars in preventable healthcare spending in recent years.

Even though the insulin delivery with pumps, otherwise known as continuous subcutaneous insulin infusion (CSII), was presented almost a half century ago, the major developments in the insulin pump market took place in last couple of decades which changed the therapeutic landscape of diabetes care. Since then, Innovative capabilities have progressed significantly, and pump utilization has increased. In spite of the fact that the pump and its supplies (insulin cartridges, tubing, also, mixture sets) remain costly, insurance coverage has enhanced significantly throughout the years.

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Global Insulin Pump Market   – Competitive Analysis

The market of insulin pump consist of number of players that are involved in the development of the insulin pump devices. But only few of them such as Medtronic, and Insulet are able to survive and strive through the tough time for the insulin pumps market.

To acknowledge the reality in this market, Medtronic owns this market at present and considering the present scenario, it will only get bigger. Medtronic has this MiniMed 530G system which is fully integrated with a glucose sensor to give you advanced diabetes control.

Another major company in this segment is Insulet Corporation. The OmniPod may be the only wireless/tubeless system in insulin pump market. However, this system is too expensive which his affecting its larger acceptance.

Other than that, Roche has an insulin pump segment but their market presence is lacking. Recently, Roche stoped selling Accu-Chek Insulin Pumps in U.S. So now, there is one less player in the U.S. insulin pump market. But that’s not it, another major company Johnson & Johnson has withdrawn from the insulin pump market. Moreover, Companies like Tandem Diabetes Care, Inc is losing money due to its poor strategies and inefficient business model. But these are not the only problems companies are facing. With the advent of CGM and smart insulin pens, it is strongly believed that optimal control can be achieved as effectively as a pump but cheaper. With expensive costs of the existing insulin pumps, the troubles for the insulin pump companies are growing.

Overall, the options for the consumers in this market are growing slimmer, and one or two companies are benefitted the most from this scenario.

Global Insulin Pump Market –Key Players

Braun Melsungen AG, F. Hoffmann-La Roche AG, Medtronics, Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation and Others. are some of the prominent players at the forefront of competition in the global Insulin pump market and are profiled in MRFR Analysis. 

Global Insulin Pump Market – Regional Analysis

The global market for insulin pump is growing gradually. The market is growing with the CAGR of 8.4% during the forecast period from 2016-2023. North America accounts for large market share in 2016. Increasing diabetic population in countries like US and Canada drives more opportunities for insulin pump manufacturers to supply these insulin pumps on huge demand which will boost the revenue for insulin pump market in this region. Moreover, the presence of the biggest player, Medtronic, in U.S. has greatly enhanced the growth of this region in insulin pump market. Moreover, Europe, Asia Pacific region are still believed to be using the old technology insulin pumps for the diabetes care which has maintained their fair share in this market. Middle East & Africa contributes least in the global insulin pump market.

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