The Global Insulin Pump Market is anticipated to reach USD 8.52 billion with rising at a CAGR of 8.4% By 2023. The Global Insulin Pump Market is given a thorough look-over in the new report from Market Research Future (MRFR). The global insulin pump market’s inner dynamics are revealed in detail in the report with the help of accurate data, precise analysis, and valuable inputs from the industry’s current leading lights. The segmentation of the global insulin pumps market is presented in detail in order to provide readers with a clear picture of the market’s granular composition. Drivers and restraints affecting the market are also analyzed in detail in order to gain a clear picture of the factors helping the market grow and those that stand as obstacles in the market’s path.
The insulin pump market has been driven primarily by the growing prevalence of diabetes worldwide. The global insulin pump market has risen in demand as the prevalence of diabetes has grown thanks to the growing popularity of a sedentary lifestyle and increasing consumption of junk food. The global prevalence of diabetes among adults over 18 years of age has almost doubled over the last three decades, according to the WHO, with around 422 million people estimated to be suffering from diabetes around the world in 2014.
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The development of technologically advanced insulin pumps that can be easily incorporated into the motions of a diabetes patient’s daily life has changed the game for the global insulin pumps market. Technological development in healthcare devices is a major part of healthcare research and is likely to remain the same over the forecast period, driving the global insulin pumps market.
Competitive Analysis:
Leading players in the global insulin pump market include Braun Melsungen AG, Medtronics, Sanofi, Abbott Laboratories, F. Hoffman-La Roche AG, Insulet Corporation, and Becton, Dickinson, and Company.
The global insulin pump market is becoming the topic of much research among medical researchers due to the vital assistance the device provides to diabetes patients. In 2018, the winner of the Congressional App Challenge was A Smarter Insulin Pump, an app that improves upon existing sugar level tracking apps to make the data more personal and more meaningful. Such innovations are likely to drive the insulin pump market at a steady pace over the forecast period.
Segmental Analysis:
The global insulin pump market has been segmented on the basis of type and end use.
On the basis of type, the global insulin pump market is segmented into traditional and disposable insulin pumps. Traditional insulin pumps hold the largest share in the global insulin pump market and the segment is likely to hold a dominant share in the global insulin pump market over the forecast period, emerging with a valuation of USD 4587.5 million by the end of the forecast period.
By end use, the global insulin pump market is segmented into hospital and clinics, home care, and laboratories. Of these, home care is likely to be the fastest growing segment over the forecast period due to the growing demand from diabetes patients to manage their complications on their own in the confines of their own house. Many diabetes patients prefer the familiar environs of their home over the unfamiliarity of hospitals and prefer to carry out minor and simple monitoring procedures on their own. This is likely to drive the demand for home care in the healthcare sector over the forecast period, leading to an increase in the insulin pumps market. The home care segment is expected to exhibit a robust CAGR of 8.9% over the forecast period.
Regional Analysis:
The global insulin pump market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America is the dominant regional market for insulin pumps due to the growing prevalence of diabetes in the region. The highly sedentary lifestyle of consumers in North American countries and the high consumption of junk food have led to a high prevalence of diabetes and obesity, which is likely to lead to an increased demand from the insulin pump market over the forecast period.
Asia Pacific is also likely to rise steadily in the global insulin pump market due to the growing prevalence of diabetes in countries such as China, India, Indonesia, Taiwan, and Malaysia.
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