The Global Insulin Pumps Market is expected to make significant progress with 8.4% CAGR to back up the growth during the forecast period covering 2018 to 2023. Market Research Future (MRFR) in their recently published report on the same claimed that USD 8520.9 million mark would be easily achievable for the market by 2023.
Insulin pumps are known for their wide-scale use in diabetic patients at intervals to control the level of insulin. The pump delivers a dose of insulin if the glucose level goes down and can be considered better alternative for injections as they require fewer shots than the injections.
Diabetes is a chronic disease and the number of patients suffering from the disease is rising all the time as various transformation in the lifestyle is spurring the rate of growth for diabetes. On the other hand, better awareness regarding the disease is also expected to play in favour of the market.
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The global insulin pumps market can be segmented by type, accessories, application, and end user for a better understanding of the upcoming market. This segmentation also produces information regarding various market drivers that can impact the growth patterns.
By type, the market report on the insulin pumps can be segmented into traditional insulin pump and disposable insulin pump. The traditional insulin pump has the maximum market valuation owing to its wider market percolation.
By accessories, the global market report on the insulin pumps can be segmented into infusion sets, insulin reservoirs, and infusion set insertion devices. The infusion set segment can be segmented into steel cannula and plastic cannula.
By application, the global market report on the insulin pumps can be segmented into type 1 diabetes and type 2 diabetes. Both these segments are expected to gain significant market contributions.
By end user, the market for insulin pumps can be segmented into hospitals & clinics, home care, and laboratories. The hospitals & clinics segment has the market potential of growing up till a valuation of USD 3908.8 million by 2023.
North America is a market with high growth potential owing to its prospects that would trigger significant revenue generation. The regional market is known to have a high number of diabetic people who need the assistance of such advanced devices that can simplify the drug delivery procedure. The US and Canada are countries from the zone to have the maximum benefit. Other countries are not so financially strong. In the Latin part, there are countries like Brazil, Argentina, and others who may trigger better market growth in the coming years.
In Europe, similar growth patterns can be witnessed as several players are now initiating better market percolation plan to simplify the growth process. There are other aspects like infrastructural facilities and hike in investment that can promote the regional market growth. The Asia Pacific market is expected to have strong growth in the coming years as the regional market is allowing companies to launch their innovations to keep up the speed the structure aligned with the revamping healthcare sector. These companies are expected to gain better hike by using the massive population in their stride.
A number of companies are showing significant interest in taking the global insulin pumps market forward. These companies have been listed by MRFR for a better profiling and in the coming years their market patterns would be able to develop a chart regarding how the market is planning to shape up. MRFR has listed these companies and they are F. Hoffmann-La Roche AG, Sanofi, Becton, Dickinson and Company, Braun Melsungen AG, Abbott Laboratories, Medtronics, and Insulet Dorporation.
In October 2019, FDA declared that they have expanded the indication for a type of insulin aspart injection 100 U/mL to assist in the inclusion of insulin infusion pumps that has the potential to improve the glycemic response in adults.
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