Observation presented by Market Research Future asserts that Global Insulin Pump Market is expected to strike moderate CAGR of 8.4% during the assessment period. The developments in drug delivery technology have led to a drastic rise in the adoption of insulin pumps across the world.
Pune, Maharashtra - July 16, 2019 /MarketersMedia/ —
Diabetes has become widely prevalent and resonates strong growth potential for the insulin pump market. Increasing expenditure in the treatment of diabetes is likely to boost the sales of these pumps over the next couple of years. As per the statistics put forward by the World Health Organization (WHO), the patient population of the disease has reached 422 million in 2014 from 108 million in 1980. The rising patient population is also expected to accelerate revenue generation of the participants of the insulin pump market in the nearby future.
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The rising burden of obesity is one of the primary factors expected to increase the growth pace of the insulin pump market over the next couple of years. Obesity is likely to affect a larger fraction of the population in the nearby future owing to factors such as sedentary lifestyle, rising dependency on convenience food, physical inactivity, etc. This, in turn, is anticipated to encourage the expansion of the insulin pump market over the next few years. However, on the contrary, the risks associated with these pumps can pose a challenge to market players. In addition, the high cost of these pumps remains an impediment to market growth.
Insulin Pump Market - Competitive Dashboard
Medtronic, the world's largest medical device company, is one of the key players in the Global Insulin Pump Market expected to bring innovations and technological advancements. It has collaborated with Tidepool, a nonprofit organization, for the development of automated interoperable insulin pump system. The company is working on the introduction of Bluetooth-enabled MiniMed pump, which is compatible with Tidepool Loop.
The competitive landscape of the market is also likely to witness an influx of new entrants as it resonates strong growth potential. To illustrate, Samsung, a South Korean multinational conglomerate, is likely to venture into the medical devices industry with the launch of its smartphone-controlled insulin pump.
Other key players that are likely to contribute towards the development of the Insulin Pump Market are Braun Melsungen AG, Abbott Laboratories, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Insulet Corporation, and Sanofi.
Insulin Pump Market - Segmentation
The different types of Insulin Pumps covered in this MRFR report are traditional insulin pump and disposable insulin pump. The traditional insulin pump segment is likely to witness an upsurge in demand across the review period. It is estimated to touch a valuation of USD 4587.5 Mn by 2023.
The key end-users identified in this report are hospital & clinics, home care, and laboratories. Among these, the home care segment is projected to strike a comparatively higher CAGR of 8.9% over the projection period.
Insulin Pump Market - Regional Analysis
The Global Insulin Pump Market, for a detailed geographical evaluation, has been segmented into Asia Pacific, the Middle East & Africa (MEA), Europe, and North America. North America is the largest regional segment of the global market. The region is likely to retain its dominance over the next few years owing to technological advancements in the healthcare sector. The increasing burden of obesity and diabetes is also likely to accelerate revenue creation for the players of the insulin pump market in the foreseeable future.
Asia Pacific is also anticipated to exhibit healthy growth pace owing to the presence of a huge patient population. In addition, the developments in the medical tourism industry in the region is also poised to boost the expansion of the Insulin Pump Market across the assessment period.
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Source: MarketersMedia
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