The global insulin pump market size is
projected to reach 8.8 billion by 2026, according to a new report by Grand View
research, Inc. It is expected to expand at a CAGR of 9.7% over the forecast
period. The key factors driving the growth are the rapid technological
advancements and adoption of pumps over the traditional methods. These pumps
are very convenient for people who require daily, multiple injection of
insulin.
Insulin pumps enable insulin to be
delivered into the body either manually or automatically. They can be
programmed to deliver a specific set of doses as per the requirement. Patients
can connect these devices to their smart phones to calibrate blood glucose
reading. This factor is expected to drive the product demand.
Technological advancements and new
product launches are expected to fuel the market growth during the forecast
period. For instance, Medtronic's MiniMed 670G system is the world's first
hybrid closed loop system that acts like an artificial pancreas. The system
provides automated insulin delivery as per the Continuous Glucose Monitoring
(CGM) readings of the patient.
Rising efforts of the governments and
healthcare organizations to control the prevalence of diabetes is expected to
bode well for the market growth. For instance, the International Diabetes
Federation (IDF) provides the required expertise and supports diabetes
awareness campaigns through a network of stakeholders and partners. Increasing
healthcare funding is also anticipated to propel the growth of the market.
Additionally, the market is expected to witness a shift from the traditional
tethered pumps to patch pumps driven by their compact size and ease of use.
Further
key findings from the report suggest:
• North America held the largest market
share in 2018, owing to favorable reimbursement policies, local presence of key
players, and supportive government initiatives
• Medtronic plc is expected to capture
majority share of the insulin pump market owing to the company's global
presence and advanced product portfolio
• Tethered pumps dominated the type
segment in 2018. However, patch pumps segment is expected to witness the
fastest CAGR over the forecast period
• By accessories, insulin set insertion
devices held the largest market share in 2018 and is expected to expand at a
CAGR of 9.6% over the forecast period
• By end use, homecare segment is
expected to expand at the fastest CAGR during the forecast period owing to the
increasing focus on providing at-home treatment to the patients as most of
diabetes patients belong to the age group of 45 years and above.
• Some prominent players are Medtronic
Inc.; F Hoffmann-La Roche; Insulet Corporation; Ypsomed; Tandem Diabetes Care;
Sooil Development; Cellenovo; Valeritas Inc.; and local players
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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