Global Insulin Pump Market – Overview
The Global Insulin Pump Market is expected to reach USD 8520.9 million by the end of the forecasted period and is expected to grow at a CAGR of 8.4% from 2018 – 2023.
Continuous subcutaneous insulin, or the insulin pump, has picked up popularity and advancement as a physiologic programmable technique for insulin delivery which is adaptable and life style friendly. Furthermore, the introduction of constant observing with glucose sensors gives exceptional access to, and forecast of, a patient’s blood glucose levels. Research and development is in progress to coordinate the two technologies, from “sensor-augmented” and “sensor-driven” pumps to a completely automated and independent sensing and delivery system.
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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.
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
Some of the key players in this market are: Braun Melsungen AG, F. Hoffmann-La Roche AG, Medtronics, Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation and others.
Global Insulin Pump Market – Segments
Global Insulin Pump Market has been segmented on the basis of types which comprises of Traditional insulin pump and Disposable insulin pump. On the basis of end users, it comprises of Hospital & Clinics, Home Care, and Laboratories.
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.
The Global market for Insulin Pump is growing steadily. The market for Insulin Pump is growing with the CAGR of 8.4% during the forecast period from 2016-2023. North America accounts the largest market share in Global Insulin Pump market in 2016.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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Global Insulin Pump Market – Overview