Insulin Pumpss Market Share, Trends and Growth Analysis By Type (Traditional Insulin Pumpss, Smart Insulin Pumpss and Disposable Insulin Pumpss), Accessories (Insulin Reservoirs, Infusion Sets and Infusion Set Insertion Devices), Application (Type I Diabetes and Type II Diabetes), End User (Hospitals and Clinics, Home Care, Laboratories) and Region (North America, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2023
Diabetic patientsrequire regular insulin shots and the user-friendly nature of insulin pumpss helps them to control their blood glucose level. A new report on the global Insulin Pumps Market, published by Market Research Future (MRFR), estimates that this market could see expansion at 8.4% CAGR between 2016 and 2023. In terms of value, the market can be worth USD 8520.9 Mn by the end of the forecast period.
The global insulin pumps market could benefit from its user-friendly nature. The innovative glucose sensors can observe and forecast a patient’s blood glucose levels. Research & development (R&D) in medical science has resulted in coordination of two technologies, from sensor-augmented insulin pumpss and sensor-driven insulin pumpss to a completely automated, independent sensing and delivery system. Other important factors supporting the market growth include growing prevalence of diabetes over the world, surging demand for insulin pumpss, increasing consumption of junk food, and increasing adoption of sedentary lifestyle.
The global insulin pumps market segmentation covers end-users and types.
Based on the end-users, this market has been segmented into home care, hospital & clinics, and laboratories. During the forecast period, the home care segment can have the fastest growth at 8.9% CAGR.
By type, the market has been segmented into disposable insulin pumps and traditional insulin pumps. Holding the largest share, the traditional insulin pumps segment can be worth USD 4587.5 mn by 2023.
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A geographical outlining of the global insulin pumps market encompasses North America, Europe, Asia Pacific, and the Middle East & Africa (MEA).
By holding the largest share in the global global insulin pumps market, North America can dominate the market throughout the review period due to growing prevalence of diabetes in the region. Other factors facilitating the market growth in this region include sedentary lifestyle of consumers, technological advancement, high consumption of junk food, availability of advanced medical facilities, increasing diabetes, as well as, obesity among consumers, and the presence of some important market players in the USA. After the USA, Canada is another notable country-specific market in this region.
In Europe, the market can grow during the forecast period due to technological advancement and the availability of advanced medical facilities. In both these aspects, Europe is second only to North America. Many significant market players are based in Europe. The cardinal country-specific markets in this region include France, Germany, Italy, Spain, and the UK.
During the forecast period, the insulin pumps market in the Asia Pacific region can grow due to the growing prevalence of diabetes in countries like China, India, Indonesia, Malaysia, and Taiwan. In this region, the market is growing due to improving medical facilities in China and India. Australia, Japan, and South Korea are also three other important country-specific markets. A spur in disposable income in the region, along with the availability of better medical facilities and growing healthcare awareness, is all set to change the regional market dynamics.
The MEA region holds the smallest market share due to the less emphasis on improving healthcare, limited availability of technology, lack of awareness, presence of stringent government policies, and poor economies. The countries falling in the Middle East segment of this region have better medical facilities compared to the countries in the African segment. The focal country-specific markets in this region are Egypt, Saudi Arabia, and UAE.
Prominentplayers in the global insulin pumps market include Abbott Laboratories (USA), Becton Dickinson (USA), Braun Melsungen AG (Germany), F. Hoffmann-La Roche AG (Switzerland), Insulet Corporation (USA), Medtronics (Ireland), Sanofi (France), and others.