Insulin Pumps Market Size, Insights and Share Analysis By Type (Traditional Insulin Pumps, Smart Insulin Pumps and Disposable Insulin Pumps), Accessories (Insulin Reservoirs, Infusion Sets and Infusion Set Insertion Devices), Application (Type I Diabetes and Type II Diabetes), Top Manufacturers and Region, Forecast to 2023
Global Insulin Pump Market size and share estimated to reach USD 8520.9 million at a CAGR of 8.4% between 2016 and 2023 says Market Research Future (MRFR). Traditional insulin pump segment can be worth USD 4587.5 million and home care segment can have the fastest growth at 8.9% CAGR by 2023
Diabetic patients require regular insulin shots and the user-friendly nature of insulin pumps helps them to control their blood glucose level. The global insulin pump 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 pumps and sensor-driven insulin pumps 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 pumps, increasing consumption of junk food, and increasing adoption of sedentary lifestyle.
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Insulin Pump Market Segmentation
The global insulin pump market is segmented into covers end-users and types.
By type, the insulin pump market is segmented into
Disposable insulin pump
Traditional insulin pump
Smart Insulin Pumps
Based on the end-users, the insulin pump market is segmented into
hospital & clinics
Insulin Pump Market Regional Segmentation
A geographical outlining of the global insulin pump market encompasses
Middle East & Africa (MEA)
By holding the largest the global insulin pump market share, North America can dominate the market throughout the review period due to growing prevalence of diabetes in the region. Other factors facilitating the insulin pump 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 insulin pump 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 Asia Pacific insulin pump market is expected to witness significant growth 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 insulin pump 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.
Insulin Pump Market Key Players
Prominent players in the global insulin pump 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.
Latest Industry News
Tandem Diabetes Care has increased the worldwide unit sales of its t: slim X2 insulin pumps by 290%. A t: slim X2 insulin pump features integrated continuous glucose monitoring and remote software update capability
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This post was originally published on The Market Plan