About the Insulin Pumps Market
Diabetes is a common metabolic disease in which an individual's blood sugar level is high for a prolonged period. This is caused either because the pancreas stops secreting insulin or the body does not respond appropriately to insulin. The two types of diabetes include type 1 and type 2. In type 1 diabetes, the body does not produce sufficient insulin, and it is usually diagnosed in children and young adults. The most common type of diseases is type 2. In this type, the body is incapable of utilizing insulin. Insulin pump therapy is the most preferred alternative delivery method of administrating insulin instead of insulin pens and needles. It is able to reduce the rate of recurrence of severe hypoglycemia and is capable of improving the quality of life for insulin pump users. An insulin pump is a small-sized high-tech electronic device that can be connected to the body via an infusion set to deliver small doses of rapid-acting insulin to meet the basal needs. This device offers flexibility to people with type 1 diabetes.
Technavio’s analysts forecast the global insulin pumps market to grow at a CAGR of 8.05% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global insulin pumps market for 2016-2020. To calculate the market size, we consider revenue generated from the sale of insulin pumps.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Insulin Pumps Market 2016-2020
Technavio recognizes the following companies as the key players in the global insulin pumps market: Animas, Insulet, Medtronic, and Roche Diagnostics.
Other Prominent Vendors in the market are: Bayer, GlySens, IA Collaborative, MicroPort, Senseonics, Tandem, and Valeritas.
Commenting on the report, an analyst from Technavio’s team said: “A trend propelling market growth is the adoption of insulin pumps over conventional methods. Electronic insulin pumps are most commonly preferred over traditional treatment due to their effectiveness, safety, and better glucose results. Companies are developing new generation insulin pumps with advanced features that have allowed better compliance and integration of devices with IT. This has allowed people with diabetes to maintain their blood glucose levels and achieve a better lifestyle.”
According to the report, a key growth driver is the focus on diabetes management. Insulin pumps help people in diabetes management without physician support. With positive results of insulin pumps, there has been an increase in the awareness regarding insulin pumps among patients and physicians. Vendor-sponsored awareness programs facilitate cost free checking of blood glucose levels. This helps vendors to attract new customers. Further, companies like Roche Diagnostics are developing products that are designed to implement glucose monitoring technologies in disease management.
Further, the report states that one challenge that could hamper market growth is inadequate reimbursements by insurance carriers. Although reimbursements are being provided, they are inadequate owing to lack of adequate evidence on the accuracy of insulin pumps; some clinical studies have raised questions about the accuracy of these devices.
Animas, Insulet, Medtronic, Roche Diagnostics, Bayer, GlySens, IA Collaborative, MicroPort, Senseonics, Tandem, Valeritas.
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