Worldwide Insulin Pump Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023
Worldwide Insulin Pumps Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023
Insulin pump is a small and discreet device that delivers a specific amount of insulin through a needle inserted underneath the skin. The insulin pump is integrated with the receiver, transmitter, and a sensor that can be programmed to deliver constant doses of insulin during the day. It delivers and regulates blood sugar level in the body. It consists of a disposable infusion set, a cannula for subcutaneous insertion, a tubing system to connect the cannula with the insulin reservoir, and a disposable reservoir for insulin set.
Factors such as rising prevalence of diabetic patients, technological advancements, and the increasing potential in the emerging countries are expected to drive the market growth during the forecast period. The high cost of insulin pumps and stringent regulatory approval process are factors hampering the market growth.
The markets in India, Brazil, and China are also expected to grow at a rapid pace during the forecast period due to the high prevalence of diabetes in these countries.
The global insulin pumps market is estimated to witness a CAGR of 8.3% during the forecast period 2017–2023. The market is analyzed based on three segments – product types, end-users, and regions.
The factors such as re-sales of insulin pumps and the increased adoption of advanced technology products are the opportunities for the market players during the forecast period. Increasing awareness among people about diabetes and glucose monitoring devices has a significant impact on the growth of the global insulin pumps market.
The market is witnessing an emerging trend for advanced insulin pumps such as Medtronic's MiniMed 530G system. Knowledge about the advantages of insulin pumps systems over traditional injections, meters, and other glucose monitors has led to the market growth in developed countries.
The regulatory scenario is of concern as there has been a wide range of instruments and assays, which range from Class I to Class III devices. Recently, there has been a change in regulations in the European region, which has become a major issue for the market players.
The regions covered in the report are the Americas, EMEA, APAC, and Rest of the World (ROW). The Americas is set to be the leading region for the insulin pumps market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The markets in India, Brazil, and China are expected to grow at a rapid pace during the forecast period as the prevalence of diabetes and lifestyle diseases in these countries is high. These countries are set to be the target regions for the players due to the large untapped market.
The leader in the insulin pumps market is Animas, who is currently occupying the majority of the insulin pumps market share. Medtronic, Roche, Asante, Cellnovo, and Insulet are the other major players in the market. These top players occupy more than half of the market. The report covers the following players:
Nipro Diagnostic Inc.
Tandem Diabetes Care Inc.
Sooil Development Co. Ltd.
The tethered pumps segment is dominating the global insulin pumps market, and a lot of new players are focusing on developing technologically advanced reagents and analyzers to gain the market share. The advanced products such as MiniMed 530G system and OmniPod insulin pumps are expected to drive the market growth in the future.
The large players such as F. Hoffmann-La Roche and Medtronics are acquiring companies with products that would complement their existing portfolio. Significant investments in R&D in this market is expected to increase, and collaborations and M&A are expected to continue.
The report provides complete details about the usage and the adoption rate of insulin pumps by various end-users and regions. The key stakeholders use this information to know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the increasing awareness of diseases in the upcoming years along with the details of commercial devices available in the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report provides complete details about the main business opportunities to the key stakeholders to expand their business and gain revenue in the specific vertical and to analyze before investing or expanding the business in this market.