Industry Background:
The insulin infusion pump is an insulin-delivering device in the treatment of diabetes. Factors contributing to the growth of the market include increasing prevalence of diabetics, rapid growth in the geriatric population, growing awareness about different insulin delivering devices, and the development of efficient insulin infusion pumps. Moreover, consumer information and professional programs provided by manufacturers of insulin infusion pump propelling the market growth.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Insulet Corporation (United States), Medtronic, plc (United States), Roche (Switzerland), Animus Corporation (United States), Tandem Diabetes Care, Inc. (United States), Ypsomed (Switzerland) and Cellnovo Ltd. (United Kingdom) |
According to AMA, the market for Insulin Infusion Pumps is expected to register a CAGR of 7.58% during the forecast period to 2027. This growth is primarily driven by The increasing prevalence of diabetes is the major driver attributing to the growth of the insulin infusion pumps market. For instance, according to the International Diabetes Federation (IDF), over 463 million adults in the age group of 20-79 years were living with diabetes in 2019 among which 79% of the patients belong to from low- and middle-income countries. Moreover, this figure is expected to reach 700 million by 2045 which is expected to drive the product demand over the forecasted period..
Globally, a noticeable market trend is evident Growing Awareness about Different Insulin Delivering Devices
. The Medical Devices sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Insulet Corporation (United States), Medtronic, plc (United States), Roche (Switzerland), Animus Corporation (United States), Tandem Diabetes Care, Inc. (United States), Ypsomed (Switzerland) and Cellnovo Ltd. (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
October 2019, Tandem Diabetes Care and Abbott announced today that they aiming to develop and commercialize integrated diabetes solutions that combine Abbott's 1 glucose sensing technology with Tandem's advanced insulin delivery systems to deliver more efficient options for diabetic patients.
October 2019, Novo Nordisk the pharmaceutical company announced that the U.S. Food and Drug Administration (FDA) has expanded the label for insulin aspart injection, Fiasp 100 u/mL to include use in insulin infusion pumps for the enhancement of glycemic control in adults suffering from type 1 or 2 diabetes.
Market Drivers
- The increasing prevalence of diabetes is the major driver attributing to the growth of the insulin infusion pumps market. For instance, according to the International Diabetes Federation (IDF), over 463 million adults in the age group of 20-79 years were living with diabetes in 2019 among which 79% of the patients belong to from low- and middle-income countries. Moreover, this figure is expected to reach 700 million by 2045 which is expected to drive the product demand over the forecasted period.
Market Trend
- Growing Awareness about Different Insulin Delivering Devices
- Increasing Prevalence of Chronic Diseases along with the Rapid Growth in the Geriatric Population
Restraints
- Lack of Expert Professional for Appropriate Handling of Insulin Infusion Pump
- Stringent Regulatory Requirements for New Product Launch in Healthcare Market
Opportunities
Emphasizing On Development of Efficient Insulin Infusion Pumps and Rising Demand from the Developing Economies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Insulin Infusion Pumps Study Sheds Light on
The Insulin Infusion Pumps Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Insulin Infusion Pumps industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insulin Infusion Pumps industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.