Market Snapshot:
According to the WHO (World Health Organization) estimation, there was approximately 108 million Diabetic population in 1980s which increased to 422 million in 2014. Moreover, ‘International Diabetes Federation’ states that approximately 1.6 million deaths were reported in 2016. Modernization leading to the high prevalence of several lifestyle diseases including Diabetes, Changing diet and increased dependency on ready-to-eat packaged food consisting of unhealthy artificial ingredients and preservatives can be associated with the factors driving the Insulin pump market. Diabetes is a chronic disease that occurs when the pancreas does not produce enough insulin, which is a hormone that regulates blood sugar. The insulin pump is a portable device which delivers a specific amount of insulin in the body at a specific time interval. The pump is attached to the body to deliver insulin via a catheter that is placed under the skin. It is a programmable device which delivers a specific amount of insulin (Basal rates) to maintain the blood glucose level. Insulin pumps act as a potential alternative for insulin injections.The research analyst at AMA estimates Insulin Pump market to grow at a compounded annual growth rate of 9.56%
Segment Analysis
AMA Research have segmented the market of Global Insulin Pump market by Type, Application and Region. On the basis of Type, Tethered Insulin Pumps are dominating the market in the year 2021
On the basis of geography, the market of Insulin Pump has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021.
Market Trend
Adoption of Insulin Pumps over Conventional Methods of Diabetes Management and Electronic Insulin Pumps are Preferred Over Traditional Pumps Due To Their Better Safety Results
Market Drivers
Increased Prevalence of Diabetes Worldwide, Benefits of Insulin Pumps over Insulin Injection Such As Improved Glucose Level in the Body and Increasing Awareness about Diabetes in the Population
Opportunities
Increasing Partnership and Collaboration Activities by Players of the Market, Technological Advancement in Insulin Pump, for instance, Use of Real-time CGM for Insulin Pumps and Insulin Pump Replacing Traditional Pumps
Restraints
- High Cost of the Latest Insulin Pumps
- Availability of Substitutes for Insulin Pumps
- Unfavorable Reimbursement Plans
In addition to the aforementioned factor, Increased Prevalence of Diabetes Worldwide
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
The global insulin pumps market is fragmented with many top international and regional key players who are anticipated to grow substantially over the forecast period.With the new entrants, the level of competition is likely to intensify in the coming future. Players in the market are constantly looking for ways to enhance their market presence by focusing on the implementation of various new models and M&A such as On September 2018, SFC Fluidics received SBIR II funding to develop dual Hormone Patch pump diabetes patients. SFC fluidics can control the delivery of both insulin and glucagon in a discreet patch pump that is the same size as the insulin-only patch pumps currently in the market.
The key Players profiled in the study are Abbott Laboratories (United States), Animas Corp. (United States), Asante (United States), Becton (United States), Dickson and Company (United States), Braun Melsungen AG (United States), Cellnovo Limited (United Kingdom), Medtronics Inc., (United States) and F. Hoffmann-La Roche Ltd.,(Switzerland). A lot of United States players are profiled in the research study indicating a strong market dependence.