Insulin Pumps Market 2020: Focuses On Companies, Growing Opportunities, Growth, Revenue Analysis, and Growth Rate 2025
Posted by Shahbaz on October 13th, 2022
Increasing prevalence of type I diabetes is driving the market for insulin pumps over the forecast period
According to The Insight Partners market research study titled “Insulin Pumps Market to 2025 – Global Analysis and Forecasts by Product, Type and Application”, the global insulin pumps market was valued at US$ 3,822.44 Mn in 2017 and is estimated to reach US$ 8,264.01 Mn by 2025. The report highlights the trends prevalent in the global insulin pumps market and the factors driving the market along with those that act as deterrents to its growth.
The increasing technological advancements due to the increased demand for product development. However, the availability of alternatives for insulin delivery pumps are expected to act as major challenges hindering the market growth.
The global insulin pumps market is a mature market in the developed countries as well as in developing economies worldwide. The insulin pumps market is segmented on the basis of product, type and application. Based on product, the market is bifurcated into pumps and accessories. By type, the insulin pumps market is segmented into tethered and untethered types. On the basis of application segment, the market is classified as type I diabetes and type II diabetes. The insulin pumps include the applications such as type I diabetes and type II diabetes. The insulin pumps by application, the dominance of type I diabetes segment attributes to the alleviation from large costs that are incurred by the companies for in-house activities.
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The factors that are responsible for the type I diabetes include genetics, exposure to viruses and other environmental factors that develops in adults but also typically appears during childhood or adolescence phase. According to the Centers for Disease Control and Prevention (CDC), in 2017, approximately 23 million people had diagnosed with diabetes in the United States, whereas people with type I diabetes accounted for approximately 5% to 10%, or approximately 1.2 to 2.3 million in the country. Furthermore, the IDF also projected with type I diabetes that represent approximately 10% of the diabetes population worldwide. Thus, the increasing prevalence of type I diabetes help to boost the growth of the global insulin market in the coming years.
Over the years, researchers have been carrying out research activities which have resulted to product innovations. Products with increased technology with more effective benefits is a major requirement in the treatment for diabetes. As the prevalence of diabetes is increasing across the world, the demand for more products with advancements is also boosting up. The growing innovations in novel insulin pump products is a boosting factor that helps to propelling the growth for the market.
For instance, in July 2018, the Roche received a CE mark for its Accu-Chek Solo micropump system. The system is a small tube-free insulin delivery device that offers to their users the choice to bolus directly from the pump. It is fully functional handheld device that comprise detach and re-attach function of pump without wasting insulin. The Accu-Chek Solo micropump integrates and the Roche’s digital health solutions contributing in a combination to provide more effective and personalized diabetes management to their users. Moreover, in the March 2018, the Medtronic announced to have a FDA approval for their latest smart technology of standalone CGM named the Guardian Connect system. The Guardian Connect system has the advanced feature including alert system that helps in aware people about potential high or low glucose level events, up to 60 minutes in advance.
The key players operating in the field of insulin pumps market worldwide include Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc, Debiotech S.A, CELLNOVO, SOOIL Developments Co., Ltd, MicroPort, Scientific Corporation, Valeritas Inc., F. Hoffmann-La Roche Ltd., Ypsomed AGand and among others.
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