Global Insulin Pump Market Research and Forecast 2018-2023

Posted by Orion Market Research on August 6th, 2018

Insulin pump market is a portable device which delivers a specific amount of insulin in the body at specific time interval. It is attached to the body deliver insulin via a catheter that is placed under the skin. Insulin pump is a programmable device which deliver specific amount of insulin (Basal rates) to maintain the blood glucose level. Additionally, a user can administer an extra insulin does as per food intake (Bolus doses) to correct the blood glucose level. Insulin pumps are the potential alternatives of the Insulin injections as they reduce the need for multiple insulin jabs and increases the ability to control blood and glucose level in the body. The global insulin pump market is anticipated to grow at a CAGR of 8.5% during 2018-2023. Increasing prevalence of diabetes across the globe and advancements in drug delivery devices are estimated to be the primary factors that are driving the growth of the market. In addition, increasing geriatric and obesity population, rising awareness of diabetic care, and professional and consumer information programs by insulin pump manufacturers are the major factors that are also contributing significantly towards the growth of the market.

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Increasing geriatric population is estimated to be the major factor driving the growth of the market. According to WHO, in 2015, the total number of geriatric population across the globe was estimated to be around 900 million, up from 524 million in 2010. It is further estimated to reach 1.5 billion by 2050. Population aged more than 65 years are more prone to chronic disease and diabetes due to their weak immune system. Therefore, increasing geriatric population is also estimated to fuel the growth of the market.

However, certain factors such as high cost of insulin and insulin pumps, and risks associated with insulin pumps such as skin infection are estimated to be the major constraints in the growth of the market. Besides these petty constraints, development of artificial pancreas and development of home infusion therapy are developing numerous growth opportunities for insulin pump market.

Browse full report at: Global Insulin Pump Market Research

On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is estimated to be the leading region in insulin pump market owing to the presence of high number of diabetic patients in the region. Further, technological advancement in insulin pumps in the region is also backing the growth of the market. However, Asia Pacific region is estimated to be the fastest growing market during the forecast period due to increasing diabetic population and rising awareness towards advanced insulin devices, and glycaemic control are estimated to be the major factors that are driving the growth of the market.

major companies included in the report are Abbott Laboratories, Aniums Corporation, Asante, Becton, Dickson and Company, Braun Melsungen AG, Cellnovo Ltd., Insulate Corporation, Johnson & Johnson, Medtronics Inc., Nipro Diagnostics Inc., Omron, Roche AG, Sanofi, Sooil Development Co. Ltd., Tandem Diabetes and Care Inc., and Ypsomed.