The Insulin Pump Market report summarizes rising prevalence of diabetes across the globe likely to drive the demand for insulin pumps in the forthcoming years. High healthcare expenditure and presence of advanced health care setup supporting the insulin pump market in North America.
Pune, India, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Insulin Pump Market Summary
Insulin pump, also known as continuous subcutaneous insulin is a ground-breaking medical device. Data released by World Health Organization (WHO) revealed that the number of diabetic people worldwide has increased from 108 million in 1980 to 422 million in 2014, suggesting a sharp rise in its prevalence. Modernization has partly driven the prevalence of several lifestyle diseases including diabetes. Changing diet and increased reliance on ready-to-eat packaged food consisting of unhealthy artificial ingredients and preservatives can be associated with the cause of chronic disorders.
Over the years, diabetes has become a major source of concern among authorities and bodies responsible for public health and safety. Diabetes can also trigger other chronic conditions such as kidney failure, stroke, lower limb amputation and blindness. The disease in prevalent both in advanced economies and developing countries. WHO’s data reveals that the rate of diabetes prevalence is growing faster in middle- and low-income countries. The aforementioned factors are fuelling the demand for diabetes therapeutics worldwide. The chronic nature of diabetes make insulin pumps a crucial device for diabetic people.
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The Global Sales of Insulin Pumps have continued to grow in recent years. Market Research Future (MRFR) in its latest report projects that the global insulin pump market will exhibit a compound annual growth rate of 8.4% between 2016 and 2023. While insulin pumps are extremely popular in developed countries, they are gaining a quick momentum developing countries. Insulin pumps facilitate a highly efficient physiologic programmable technique for insulin delivery.
Developers are actively focussing on improving pump designs to make them adaptable and more life style friendly. By the year 2023, the global insulin pump industry is anticipated to surpass a valuation of USD 8500 Mn. In addition, the advent of highly accurate glucose sensors and real-time monitoring of blood glucose levels has allowed a more autonomous working of insulin pumps. Increased R&D efforts towards improving the efficacy of insulin pumps has led to introduction of sensor-drive pumps with autonomous delivery capabilities.
Insulin Pump Market: Competition Tracking
F. Hoffmann-La Roche AG, Abbott Laboratories, Dickinson and Company, Insulet Corporation, Medtronics, Braun Melsungen AG, Becton, and Sanofi are some of the leading companies operating in the global insulin pump market.
Global Insulin Pump Market Segmentation: Insights
MRFR’s report also include a comprehensive segmental analysis of the global insulin pump market on the basis of type, end user and region. Based on type, the market has been segmented into disposable insulin pimp and traditional insulin pump. The later will continue to outperform the former throughout the assessment period. By the year 2023, the traditional insulin pump segment is expected to reach a market evaluation of more than USD 4500 Mn. Based on end user, the market has been segmented into laboratories, home care and hospital. Of these, the home care segment will remain highly attractive in 2018 and beyond. The segment is expected to exhibit a CAGR of 8.9% during the review period.
Latest Industry News
- San Diego based medical device manufacturer Tandem Diabetes Care has recently launched its lasts insulin delivery device, which called t:slim X2 insulin pump in the U.S. The device is powered by Basal-IQ technology. Tandem’s latest device comes with a predictive low glucose suspend feature, which is designed to effectively lower the instances and duration of hypoglycemia. The basal-IQ algorithm integrated with the system allow accurate reading of blood sugar levels and predict where the levels will be in next 30 minutes. Based on the readings and predictions, the device suspends insulin delivery. The company received FDA’s approval for its device in June this year.
- SFC Fluidics LLC, a microfluidic technology specialist based in Fayetteville has reportedly entered a partnership with JDRF, a nonprofit 501 organization known for type 1 diabetes research funding and advocacy. The partnership will be focused on developing novel insulin patch pump with open-protocol communication. This new collaboration effort follows JDRF’s two-year funding commitment to SFC announced earlier this year.
North America Insulin Pump Market to Retain its leading Status Over 2023
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific and the Middle East & Africa. North America currently stands out among these regions. The North America insulin pump is expected to remain highly lucrative over the next couple of years. According to American Diabetes Association, 30.3 million Americans, or 9.4% of the population had diabetes in 2015. Further, close to 1.25 million American children and adults have type 1 diabetes.
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