The Global Insulin Pump Market is expected to reach USD 8520.9 million by the end of the forecasted period and is expected to grow at a CAGR of 8.4% from 2018 – 2023.
Continuous subcutaneous insulin, or the insulin pump, has picked up popularity and advancement as a physiologic programmable technique for insulin delivery which is adaptable and life style friendly. Furthermore, the introduction of constant observing with glucose sensors gives exceptional access to, and forecast of, a patient’s blood glucose levels. Research and development is in progress to coordinate the two technologies, from “sensor-augmented” and “sensor-driven” pumps to a completely automated and independent sensing and delivery system.
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Global Insulin Pump Market – Competitive Analysis
The market of insulin pump consist of number of players that are involved in the development of the insulin pump devices. But only few of them such as Medtronic, and Insulet are able to survive and strive through the tough time for the insulin pumps market.
To acknowledge the reality in this market, Medtronic owns this market at present and considering the present scenario, it will only get bigger. Medtronic has this MiniMed 530G system which is fully integrated with a glucose sensor to give you advanced diabetes control.
Another major company in this segment is Insulet Corporation. The OmniPod may be the only wireless/tubeless system in insulin pump market. However, this system is too expensive which his affecting its larger acceptance.
Other than that, Roche has an insulin pump segment but their market presence is lacking. Recently, Roche stoped selling Accu-Chek Insulin Pumps in U.S. So now, there is one less player in the U.S. insulin pump market. But that’s not it, another major company Johnson & Johnson has withdrawn from the insulin pump market. Moreover, Companies like Tandem Diabetes Care, Inc is losing money due to its poor strategies and inefficient business model. But these are not the only problems companies are facing. With the advent of CGM and smart insulin pens, it is strongly believed that optimal control can be achieved as effectively as a pump but cheaper. With expensive costs of the existing insulin pumps, the troubles for the insulin pump companies are growing.
Overall, the options for the consumers in this market are growing slimmer, and one or two companies are benefitted the most from this scenario.
Industry/ Innovation/ Related News:
July 03, 2018 – Insulet Corporation (Canada), one of the leading company involved in tubeless insulin pump technologies including Omnipod® Insulin Management System, announced that its Omnipod System had been selected as the preferred insulin pump for diabetic patients in the province, under the expanded British Columbia PharmaCare insulin pump program.
June 25, 2018 – Tandem Diabetes Care, a medical device company, and manufacturer of the only touch-screen insulin pumps available in the United States, announced receiving the approval from the U.S. FDA for its t: slim X2 Insulin Pump with Basal-IQ technology. Basal-IQ is predictive low glucose suspend (PLGS) feature designed to help reduce the frequency and duration of hypoglycemia.
June 22, 2018 – Medtronic, (Ireland) a leading global prescribed insulin pump company announced that the U.S. FDA has approved its MiniMed 670G hybrid closed-loop insulin pump system to be used for children between the age group of 7 and 13 and have Type 1 diabetes, an incurable autoimmune condition that prevents the pancreas from producing insulin.
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Global Insulin Pump Market – Key Players
Some of the key players in this market are: Braun Melsungen AG, F. Hoffmann-La Roche AG, Medtronics, Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation and others.
Global Insulin Pump Market – Segments
For the convenience of understanding, MRFR has segmented the report into three key dynamics.
By Types : Comprises Disposable insulin pump and Traditional insulin pump among others
By End-Users : Hospital & Clinics, Home Care, and Laboratories, among others.
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
The Traditional insulin pump segment holds the largest as in 55.7% of the market share by types. The segment is expected to reach USD 4587.5 million by 2023.
However, the disposable insulin pumps segment is expected to grow at the fastest CAGR of 9.1% during the forecast period 2017-2023.
By the end- users, the Home Care segment is estimated to grow at 8.9% CAGR during the assessment period.
The Hospital and Clinic Segment had accounted for approximately 45% of the market share in the year 2016.
Global Insulin Pump Market – Regional Analysis
The global market for insulin pump is growing gradually. The market is growing with the CAGR of 8.4% during the forecast period from 2016-2023. North America accounts for large market share in 2016. Increasing diabetic population in countries like US and Canada drives more opportunities for insulin pump manufacturers to supply these insulin pumps on huge demand which will boost the revenue for insulin pump market in this region. Moreover, the presence of the biggest player, Medtronic, in U.S. has greatly enhanced the growth of this region in insulin pump market. Moreover, Europe, Asia Pacific region are still believed to be using the old technology insulin pumps for the diabetes care which has maintained their fair share in this market. Middle East & Africa contributes least in the global insulin pump market.
The Global market for Insulin Pump is growing steadily. The market for Insulin Pump is growing with the CAGR of 8.4% during the forecast period from 2016-2023. North America accounts the largest market share in Global Insulin Pump market in 2016.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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