Global Insulin Pump Market Size, Growth and Trends Analysis by Type (Smart Insulin Pumps, Traditional Insulin Pumps and Disposable Insulin Pumps), Accessories (Insulin Reservoirs, Infusion Sets and Infusion Set Insertion Devices), Application (Type I Diabetes and Type II Diabetes), End User, Region and Key Players Forecast To 2023
The Global Insulin Pump Market size is predicted to reach the valuation of USD 8,520.9 million and attain a CAGR of 8.4% by the end of forecast period 2023, according Market Research Future. The graph of people with diabetes is at a peak and still growing. However, this rapid increase in the rates and growing demographics of geriatric population is creating phenomenal opportunities for insulin pump market. Boost in demand for insulin devices is driven by increased diabetic patients, thus resulting in growth of global insulin pumps market.
Technology companies venturing in the medical technology industry are keenly focusing on the innovation, marginal benefits, reduction of cost by chasing the mandatory changes attributed to diversification of portfolios, leveraging product development, and boosting the ratio of time to market.
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Insulin pumps have been through various modifications to enhance market growth altogether. Increased disposable income of the middle-class population, affordability in healthcare treatments and devices, is predicted to increase the share of insulin pumps in the global market. Growing occurrences of diabetes, R&D activities dedicated to multiple types of insulin, and rising awareness towards insulin delivering devices and diabetes are factors motivating the growth of the global insulin pumps market
Insulin Pump Market Segmentation:
The global insulin pump market is broadly diversified by type, accessories, application, and end-user.
The type segment is bifurcated into smart insulin pumps, traditional insulin pump, and disposable insulin pumps. The traditional insulin pumps segment was valued at USD 2,696 million in 2016 and held the largest in the global market.
On the basis of accessories, the global insulin pump market is classified into insulin reservoirs, infusion set insertion devices, and infusion sets. The infusion subsegment is further divided into plastic cannula and steel cannula.
The application segment of the global insulin pump market is bifurcated into Type I diabetes and Type II diabetes.
Further, on the based on the end-users, the global insulin pump market is diversified into home care, hospitals and clinics, and laboratories. The hospital & clinics segment held for the major market share of 45.2% in 2016 and is anticipated to touch USD 3,908.8 million by 2023.
Insulin Pump Market Regional Outlook:
Region-wise, North America is predicted to lead the global insulin pumps market during the forecast period owing to high number diabetes patient diagnosed in the region. High consumption of alcohol, sedentary lifestyle, and technological advancement in terms of devices, and presence of sophisticated healthcare facilities are some of the key drivers fueling the growth of the insulin pump market in the region.
European insulin pumps market is estimated to grow moderately owing to the availability of advanced healthcare facilities and growing research on drug delivery technologies. Europe is the second largest in terms of market share in global insulin pump market. Countries such as Italy, France, the UK, Germany, and Spain are leading markets in the region driving the demand for insulin pumps.
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Owing to rapidly growing cases of diabetes in emerging nations such as India, China, Taiwan, Malaysia, and Indonesia, the Asia Pacific insulin pumps market is estimated to grow radically in the forecast period. The market is emerging, owing to enhanced medical facilities in India and China. South Korea, Australia, and Japan are also critical markets for insulin pumps. Growing disposable income and healthcare awareness is set to evolve the regional market dynamically.
Leading insulin pump market players are more focused on product advancement and integration of connected devices technologies. Industry giants dealing in the global insulin pumps market include Insulet Corporation, Becton Dickinson, Medtronics, Abbott Laboratories, and F. Hoffmann-La Roche AG, and Braun Melsungen AG among others.
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