The global insulin pump market size is projected to reach 8.8 billion by 2026, according to a new report by Grand View research, Inc. It is expected to expand at a CAGR of 9.7% over the forecast period. The key factors driving the growth are the rapid technological advancements and adoption of pumps over the traditional methods. These pumps are very convenient for people who require daily, multiple injection of insulin.
Insulin pumps enable insulin to be delivered into the body either manually or automatically. They can be programmed to deliver a specific set of doses as per the requirement. Patients can connect these devices to their smart phones to calibrate blood glucose reading. This factor is expected to drive the product demand.
Technological advancements and new product launches are expected to fuel the market growth during the forecast period. For instance, Medtronic’s MiniMed 670G system is the world’s first hybrid closed loop system that acts like an artificial pancreas. The system provides automated insulin delivery as per the Continuous Glucose Monitoring (CGM) readings of the patient.
Rising efforts of the governments and healthcare organizations to control the prevalence of diabetes is expected to bode well for the market growth. For instance, the International Diabetes Federation (IDF) provides the required expertise and supports diabetes awareness campaigns through a network of stakeholders and partners. Increasing healthcare funding is also anticipated to propel the growth of the market. Additionally, the market is expected to witness a shift from the traditional tethered pumps to patch pumps driven by their compact size and ease of use.
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Key Takeaways from the report:
- North America held the largest market share in 2018, owing to favorable reimbursement policies, local presence of key players, and supportive government initiatives
- Medtronic plc is expected to capture majority share of the insulin pump market owing to the company’s global presence and advanced product portfolio
- Tethered pumps dominated the type segment in 2018. However, patch pumps segment is expected to witness the fastest CAGR over the forecast period
- By accessories, insulin set insertion devices held the largest market share in 2018 and is expected to expand at a CAGR of 9.6% over the forecast period
- By end use, homecare segment is expected to expand at the fastest CAGR during the forecast period owing to the increasing focus on providing at-home treatment to the patients as most of diabetes patients belong to the age group of 45 years and above.
- Some prominent players are Medtronic Inc.; F Hoffmann-La Roche; Insulet Corporation; Ypsomed; Tandem Diabetes Care; Sooil Development; Cellenovo; Valeritas Inc.; and local players
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Grand View Research has segmented the global insulin pump market on the basis of type, product, accessories, end use, and region:
Insulin Pump Type Outlook (Revenue, USD Million, 2015 – 2026)
- Patch Pumps
- Tethered Pumps
Insulin Pump Product Outlook (Revenue, USD Million, 2015 – 2026)
- MiniMed (630G, 670G, and VEO)
- Accu-Chek (Combo, Insight, and Solo)
- Tandem (T:slim X2, G4, T:flex Delivery System)
- My Life Omnipod
Insulin Pump Accessories Outlook (Revenue, USD Million, 2015 – 2026)
- Insulin reservoir or cartridges
- Insulin set insertion devices
Insulin Pump End Use Outlook (Revenue, USD Million, 2015 – 2026)
- Hospitals and clinics
Insulin Pump Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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