New York, United States , March 30, 2023 (GLOBE NEWSWIRE) -- The Global Insulin Infusion Pumps Market Size to grow from USD 4.2 billion in 2021 to USD 7.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period. The growing awareness amongst the physicians and patients regarding the benefits of insulin infusion pumps which will create lucrative opportunities for the growth of the market. Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period.
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The implantable insulin pump essentially consists of a pump that is stretched into the peritoneal cavity and surgically implanted under the catheter and skin from the insulin. The peritoneal cavity has a large number of blood arteries, which contributes to the cavity's excellent insulin absorption. These insulin pumps work based on the level of blood glucose. This means if the blood glucose level is smaller, the concentration of insulin produced is lesser. On the other hand, a greater blood glucose level will result in a larger concentration of released insulin. The development of healthcare technology has highlighted the need for high-quality diagnosis over the present insulin supply since it reduces stress related to diabetes, eliminates the need for insulin supplements, reduces the frequency of blood tests, and preserves carbohydrate counting.
In home care settings, infusion pumps such as insulin pumps, implantable pumps, and ambulatory chemotherapy pumps are frequently used to manage a variety of illnesses, including diabetes and cancer. The primary design goals for ambulatory infusion pumps are portability and wearability. Infusion pumps are frequently used in hospitals, long-term care institutions, infusion clinics, ambulatory surgery centres, and home settings to administer fluids to patients' bodies, including medications, nutrition, and antibiotics. Due to the rise in chronic disease cases and rising hospitalisation costs over the past few years, there has been a considerable increase in the demand for home healthcare. In contrast, home healthcare gives patients more cheap treatment options compared to pricey hospital care, which lowers the amount of money the government spends on healthcare services.
Emerging countries India, China, and Brazil provide huge development prospects for the leading market participants. The growth can be attributed mainly to the increasing cases of chronic diseases and infectious health conditions, expanding investments in research and development activities, and various healthcare infrastructure. In addition, it is projected that improvements in healthcare infrastructure and cheaper product manufacture in developing countries will spur market expansion. On the other hand, the market's expansion has been fueled by the growing use of a variety of specialist infusion pumps globally.
Unit, computation, multiples of ten, and push button blunders are some of the most typical infusion errors. Due to a lack of wireless connectivity and limited hospital finances, many hospitals' inability to use smart infusion devices and hospital information systems will likely hinder the market's overall growth.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Insulin Infusion Pumps Market Size, Share, and COVID-19 Impact Analysis By Type (Patch, Tethered), By Accessories (Insulin Reservoir Or Cartridges, Insulin Set Insertion Devices, Battery), By End-use (Hospitals and Clinics, Homecare, Laboratories), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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Type Insights
The tethered pumps segment is dominating the market with the largest market share over the forecast period
On the basis of type, the global insulin infusion pump market is segmented into patch, tethered. Among these, the tethered pumps segment is dominating the market with the largest market share over the forecast period. Flexible tubing connects the pump and cannula on tethered pumps. The segment's dependability and wide range of items on the market are the primary drivers of its growth. The patch pump segment is exhibiting the fastest market expansion owing to its perks like there is no tubing in patch pumps as well as its remote-control feature acts as a glucose metre.
Product Insights
Medtronic’s MiniMed insulin pumps segment accounted the largest market share over the forecast period
On the basis of product, the global insulin infusion pump market is segmented into MiniMed, Accu-Check, Tandem, Omnipod, My Life Omnipod, Others. Among these, the Medtronic’s MiniMed insulin pumps segment accounted the largest market share over the forecast period due to the increasing rate of usage as well as innovation in the realm of technology. The advent of its MiniMed 760G system, the first hybrid closed loop system in the world, and its strong regional presence are mostly to blame for the segment's rise.
Accessories Insights
The insulin set insertion devices segment holds the largest market share over the forecast period
Based on the accessories, the global insulin infusion pump market is segmented into insulin reservoir or catridges, insulin set insertion devices, and battery. Among these, the insulin set insertion devices segment dominates the market with the largest market share over the forecast period. The usage, such as the frequent and costly replacement of insulin pump infusion sets after every two to three days, is the primary factor contributing to the rise.
End Use Insights
The Hospitals and Clinics segment accounted the largest market share over the forecast period
On the basis of end use, the global insulin infusion pump market is segmented into hospitals and clinics, homecare, laboratories. Among these, the hospitals and clinics segment accounted the largest market share over the forecast period due to the availability of qualified healthcare professionals, rising government investment, and rising private sector funding in the healthcare sector.
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Regional Analysis
North America is dominating the market with the largest market share over the forecast period
Due to the widespread presence of the major market players, North America will continue to dominate the market, holding the greatest market share of 47.2% during the projection period. In addition, the market is predicted to be driven by the rising incidence of obesity, technological advancement, high treatment costs, product launches, and investments in R&D activities.
On the other hand, Asia Pacific is experiencing the fastest market growth due to rising healthcare spending and deliberate government efforts to raise diabetes awareness. China is dominating the market among all other nations because of its expanding economy and rising diabetic population.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. BIGFOOT BIOMEDICAL, INC.; Insulet Corporation.; Medtronic; F. Hoffmann-La Roche Ltd; Smiths Group PLC; SOOIL Developments Co., Ltd; Tandem Diabetes Care, Inc.; NIPRO; Zhengzhou Phray Technology Co., Ltd.; Shinmyung Mediyes CO., LTD.; MicroPort Scientific Corporation.; Ypsomed; BD; Abbott.; B. Braun Melsungen AG; Sanofi; Jiangsu Delfu medical device Co.,Ltd; Fresenius SE & Co. KGaA; ICU Medical, Inc.; Moog Inc.; among other domestic and global players.
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