Pune, May 11, 2020 (GLOBE NEWSWIRE) -- The global insulin pump market is likely to gain impetus from the ever-increasing prevalence of diabetes reported worldwide. Coupled with this, the rising geriatric population and surging number of people affected by type 1 diabetes would drive the market growth. Fortune Business Insights™ provided this information in a recent report, titled, “Insulin Pump Market Size, Share & Industry Analysis, By Product Type (Pumps (Tethered Pumps, Patch Pumps, and Others), and Consumables), By Disease Indication (Type 1 Diabetes and Type 2 Diabetes), By Distribution Channel (Hospital Pharmacy Retail Pharmacy, and Online Stores), and Regional Forecast, 2020-2027.” The report further states that the insulin pump market size was USD 4.15 billion in 2019 and is projected to reach USD 8.50 billion by 2027, exhibiting a CAGR of 9.4% during the forecast period.
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This Report Answers the Following Questions:
- What are the insulin pumps and consumables market trends, opportunities, and challenges?
- Which segment is likely to lead the market in terms of share in the coming years?
- Which region would dominate the market by procuring the maximum revenue?
- Which significant strategies are being adopted by key companies to gain a competitive edge?
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Rising Technological Developments in Drug Delivery Systems to Propel Growth
New products are being launched by renowned companies nowadays owing to the advent of technological developments in the field of drug delivery systems. It is likely to drive the insulin pumps market growth in the near future. In addition to that, the manufacturers are persistently aiming to focus on upsurging the adoption and penetration of insulin pumps by creating awareness and reimbursement. It is mainly done in patients living with type 2 diabetes. However, many patients across the globe are dependent on other devices, such as insulin pens and injections, other than insulin pumps. It may hinder the growth of the market.
Segment-
Type 2 Diabetes Segment to Grow Remarkably Backed by New Product Launches
In terms of disease indication, the market is bifurcated into type 1 diabetes and type 2 diabetes. Out of these, the type 1 diabetes segment is expected to procure the maximum insulin pumps market share in the coming years. This growth is attributable to the increasing usage of insulin pumps amongst these patients, unlike those living with type 2 diabetes. The Centers of Disease Control and Prevention stated that in 2018, around 1.4 million adults belonging to the age group of 20 years and above living in the U.S. with type 1 diabetes used insulin. But, the type 2 diabetes segment would also showcase a remarkable growth because of the presence of favorable health reimbursement and rising number of novel product launches.
Regional Analysis-
Government Initiatives to Reduce Cost Burdenwill Favor Growth in North America
Based on geography, the market is classified into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Out of these, in 2019, North America generated USD 2.11 billion in terms of insulin pumps and consumables market revenue. Rising number of innovative product launches and high demand for drug delivery devices are the major factors that would drive the market growth in this region. Also, active support of the government of various countries in this region to lower the cost burden of diabetes by supplying patients with insulin pump covered by Medicare would propel market growth.
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Competitive Landscape-
Novel Product Launches & Strategic Partnerships Pave the Way for Growth of Companies
Several enterprises operating in the market are persistently working towards widening their product portfolio and geographic presence. They are achieving their goals by focusing more on launching new devices featuring the latest technologies, as well as teaming up with the other companies. Below are a couple of the recent key industry developments:
- January 2020: Tandem Diabetes Care announced the launch of its new insulin pump named t:slim X2. It is equipped with Control-IQ technology to aid in surging time in range.
- June 2019: Medtronic and Tidepool partnered up to co-develop an interoperable automated insulin pump system.
Fortune Business Insights™ lists out all the renowned organizations present in the insulin pumps market. They are as follows:
- Medtronic
- Insulet Corporation
- F.Hoffmann-La Roche Ltd.
- Tandem Diabetes Care, Inc.
- YPSOMED
- Others
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Diabetes – For Key Countries
- Ageing Population - For Key Countries
- Overview of Cost Burden of Diabetes
- Reimbursement Scenario - For Key Countries/Regions
- Technological Advancement in Insulin Pump Market
- New Product Launches
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Insulin Pump Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Pumps
- Tethered Pumps
- Patch Pumps
- Others
- Consumables
- Pumps
- Market Analysis, Insights and Forecast – By Disease Indication
- Type 1 Diabetes
- Type 2 Diabetes
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Stores
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Reports:
India Insulin Pumps Market Size, Share & Industry Analysis, By Product (Insulin Pumps (Tethered Pumps and Patch Pumps) and Consumables (Reservoirs, Infusion Sets, and Others) and Region Forecast, 2019-2025
Diabetes Treatment Devices Market Size, Share and Global Trend By Product (Insulin Pens, Insulin Pumps, Insulin Jet Injectors, Insulin Syringes, Others), By Distribution Channel (Institutional Sales (Hospitals, Clinics), Retail Sales (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies)) & Geography Forecast till 2026
Infusion Pump Market Size, Share & Industry Analysis, By Type (Volumetric Pumps, Syringe Pumps, Enteral Pumps, Insulin Pumps, Elastomeric Pumps, Implantable Pumps, and PCA Pumps), By Application (Diabetes, Oncology, Pain Management, and Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Home Care Settings, and Others), and Regional Forecast, 2019-2026
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