New York, US, July 27, 2021 (GLOBE NEWSWIRE) -- Insulin Pump Market Overview:
As per an extensive research report published by Market Research Future (MRFR), the “Insulin Pump Market Information by Type, Accessories, Application, End User, and Region - Forecast till 2028”, the market is forecasted to reach USD 11.5 Billion by 2028 at 15.5% CAGR.
Top Growth Boosters:
The market development rate is fostered by the rising burden of diabetes, emergence of new types of insulin, and soaring cognizance about the health condition among people. Advances in home infusion and artificial pancreas therapy should further encourage market growth in the coming years. Moreover, initiatives in the form of educational programs by leading manufacturers to spread awareness among consumers also foster the sales of insulin delivering devices. The surging adoption of unhealthy habits such as alcohol consumption and smoking and lack of physical activities have led to growth in the number of diabetes cases, which has a positive effect on the global industry.
One of the leading causes for the strong sales of insulin pumps devices can also be the expanding elderly patient base. Aged people are prone to lower immunity levels and at significant risk of developing diabetes, which is touted to benefit the global industry during the given period. Expanding elderly patient base along with their heightened demand for self-administration of single-use insulin pumps will be a major trend in the next few years.
Supportive government initiatives that focus on boosting awareness levels among people about diabetes and numerous prevention tips will also benefit the worldwide market in subsequent years. Surge in the number of collaborations between renowned manufacturers as well as digital vendors to cater to the evolving consume preferences and needs should be a huge opportunity.
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Competitive Landscape:
Well-known manufacturers active in the global market are:
- Insulet Corporation
- Dickinson and Company
- Hoffmann-La Roche AG
- Abbott Laboratories
- Braun Melsungen AG
- Medtronics
- Becton
- Sanofi
The companies emphasize on expanding their global reach and are focused on launching novel solutions and products backed by strategies, such as acquisition, partnerships, and collaborations. To cite a reference, in July 2021, Innovation Zed Ltd., the designer of advanced Insulin Pen called InsulCheck CONNECT add-on device partnered with SocialDiabetes, a renowned diabetes management firm, while also forming a data integration agreement. The new partnership will entail both the firms combining their expertise and giving collective efforts to bolster the sales of their insulin pumps and other products for better health results among diabetics.
COVID 19 Analysis
The Covid-19 outbreak gave way to a host of financial challenges for various industries, including healthcare, with cases continuing to escalate worldwide. However, the pandemic has fostered the digitization trend across healthcare, with the latest technologies taking the front seat in the ongoing crisis. The pandemic also re-emphasized the need for self-diagnosis as well as self-monitoring among patients, with visiting clinics and hospitals becoming tougher during the lockdown.
Needless to say, COVID-19 has had a positive impact on the insulin pumps industry, presenting attractive opportunities to the companies.
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Market Restraints:
Shortage of skilled medical professional, especially in underdeveloped countries in Africa, who can appropriately handle insulin pumps, will slow down the market growth in the years ahead.
Market Segmentation
The types of insulin pumps in the market are traditional insulin pump as well as disposable insulin pump. The traditional insulin pumps note higher demand than their counterpart and can touch USD 4587.5 million during the forecast period.
Various accessories sold along with insulin pumps include insulin reservoirs, infusion set insertion devices, and infusion sets.
Top applications of insulin pumps are Type I diabetes as well as Type II diabetes. The significant burden of type I diabetes worldwide has fuelled the need for effective insulin therapy, resulting in enormous revenue generation.
The end-users of insulin pumps are hospital & clinics, laboratories, and home care. In 2016, the hospital & clinics segment amassed the biggest share of 45.2% and could reach USD 3,908.8 million during the forecast period. Meanwhile, the home care segment is on track to experience the highest growth at a rate of 8.9% during the forecast period.
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Regional Analysis
North America has one of the biggest healthcare sectors in the world and this could be a major growth rendering factor in the region’s insulin pumps market. Thanks to the presence of highly developed healthcare infrastructure, well-equipped and staffed medical facilities, and rapid uptake of new treatments and products, the North American market has landed the top spot out of all the regions. Several key contenders based in the region are focused on product innovation and new launches, creating a notably competitive business scenario. Other growth boosters include the massive pool of skilled and trained health professionals, availability of effective devices, and significant purchasing power of the patients.
In view of the surging healthcare expenditure along with the rapid escalation of the healthcare sector, Asia Pacific can expect to procure the fastest growth rate in the forthcoming period. The demand for insulin pumps is also soaring backed by the strong government support and the accelerated incidences of diabetes, especially among the booming elderly population across India, Japan, Indonesia, and China.
Europe will also perform tremendously in the coming years, given the thriving healthcare sector, high living standards and the surging demand for technically superior devices. Surge in approvals by regulatory authorities combined with the escalating adoption rate of latest healthcare technologies favor the market as well. Soaring cases of diabetes and obesity in the region also acts in favor of the European market for insulin pumps.
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