New York, USA, April 10, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research dive, the global tubeless insulin pump market is envisioned to generate a revenue of $2,837.6 million, growing at a striking CAGR of 23.4% throughout the forecast timeframe from 2019 to 2026.
As per our analysts, in recent years, diabetes is not only found in the geriatric population but also in children and the mid-aged population which is expected to propel the growth of the tubeless insulin pump market during the analysis timeframe. Besides, the increasing technological advancements such as the incorporation of smart technologies in insulin pods and remotes are expected to bolster the growth of the market over the estimated period. Moreover, the rising government initiatives to increase awareness about diabetes management and Medicare policies are expected to create wide growth opportunities for the tubeless insulin pump market throughout the forecast timeframe. However, the high cost of the tubeless insulin pump and the increased risk of diabetic ketoacidosis may hinder the growth of the market throughout the estimated period.
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Segments of the Tubeless Insulin Pump Market
The report has divided the market into segments based on component, distribution channel, and region.
Component: Patch/Pod Sub-Segment to be Most Productive
The patch/pod sub-segment is predicted to rise at a CAGR of 23.6% during the forecast period. This is mainly because a pod is a lightweight, disposable vessel that can be attached anywhere on the user’s body and can be carried for up to three days of nonstop insulin. Moreover, there is a kit inside the pod that can be operated via phone with advanced devices such as Bluetooth-enabled devices, wearables, and others which are expected to bolster the growth of the market sub-segment over the analysis period.
Distribution Channel: E-Commerce Sub-Segment to be Most Profitable
The e-commerce sub-segment is expected to grow at a CAGR of 23.5% throughout the estimated period. The increasing preference of consumers to make purchases from e-commerce channels due to attractive discounts and other advantages is expected to propel the growth of the market sub-segment during the forecast timeframe.
North America Region to Have Extensive Growth Opportunities
The North America region of the tubeless insulin pump market is predicted to generate a revenue of $924.5 million over the analysis timeframe. The increasing old-age population and the lack of physical activity among individuals can lead to an increase in the diabetic population across the region which is expected to drive the regional growth of the market throughout the estimated period.
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Key Market Players
The major players in the tubeless insulin pump market include
- Rosh Holding AG
- Spring Health Solution Ltd
- Cellnovo Group SA
- Johnson & Johnson
- Veleritas
- Debiotech
- CeQur SA
- Insulet Corporation
- Abbott Diabetes Care
- Medtrum Technologies Inc
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in January 2022, Insulet Corporation, an innovative medical device company announced that it has received the FDA clearance for launching its Omnipod® 5 Automated Insulin Delivery System for individuals aged six years and older with type 1 diabetes. This product is the first tubeless automated insulin delivery (AID) system that is integrated with the Dexcom G6 Continuous Glucose Monitoring (CGM) System and a compatible smartphone to adjust insulin automatically and help protect against highs and lows.
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Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Tubeless Insulin Pump Market:
- Omnipod: A Prominent Device Responsible for the Growth of Tubeless Insulin Pump Industry
- Tubeless Insulin Pump Market on the Edge of Attaining Heights in the Coming Future
