The global insulin pump market size is projected to reach 6.93 billion by 2026, according to a new report by Grand View research, Inc. It is expected to expand at a CAGR of 9.6% 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.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/insulin-pump-market
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.
Insulin Pump Market Report Highlights
· 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
Insulin Pump Market Segmentation
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)
· Omnipod
· My Life Omnipod
· Others