Insulin Infusion Pumps Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012 to 2016 and Forecast 2017 to 2023
Insulin Infusion Pumps Market
PR-Inside.com: 2018-01-12 13:02:12
Insulin infusion pumps are the devices which are used to administer insulin in diabetes mellitus patients. Insulin infusion pumps administer the accurate dose of insulin into the body with less pain. Insulin pumps are working as alternative systems for insulin pen and daily insulin injection. Scheduling of mealtime is not required with the using of insulin infusion pumps. Insulin infusion pumps contain a pump, reservoir, tubing system, and disposable infusion set with a cannula for the subcutaneous insertion. These devices reduce the number of insulin daily injections with syringe or pen.
Increase in the prevalence of diabetes, a rise in geriatric population, technological advancements of the devices, and ease of administration of insulin with infusion pumps are fuelling the insulin infusion pumps market. Furthermore, increase in the preference for home-based insulin therapy, accuracy in releasing of insulin dose, flexibility in meal scheduling and marketing activities by the market players are anticipated to propel the insulin infusion pumps market over the forecast period. However, product recalls, the high cost of devices, lack of awareness about insulin infusion pumps, and lack of reimbursement policies for insulin devices are the factors impeding the growth of Insulin Infusion Pumps Market.
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Insulin infusion pumps market segmented based on product type, diabetes type, and end user
Based on product type, insulin infusion pumps market segmented into the following:
• Closed loop pumps
• Open loop pumps
Based on the diabetes type, insulin infusion pumps market segmented into the following:
• Type -1 diabetes
• Type-2 diabetes
Based on the end user, insulin infusion pumps market segmented into the following:
• Hospital pharmacies
• Online pharmacies
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Insulin infusion pumps market is growing at a significant CAGR owing to increase in the technological advancements in the insulin devices. Increase in the prevalence of diabetes fuels the growth of insulin pumps market. According to the International Diabetes Federation (IDF), 7 Mn people are added every year to the pool of 246 million diabetics, which is projected to increase approximately 438 Mn by 2030. Patent approvals, product launchings, product approvals, innovation of novel products, and acquisitions are the strategies followed by the companies for strengthening position in the insulin infusion pumps market. For instance, Tandem Diabetes Care, Inc. filled a U.S. patent for the medical infusion pump with remote bolus feature. Moreover, in September 2016, Medtronic Minimed, Inc. received FDA approval for insulin infusion pump 670G system with continuous glucose monitoring system.
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Geographically, the insulin infusion pumps market is segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Increase in the prevalence of diabetes in North America majorly in U.S. (According to American Diabetes Association, the prevalence of diabetes in 2015 is 30.3 Mn or 9.4% in U.S.), rise in the healthcare expenditure, and technological advancements in insulin infusion pumps are driving the insulin pumps market in North America region. Europe insulin infusion pumps market is expected to fuel at significant rate over the forecast years owing to upsurge in the diabetes population majorly in Germany, Russia, and U.K (according to Diabetes UK 2016, about 3.6 Mn people are suffering from diabetes in the U.K. region), and adoption of modern technologies in Europe region. Moreover, Asia Pacific exhibiting significant growth which is attributed to increase in diabetes population majorly in India and China (according to the International Diabetes Federation, in 2015, in China around 96.2 million diabetic patients and in India 66.8 million patients are suffering from diabetes.), rise in healthcare expenditure, and adoption of novel insulin delivery device in Asia Pacific region are the factors expected to bolster the insulin infusion pumps market over the forecast period.
Some of the players in insulin infusion pumps market are Insulet Corporation (U.S.), Ypsomed (Switzerland), Tandem Diabetes Care, Inc. (U.S.). Animas Corporation (U.S.), Cellnovo Group SA (France), F. Hoffmann La Roche Ltd. (Switzerland), Smiths Medical (U.S.), and Sooil developments Co., Ltd. (South Korea) to name a few.
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