Insulin Pump Market Dynamics
Global Insulin Pumps Market size is anticipated to reach USD 8,520.9 Million at a 8.4% CAGR by 2023. Diabetes is a metabolic condition, and its occurrence worldwide is increasing exponentially. Diabetes is one of the leading causes of death globally, and has an elevated chance of having other severe health conditions. It’s the leading cause of lung disease , liver failure, vision and stroke diseases. It is estimated that the number of people living with diabetes will rise at a considerable rate, and the most important percentage growth is predicted to be in the population of ages over 60.
If existing trends of diabetes prevalence continue linearly for the next 50 years, potential shifts of global population growth and demographic features will contribute to a sharp rise in the number of diabetes-diagnosed people. The demand for insulin products is expected to be massive with rising diabetic patients, resulting in increased insulin pump use globally and boosting the global insulin pumps market.
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Insulin Pump Market Segmentation
Based on form, the global market for insulin pumps is categorized into the conventional insulin pump and portable insulin pump. The conventional sector of insulin pumps was the biggest on the world market and was priced at USD 2.69 billion in 2016.
Based on products, the global insulin pump market is segmented into insulin pumps, infusion packs, and injecting tools for the collection of infusions. The section of the infusion sets is further broken down into steel cannula and plastic cannula.
The worldwide insulin pump market is categorized into Type I diabetes, and Type II diabetes, depending on use.
The global demand for insulin pump market is segmented into hospitals & clinics, home care, and labs, depending on end users. The hospital & clinics segment was accountable for the most significant market share of 45.2% in 2016 and is touted to reach USD 3.9 billion by 2023, from USD 2.2 billion in 2016.
Insulin Pump Market Regional Analysis
North America and Europe kept over half the insulin pump market share of the overall demand for insulin pumps in 2016. North America is a health-care leader and the world’s biggest insulin pump market. The demand for insulin pumps in North America is rapidly growing due to the availability of top-class healthcare services, specialized medical facilities and the widespread introduction of new technologies and therapies. Many top players from this area work , which leads to creativity and new product innovations. Several other considerations, such as the supply of skilled health care practitioners, drug affordability and high buying power, also fuel demand growth.
Owing to technological advances and the availability of advanced medical facilities, the insulin pump market in Europe can grow during the forecast period. Europe is second only to North America, in all these respects. Numerous key players in the market are located in Europe.
Increasing R&D and new production spending is a key factor boosting business growth. Asia-Pacific is touted to be the fastest growing area on the global insulin pumps industry, owing to increasing healthcare spending and increasingly expanding healthcare sector. Demand is greater in high-income countries but the demand is increasing rapidly in Asia-Pacific developed and emerging economies like China and India. Even the healthcare industry is influenced by increasingly evolving technology. Health providers and engineering companies are implementing improvements to supply the industry with the best available options.
The MEA area holds the smallest insulin pump market share due to less focus on healthcare developments, restricted infrastructure access, lack of knowledge, the prevalence of strict government policies and weak economies.
Insulin Pump Market Competitive Dynamics
The prominent players in the global insulin pump market are Abbott Laboratories, F. Hoffmann-La Roche AG, Medtronics, Braun Melsungen AG, Becton, Sanofi, Dickinson and Company, and Insulet Corporation.
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