Insulin Pump Market:
Growth opportunities in the automotive air filter market look promising over the next six years. This is mainly due to the advancement of home infusion therapy and artificial pancreas and the rise in chronic diseases like type I and type II diabetes.
Insulin Pump Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major driver contributing to the growth of the global insulin pumps market including the increasing persistence of chronic diseases such as type I and type II diabetes. In accordance with the “Diabetes Research and Clinical Practice,” the presence of diabetes is predicted to reach 10.2% by the end of 2030 from 9.3% in 2019, which will further stimulate the market growth. As per PubMed, 465 million adults had diabetes in 2019 and are predicted to reach more than 700 million by 2045, thus strengthening the insulin pump market share. The development of home infusion therapy and artificial pancreas is further stimulating the market growth. The consumer information programs provided by the insulin infusion pump producers will fuel the market growth. For instance, Medtronic’s medical education program on diabetes helped the diabetes patients and medical device industry manage special therapy conditions.
Moreover, the growing approval of the FDA for insulin pumping devices has positively altered industrial and patient behavior, forcing the growth of the market. For instance, Medtronic in 2020 got compliance from FDA for the MiniMed 770G hybrid insulin pump.
However, the robust cost associated with the device and its maintenance may constrain the insulin pump market growth.
Type Segment Drivers
Based on the type, patch insulin pumps are predicted to witness a higher CAGR over the forecast period attributed to their small size and easily attached to the patient’s skin surface. Moreover, the incorporation of calculator aids in governing the exact dosage of insulin required by patients and avoid overdose, boosting the insulin pump market size.
Regional Drivers
Based on the regional coverage, North America is expected to lead the market over the forecast period due to the high occurrence rate of diabetes. The annual death rate of diabetes, according to NCBI, is projected to reach 54% by the end of 2030 from 2015, which is a prominent factor behind the market’s growth. Also, the prevalence of leading players in the region will accelerate the market demand. For example, the vigorous presence of Medtronic, Abbott, F. Hoffmann-La Roche Ltd, etc., is driving the market’s growth.
Insulin Pump Market’s leading Manufacturers:
- Medtrum Technologies
- SOOIL Developments Co.
- Insulet Corporation
- Hoffmann-La Roche Ltd
- Medtronic
- delfu-medical.com
- Ypsomed
- Tandem Diabetes Care, Inc.
- Abbott
Insulin Pump Market Segmentation:
Segmentation by Treatment:
- Type 1 Diabetes
- Type 2 Diabetes
Segmentation by Type:
- Traditional Insulin Pumps
- Patch Insulin Pumps
- Hybrid Closed-Loop Pumps
Segmentation by End-User:
- Hospitals
- Clinics
- Home Care Labs
- Laboratories
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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