The global insulin pumps market is expected to reach USD 10.25 Billion by 2028, according to a new report by Reports and Data. Insulin pumps are used for insulin therapy and is used for the treatment of patients with all types of diabetes.
The need for insulin therapy depends upon the balance between insulin resistance and insulin secretion. Patients with type 1 diabetes require insulin treatment permanently unless they receive a whole organ pancreas transplant or an islet. Type 2 diabetes patients require insulin as their beta-cell function lowers over time.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019: approximate 463 million adults (20-79 years) were living with diabetes, and by 2045, this is expected to rise to 700 million. A growing number of diabetic patients are propelling the demand for insulin.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the report:
- By product, traditional insulin pumps dominated the market share in 2020 and is likely to experience a growth rate of 8.9% in the forecast period. The growth of these type of pumps is primarily owing to their better reliability and high availability of the product.
- By accessories, the insulin set insertion device held the largest market share in 2020 and is estimated to witness a growth rate of 9.2% in the forecast period. The market dominance of this insulin pump accessory is attributed to its high usage frequency.
- By end-users, hospitals clinics dominated the market in 2020 and are projected to have a CAGR of 9.0% in the forecast period. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, increasing government funding, and rising private sector investments in the healthcare sector.
- North America dominated the market in 2020 and is anticipated to grow at a rate of 8.9% in the period 2019-2028. Rapid technological advancements, increasing prevalence of diabetes, and new product launches by market players, among others, are causative of the high market demand in the region.
Key Players covered in this report are
Animus Corporation, Asante, Insulet Corporation, Nipro Diagnostic Inc., Cellnovo Ltd., Ypsomed Group, Medtronics Inc., Tandem Diabetes Care Inc., Roche, and Valeritas, among others.
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Traditional Insulin Pump
- Disposable Insulin Pump
Accessories Outlook (Revenue, USD Million; 2018-2028)
- Insulin Set Insertion Devices
- Insulin Cartridges
- Battery
End-User Outlook (Revenue, USD Million; 2018-2028)
- Hospitals Clinics
- Laboratories
- Homecare settings
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2346
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
