November 09, 2022 10:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, USA, Nov. 09, 2022 (GLOBE NEWSWIRE) — Insulin Pumps Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Insulin Pumps Market Information By Type, Accessories, Application, End User, and Region – Forecast till 2028”, the market is expected to reach USD 11.5 Billion by 2028, at CAGR of 15.5% during the forecast period 2022-2030
Insulin pumps can be described as compact computerized drug delivery devices used for delivering insulin doses in the required amount in the diabetic patient. The high efficiency of these devices when it comes to controlling and managing diabetes on a regular basis by offering timely and consistent delivery of insulin doses to the patient fosters their demand. The key reason for the robust demand for insulin pumps is the escalating cases of diabetes worldwide.
Diabetic patients utilize insulin pumps to regulate insulin delivery at scheduled times. With the use of an insulin pump and a catheter inserted beneath the patient’s skin, insulin can be delivered to the body. Blood sugar levels can be managed and maintained with the help of insulin pumps.
The International Diabetes Federation reveals that nearly 654 million individuals across the globe will be affected by diabetes by 2030. The World Health Organization says that diabetes is one of the leading causes of blindness, kidney failure, and stroke. The changes in people’s lifestyles, shift in their purchasing patterns, lack of physical exercise, and the inclination toward unhealthy food products has raised the number of diabetes cases among the worldwide population.
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Insulin Pump Market Competitive Landscape:
The important vendors in the insulin pumps industry are
One of the key reasons for the extremely competitive nature of the market can be the rising adoption of innovative technologies by the healthcare sector for improved operational efficiency. Additionally, to foster their share and their product range, most players are indulging in acquisitions and mergers while launching products and technologies.
EOFlow Co. confirmed that the Ministry of Health of Indonesia has given it permission for commercializing ‘EOPatch’, its latest wearable insulin pump as well as its controller ‘ADM’. The smartphone app ‘Narsha’ however does not require the ministry’s approval.
Insulin Pump Market Dynamics:
The insulin pumps market can garner substantial traction in the ensuing years, as a result of the sharp rise in diabetes cases worldwide combined with the emergence of highly advanced types of insulin. The mounting cognizance regarding diabetes among people, innovations in home infusion as well as the artificial pancreas therapy along with the surge in educational programs by major firms to spread awareness will favor the global industry as well. People worldwide are increasingly adopting unhealthy lifestyle habits including excess alcohol consumption, smoking as well as lack of exercise, which has raised the occurrence of diabetes. This is touted to have a positive impact on the insulin pumps industry in subsequent years.
The escalating demand for insulin pumps is also the result of the rapidly burgeoning elderly population. With advancing age, immunity levels go down as well, which also gives way to the development of diabetes. The expanding older patient pool and their mounting preference for self-administration at home could be a significant growth inducer in the years ahead.
Furthermore, in view of the development of extremely accurate and innovative glucose sensors as well as blood monitoring devices, need for advanced insulin pumps has been surging as well. Additionally, rising healthcare expenditure along with the mounting number of research and development activities focused on enhancing the functioning and quality of insulin pumps further contribute to the business growth.
Significant costs associated with insulin pumps and the overall therapy can limit their demand in the market over the forecast timeline.
Furthermore, the low awareness level regarding the treatment options available for diabetes and insufficient reimbursement policies in emerging countries could also curb the adoption rate of insulin pumps in the future.
Browse In-depth Market Research Report (104 Pages) on Insulin Pumps: https://www.marketresearchfuture.com/reports/insulin-pump-market-1637
COVID 19 Analysis
COVID-19’s profound effect on the world brought along a range of challenges, such as the repercussions on people’s health and the overall economy. The aftermath has been a vast social and economic burden that cannot be ignored. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to the loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets.
Having said that, since the pandemic outbreak, several firms have been focusing on reviving their supply chains and business operations. Plus, various pharma vendors have come forward to come up with therapies vaccines, and drugs that can help combat the virus. This has been favorable for the insulin pump developers, who are now recovering from the economic challenges.
Insulin Pump Market Segmentation
Insulin pumps are available in various types, such as traditional insulin pumps as well as disposable insulin pumps.
The accessories generally available with insulin pumps are infusion set insertion devices, infusion sets as well as insulin reservoirs.
Some of the major applications are Type I diabetes and Type II diabetes.
Key end-users covered in the report are hospital & clinics, home care, and laboratories. The biggest share of 45.2% has been captured by the hospital & clinics segment, and it is likely that the segment will touch USD 3,908.8 million by 2028.
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Insulin Pump Market Regional Insights
With the presence of one of the most robust healthcare industries in the world, North America has landed the top position in the global market for insulin pumps. With several well-staffed and equipped medical facilities present in the region and the emergence of the latest treatments as well as products, North America would continue to foster its status quo in the following years. Moreover, the fact that majority of the manufacturers in the region are focused on launching new products and technical innovations, not only elevates the competitiveness but facilitates the market growth.
As a result of rising healthcare spending and a rapidly expanding healthcare industry, it is anticipated that Asia-Pacific would be the fastest-growing region in the global insulin pumps market. The healthcare industry is flourishing thanks to the government’s increased investment. The growth of the APAC market will benefit greatly from these two factors. Increases in incidence due to an aging population are also expected to play a significant role in propelling the market forward throughout the forecast period.
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It is expected that Europe will account for a sizable chunk of the global insulin pump industry in the near future. Companies should raise their spending on R&D in order to stimulate market expansion. The healthcare industry and related industries are undergoing transformations to bring the best effective products to consumers. It is expected that the insulin pump market would grow significantly in the United Kingdom and Germany.
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November 09, 2022 10:30 ET | Source: Market Research Future Market Research Future