(PharmaNewsWire.Com, July 09, 2019 ) According to the latest report by IMARC Group, titled “Global Insulin Pumps Market Research Report and Forecast 2019-2024”, the global insulin pumps market size reached US$ 3.9 Billion in 2018. Insulin pumps are portable medical devices that are utilized to administer insulin in type 1 or type 2 diabetic patients’ body. They mimic the function of pancreas and aid in managing the sugar levels in the body. These pumps resemble a smartphone in terms of size and are worn outside the body. They can deliver insulin in a steady and continuous dose (basal) as well as in variable amounts around a mealtime (bolus). These pumps usually consist of built-in bolus calculators that estimate the dosage of insulin required by the user based on the patient’s glucose levels.
A significant increase in the diabetic population is one of the major growth-inducing factors for the market. Hectic lifestyles with minimal physical activities have led to a rise in the incidences of lifestyles diseases such as diabetes and obesity. Moreover, rapid urbanization, busy schedules, changing dietary patterns and inflating per capita income have contributed significantly to the escalating sales of junk and convenience foods which, in turn, has increased the occurrence of diabetes. Population aging has also contributed to the enhanced prevalence of the disease. Furthermore, governments of several countries are actively engaging in awareness campaigns regarding insulin therapy and medical provisions for the treatment of diabetes. For instance, the Government of Australia’s Insulin Pump Program provides fully subsidized insulin pumps to children up to the age of 18. Other factors contributing to the market growth include increasing healthcare expenditure by governments of both developing and developed nations and enhanced focus research and development (R&D) by the manufacturers to develop more efficient products. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.5 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.
1. Insulin Pumps 2. Insulin Pump Supplies and Accessories
On the basis of the product type, the market has been divided into insulin pumps and insulin pump supplies and accessories. Amongst these, insulin pumps represent the most preferred segment. It is further divided into tethered pumps and disposable/patch insulin pumps. On the other hand, the insulin pump supplies and accessories segment is bifurcated into infusion set insertion devices and insulin reservoirs/cartridges.
Based on the distribution channel, hospital pharmacy exhibits a clear dominance in the market. Other major segments include retail pharmacy, online, diabetes clinics/centers and others.
Market Breakup by Region:
1. North America 2. Europe 3. Asia Pacific 4. Middle East and Africa 5. Latin America
On the geographical front, North America holds the leading position in the market, accounting for a majority of the total market share. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market, which include Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd. and Ypsomed.
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