Insulin Pumps Market: Snapshot
Insulin pumps are computerized devices that hold an ability to mimic the work of human pancreas. These tiny devices are integrated with a sensor and are used to continually administer the small doses of insulin after every meal in diabetic individuals. The global insulin pumps market is projected to have promising growth avenues due to rising number of diabetic patients all over the world.
According to a CDC report, there are about 34.2 million people in the U.S. suffering from diabetes. The report also highlights that this health condition is the seventh leading reason for deaths in the U.S. population. This statistics clearly signify the need to take initiatives for the management of this disease. At the same time, it also demonstrates the potential for the growth of the global insulin pumps market during upcoming period.
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Rising Cases of Diabetes to Boost Demand
In the recent times, there is tremendous rise in instances of diabetes in children and older population. Moreover, growing inclination of major diabetic population toward use of advanced tools to manage their diabetes has lead to surge in demand for insulin pumps. Major reason behind this shift is said to be the convenience insulin pumps offer as compared to the conventional delivery systems. This shift has stimulated the growth of the global insulin pumps market. Besides, there is notable rise in the awareness about the tethered insulin pumps among individuals living with type 1 diabetes. This increased awareness is expected to further support the market growth during forecast period.
Major players in the global insulin pumps market are using diverse tactics to withstand in aggressive competition. They are growing investments in research and development activities to offer technology driven products. Moreover, mergers and acquisitions, alliances, and incorporation of advanced technologies are the other strategies employed by the key vendors in the global insulin pumps market.
Global Insulin Pumps Market: Overview
Insulin pumps are the instruments used in the body to administer diabetes insulin. The insulin pump is integrated with the sensor, the transmitter and the receiver, which can be programmed during the day to provide constant doses of insulin. The blood sugar level of the body is delivered and regulated. The system includes an unmatched infusion system, a subcutaneous insertion cannula, a tube system that connects the cannula to the insulin reservoir, and the unmatched insulin reservoir.
The Market Intelligence Report provides a thorough examination of the global insulin pumps market and a comprehensive analysis of the market environment, focusing on drivers, opportunities, limitations and trends. The report examines the product result in related industries and applications. The global reports provide comprehensive information about the procedures currently being pursued by market vendors to gain momentum and to review the entry points of new players. Intensive guidelines on the global market for global insulin pumps during the provision period are provided by the market intelligence survey.
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Growing Awareness of Type 1 Diabetes to Propel Tethered Insulin Pumps Segment
The global insulin pumps is segmented on the basis of products and accessories. The products segment further comprises of tethered insulin pumps and disposable/patch insulin pumps. The insulin pumps supplies and accessories segment includes cartridges or reservoirs and infusion set insertion devices. Among these, insulin pumps accounted for a substantial market share in 2016, and is expected to remain the dominant product segment over the forecast period. This could be accounted to the rise in awareness regarding tethered insulin pumps among the type 1 diabetes patients. Further, the emergence of technologically advanced products in the sector like patch pumps is likely to drive this segment in fuelling the global insulin pumps market.
On the basis of the distribution channels, the segment of hospital pharmacy is likely to gain traction in the global market. The report further addresses the impact in the segments such as retail pharmacy, online sales, and diabetes clinics or centers.
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North America to Make Strides in Global Market
The report analyzes the global insulin pumps market geography-wise segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. In 2016, North America accounted for 64.1 percent of overall demand, reflecting the high prevalence of diabetes in the U.S. country, along with highly structured healthcare infrastructure, well-defined reimbursement policies from private and public health insurance, and the mushrooming number of specialized diabetes care centers. In insulin pumps, Europe remains the second most profitable region, although it is anticipated that by the end of the forecast period Europe will become a rentable region in Asia-Pacific where two of India's most promised emerging economies are located.
In the current situation, the global market for insulin pumps is fragmented in nature, with a few enetrprises holding the dominant position. Product development, alliances with diabetic specialists and geographical expansion are expected to help market leaders gain a foothold in the near future.
Prominent vendors operating in the global market, mentioned in the report include Animas Corporation (Johnson & Johnson), SOOIL Developments Co., Cellnovo Group SA, Jiangsu Delfu Co., Ltd., F. Hoffmann-La Roche Ltd., Medtronic, Valeritas, Inc., Ypsomed AG, Tandem Diabetes Care, Inc., Ltd, and Insulet Corporation.
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