Insulin Pump Market to Touch New High at 8.4%CAGR Due to Flexibility and Convenience of Use By 2023

MRFR Predicts Insulin Pump Market is to touch USD 8520.9 million at a notable 8.4% CAGR over the estimated years. Global Insulin Pump Market Information, by types (Traditional insulin pump, Disposable insulin pump); by end-users (Hospital & Clinics, Home Care, Laboratories) - Forecast to 2023

An Insulin Pump simply put, is a small-sized electronic device which gives the body the insulin that it requires all through the day and through the night. It is basically of two types- a patch pump and a tethered pump. Insulin is delivered in higher doses for meals (bolus) and continuously (basal). It is highly preferred owing to the multiple benefits that it offers such as, it controls blood sugar better compared to multiple daily injections, offers tremendous flexibility, highly convenient to use, is accurate and provides a detailed record of every insulin dose, carb and blood sugar value.

There are abundant factors that is propelling the growth of the insulin pump market. These factors as per the MRFR (Market Research Future) report include rising incidence of diabetes, benefits over injections such as flexibility, convenience and glucose control, growing awareness about insulin pumps among the population, rise in geriatric population, preference for methods that are non-invasive and technological development. On the contrary, skin infection, high costs of such devices and lack of skills amid professionals to handle insulin pumps are factors that may hinder the insulin pump market growth.

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Insulin Pump Market - Key Players

Leading players profiled in the Insulin Pump Market include Dickinson, and Company, Becton, Insulet Corporation, F. Hoffman-La Roche AG, Abbott Laboratories, Sanofi, Medtronics, Braun Melsungen AG and others.

March 2019

Medtech player Medtronic lately launched an insulin pump system called the MiniMed 670G in the UK for people having Type 1 diabetes. The specialty of this pump is it is self-adjusting. This is the first ever system for automating personalizing basal insulin delivery for 24 hours. It learns the patient’s body thereby adjusting the insulin delivery automatically for stabilizing the level of glucose and avoiding hyperglycaemia and hypoglycaemia making a positive impact on those having type 1 diabetes. This will be on the perspective of both clinical as well as quality of life.

Insulin Pump Market - Regional Analysis

By region, the Insulin Pump Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will have precedence over others in the market owing to growing occurrence of diabetes here. The extreme sedentary lifestyle of the people in this region coupled with the increasing intake of junk food has resulted in higher incidences of obesity and diabetes that in turn will increase the insulin pump market demand over the estimated years. In Europe, the insulin pump market will have the second major share owing to advancements of technology in insulin pumps and increasing number of people suffering from diabetes. In the APAC region, the insulin pump market is expected to grow steadily over the estimated years owing to advancements in insulin devices amid the people in this region, growing occurrence of diabetes in Malaysia, Taiwan, Indonesia, India and China and increasing awareness regarding glycemic control.

Insulin Pump Market - Segmentation

MRFR report offers a broad segmental analysis of the Insulin Pump Market on the basis of type and end use.

Based on type, it is segmented into disposable and traditional insulin pumps. Of these, traditional insulin pumps will have the highest share in the market and is prognosticated to touch USD 4587.5 million by 2023.

Based on end use, the insulin pump market is segmented into laboratories, home care, hospitals and clinics. Of these, home care is predicted to grow at the fastest pace over the estimated years owing to the burgeoning demand from patients suffering from diabetes to handle complications by their own. Most diabetic patients prefer their home’s familiarity over the unfamiliarity in the hospital and prefer performing simple and minor monitoring methods on their own. It is this that is driving the need for home care that is boosting the insulin pumps market growth. This segment is prognosticated to grow at a whopping 8.9% CAGR over the estimated years.

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