(USA, NY, New York City): Insulin Pumps Market Overview
Insulin Pumps Market is expected to register a CAGR of 15.5% and acquire the market value of USD 11.5 Billion by 2028, asserts Market Research Future (MRFR).
For its user-friendliness, the insulin pump market is likely to grow. Other important factors that might boost insulin pump sales include ease of usage, rising junk food intake, and the increased acceptance of a sedentary lifestyle. The number of persons diagnosed with diabetes is likely to rise at an exponential rate, with the greatest substantial percentage increase forecast among those over the age of 60. Thus, if present diabetes incidence rates continue linearly over the next 50 years, future changes in the world population’s size and demographic features would result in a dramatic increase in the number of persons affected by diabetes. As people become more aware of the condition, the number of people diagnosed with type 1 diabetes is expected to rise, boosting the market. Furthermore, the business is likely to be driven in the future by the growing senior population. With the rising number of diabetes patients, the demand for insulin devices is predicted to skyrocket, resulting in an increase in worldwide insulin pump usage.
The rise in development activities, the rise in obesity cases, and the rise in government attempts to enhance the market can all create possibilities for the insulin pump market to flourish. During the forecast period, the insulin pump market is expected to grow significantly. The ongoing technical improvement of the device, together with advantageous insurance reimbursement policies, is expected to support the expansion of the insulin pump industry.
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Because the lockdown led in the temporary stoppage of every production facility, the COVID-19 outbreak is anticipated to have a detrimental impact on the insulin pump industry. However, the increased support from various governments may help to underpin industry development in the near future.
The market for insulin pumps is divided into two types: regular insulin pumps and disposable insulin pumps.
Infusion sets, insulin reservoirs, and infusion set insertion devices make up the accessories market for insulin pumps.
Type I diabetes and Type II diabetes are the two types of diabetes that the insulin pumps market is divided into.
The insulin pump market is divided into three categories depending on end-user: home care, hospitals and clinics, and laboratories.
According to MRFR’s insulin pump market report, North America is a healthcare pioneer and the largest market for insulin pumps. The North American insulin pump market is constantly expanding due to the availability of world-class healthcare infrastructure, modern medical facilities, and the quick acceptance of innovative products and treatments. This region is home to a slew of elite players, which encourages innovation and new product development. Other variables that contribute to market expansion include the availability of competent health professionals, product availability, and high buying power. North America had the biggest market share and generated the most revenue in the insulin pump industry in 2016.
Asia-Pacific is predicted to be the fastest-growing region in the insulin pumps market, owing to rising healthcare expenditures and a quickly developing healthcare sector. Government backing is expanding, and the healthcare sector is improving. These are two important elements that might help the APAC market’s rise. Furthermore, the rising incidence as a result of the growing elderly population is another important factor that would drive the market forward throughout the forecast period.
In the insulin pump industry, Europe is likely to gain a large market share. In order to drive market growth, companies must increase their spending in ongoing research and product development. Changes are being implemented by health experts and manufacturing organizations’ in order to deliver the most efficient solutions to the market. The United Kingdom and Germany are set to play a big role in expanding the insulin pump industry.
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The notable players are Insulet Corporation, Dickinson and Company, Hoffmann-La Roche AG, Abbott Laboratories, Braun Melsungen AG, Medtronics, Becton, Sanofi.
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