ALBANY, New York, January 7, 2019 /PRNewswire/ --
According to the research report by Transparency Market Research (TMR), the global insulin pumps market is foreseen to reach around a worth of US$9.50 bn by the end of the forecast period, which was evaluated in 2016, to be of worth around US$4.18 bn. The market is anticipated to flourish at a CAGR of 9.80% within the forecast period from 2017 to 2025.
On the basis of product type, the global insulin pumps market is categorized into including tethered insulin pumps and patch insulin pumps, or disposable and insulin pump accessories and supplies including insulin cartridge or reservoirs and infusion set insertion devices. Among these insulin pumps is the leading segment projecting 70.1% of the overall market in 2016. This is due to various factors for example, rising awareness among the people regarding type-1 diabetes and importance of tethered insulin pumps, emergence of high end advanced products in the market, for example, patch pumps. Geographically, North America region is leading among the other regions for insulin pumps and is estimated to sustain its position in the forthcoming years as well.
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This lead can be credited to the considerably high number of diabetic patients in the region, particularly because of the high rate of obesity among customers. Among other regional markets, Asia Pacific and Europe are foreseen to enroll a relentless ascent in its market for insulin pumps.
Rise in Geriatric Population to Fuel Demand Globally
Global insulin pumps market is flourishing because of various development drivers, for example, increase in geriatric population, rise in number of people suffering from diabetes, and advent of advanced products in the market. However, the market faces certain hindrances for example, the staggering expense of insulin pumps, a risk from the implantable insulin pumps, complex programming used in insulin pumps and innovation of artificial pancreas and so forth.
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Type II diabetes is additionally contribute the huge role in expanding the development of the insulin pumps market. Type II diabetes is a condition in which body is incapable of performing its work and transforming carbs into energy, which makes sugar (glucose) to develop in blood. This increases a risk of blindness, heart disease, organ damage, or nerve disease, including other chronic ailments.
High Cost of Insulin Pumps to Hamper Market Growth
Over the coming years, the advancement in technology in insulin pumps are estimated to support the development of this market significantly. The rise in disposable income of the people, globally, empowering them to manage the cost of expensive healthcare and therapeutic gadgets, is as well expected to ponder decidedly the share of insulin pumps.
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In spite of the fact that the eventual fate of the global market for insulin pumps looks splendid, it might face some impediments in the coming years because of the surprising expense caused into acquiring and keeping up an insulin pumps. The expanding number of artificial products may hamper the development of this market throughout the following couple of years.
The global insulin pumps market is foreseen to witness a high level of competition among the key players in the market. Some of the major players leading the global insulin pumps market are Cellnovo Group SA, Medtronic, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Animas Corporation (Johnson & Johnson), Insulet Corporation, Ypsomed AG, Valeritas, Inc., Jiangsu Delfu Co., Ltd., and SOOIL Developments Co., Ltd. In the upcoming duration, these companies are expected to concentrate mainly on improving the product portfolio so as to increase their profit percentage.
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The review is based on the findings of a report by Transparency Market Research, titled "Insulin Pumps Market (Product - Insulin Pumps (Tethered Insulin Pumps and Disposable or Patch Insulin Pumps) and Insulin Pump Supplies & Accessories (Insulin Reservoirs or Cartridges and Infusion Set Insertion Devices); Distribution Channel - Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics or Centers) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017 - 2025."
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