Global Insulin Pumps Market is expected to aggregate $2,576.3 million by 2024 and grow at a CAGR of 9.7% during the forecast period 2018–2024
Increase in the aging population, rise in incidence & prevalence of diabetes, growing awareness for early prevention of diseases and a healthy lifestyle are expected to drive the market growth. Continuous development in insulin delivery has gained innovation in implementing pump therapy with next-generation insulin pumps.
Bangalore, India, May 14, 2018: Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Insulin Pumps Industry (China-specific Market Assessment) – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (March 2018).
According to Infoholic Research, there is an increase in the adoption of insulin pumps in recent years due to varied features and functionalities. A majority of the insulin pumps available in the market are flexible with a significant advantage over the traditional insulin delivery systems, i.e., continuous delivery of insulin during the meal and low variability in glucose levels. The insulin pumps manufacturers are focusing on introducing various next-generation pumps and are hugely investing in projects related to this new technology. Previous generation insulin pumps are being upgraded along with the integration of IT to attract the customers. Insulin pumps deliver insulin by continuous infusion through a single subcutaneous site, which is replaced on an average of 3 days.
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Most of the physicians suggest insulin pumps for people who would like to discontinue injections and jet injectors due to discomfort and invasive issues. On the other hand, ambulatory care services are witnessing a significant increase in insulin pumps, especially in developed countries as the time taken for each procedure in the ambulatory care center is lesser than that in hospitals.
Segmentation of the Global Insulin Pumps Market
China Insulin Pumps Market
Around 114.1 million people in China are suffering from diabetes (type 1 & type 2), among which type 2 diabetes is more prevalent. China lacks innovative technologies and access to current trends in diabetes management, which further adds to the growth of diabetic population in the region. China spends approximately 5% of its GDP on healthcare when compared to the developed nations of the Americas and Europe. The changes in healthcare systems in 2009 have resulted in affordable healthcare services for people, and the Chinese government has invested about $127 billion in primary medical insurance, medical services, public health, essential drugs, and reforms for the public. Increased healthcare awareness in the region is propelling the demand for insulin pumps. Improved healthcare spending because of increasing disposable income in the region also drives the need for insulin pumps.
In January 2016, Medtronic signed a long-term partnership with the Chengdu Municipal Government to offer diabetes management for underserved and needy diabetic population in China. This partnership enables to expand its reach and target new products that have improved diabetes management for Chinese users. The next-generation sensor-augmented pump systems, such as SmartGuard technology, have helped to shape the future of diabetes in China.
“The insulin pumps market is growing at a faster rate with the highest attraction in developed regions, such as the US and Europe, and emerging markets, especially China and India. The advanced technology has enabled individuals to switch to insulin pumps. People have progressed from finger sticks, exchanging diets, urine testing, and carb counting with the use of insulin pumps. Further, the expansion of Medicare coverage for diabetic devices by the Centers for Medicare & Medicaid Services (CMS) will allow many individuals to buy or update their insulin pumps.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report aims to cover the below mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides complete details about the various types of insulin pumps.
- Provides complete details of trending insulin pumps.
- Provides complete details about the analysis of top players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.