The insulin pumps market to grow at a CAGR of 8.3% during the forecast period 2017–2023 to aggregate $13.54 billion by 2023
Factors such as rising population of diabetic patients, enhanced awareness in the developing countries, and device innovations are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Worldwide Insulin Pumps Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (June 2017).
According to Infoholic Research, increasing prevalence of diabetic patients worldwide is aiding the growth of the insulin pumps market. A huge pool of undiagnosed diabetic patients and growing demand for ambulatory infusion systems will create growth potential for the insulin pumps market in the coming years. Despite multiple recent product launches, an unmet need still exists in the global insulin pumps market, which represents another significant growth opportunity. The technological advances have led to the development of better and more sophisticated insulin pumps. The market is driven by advances such as threshold suspend automation in MiniMed 530G system, which routinely stops insulin delivery after the glucose level reaches a preset low threshold.
The “Worldwide Insulin Pumps” market is expected to grow at a CAGR of 8.3% during the forecast period 2017–2023 to touch an aggregate of $13.54 billion by 2023.
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The market is analyzed based on three segments – product types, end-users, and regions. The product types covered in the report are tethered, patch, and implantable insulin pumps. Tethered infusion pumps segment is expected to gain more market share by 2023. Many advanced technology therapeutic and monitoring products are being developed, which are expected to drive the implantable insulin pumps segment.
The regions covered in the insulin pumps market report are the Americas, EMEA, Asia Pacific, and Rest of the World (ROW). In the Americas region, the US and Canada are the leading countries. EMEA is the second leading region and held more than 15% of the market in 2016. In Asia Pacific, India, Japan, and China are the most attractive countries for the major players and hold huge business opportunities for them. The ROW is set to be an emerging market in the next 5–6 years.
“Diabetes is one of the world’s biggest health concerns, responsible for one-sixth deaths globally. This is creating a pertinent need for better diagnosis, treatment, and care. The reimbursement cuts in various regions and excise tax on devices are making insulin pumps expensive for patients, especially in the developing countries.” – Victor Mukherjee, Assistant Manager (Research – Healthcare) at Infoholic Research
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The report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides detailed overview about the various types of insulin pumps
- Provides details on trending insulin pumps
- Provides detailed analysis of top 8 market players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies