Insulin Pump Market Growth, Opportunities, Size, Share, Competitive Analysis, Demand By 2024
- Nikhil Kapoor
- Jul 17, 2019
- 3 min read
According to the latest report by IMARC Group titled, “Insulin Pump Market Growth, Industry Trends, Share, Size, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 3.9 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 5.5 Billion by 2024, exhibiting a CAGR of around 6% during 2019-2024.
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An insulin pump is a small, computerized device that imitates the functioning of the human pancreas by delivering a controlled dosage of insulin throughout the day to regulate blood sugar levels. The device is attached to the body through a thin tube called an Infusion Set, which supplies insulin directly into the blood stream. The pump delivers insulin in two ways, which include basal and bolus. Wherein, a basal rate represents small amounts of insulin released consistently for 24 hours, on the other hand, a bolus rate delivers insulin to match the food intake or regulate high blood sugar. Insulin pump helps in replacing frequent injection administrations and provides an easy and effective way of self-monitoring blood sugar levels.
Over the past few years, the global insulin pump industry has witnessed a positive growth owing to an increase in the incidences of type 1 and type 2 diabetes. This is due to a change in dietary habits, which have led to the wide-scale consumption of packaged food products and alcohol. Other than this, on account of technological advancements in the industry, manufacturers are developing more efficient and affordable devices for providing easy accessibility to consumers belonging to different socio-economic backgrounds. Moreover, people across the globe are becoming aware about the availability of improved glucose monitoring devices, which is impelling the market growth.
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Key Market Segmentation:
Breakup by Product Type:
• Insulin Pumps
• Tethered Pumps
• Disposable/Patch Insulin Pumps
• Insulin Pump Supplies and Accessories
• Infusion Set Insertion Devices
• Insulin Reservoirs/Cartridges
Breakup by Distribution Channel:
• Hospital Pharmacy
• Retail Pharmacy
• Online
• Diabetes Clinics/ Centers
• Others
Breakup by Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Competitive Landscape:
The report has also examined the competitive landscape of global insulin pump market. Some of the major players in the market are Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd., Ypsomed, etc.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players
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