The Insulin Pumps and Accessories Market size was valued 9.4% and is anticipated to reach USD 9.41 billion by the year 2027
Market Outline – Insulin Pumps and Accessories Market
Insulin pumps play an important role for controlling insulin in diabetic sufferers at exact intervals. Insulin is given to the diabetic patients through a catheter placed under one’s skin. Insulin pumps work as great alternative for injections as they control blood glucose. Insulin pump accessories give support to the insulin pumps to administer insulin in the body to get control over diabetes. Infusion set insertion devices, infusion sets, insulin reservoirs are some of the insulin pump accessories. Diabetic sufferer can have extra dose relying on the food consumption for maintaining glucose level under control. Global prevalence of diabetes is increasing hugely. It served as the main cause of death and increases the danger of developing many other serious health concerns. Growing obesity issues, increasing initiative taken by the government and rising development activities can create different opportunities for the key players to growth in the market. Increasing markets in China and India and high preference to the specialty infusion pumps are providing best growth opportunities for key players. Crucial development is observed during the forecast period in the field of insulin pump accessories market. Nearly 592 million people are anticipated to suffer from diabetes till the 2035 and approximately 384 million people already suffered from diabetes problem in 2013 according to WHO.
Insulin Pumps and Accessories Market Dynamics – Driving and restraining factors
Increasing diabetic patients lead to the high requirement for insulin devices and hence leading to the insulin pumps and accessories market growth. There are several factors that contribute greatly in booming the insulin pumps market growth such as increasing demand for ambulatory infusion pumps, fast growth in the aged population, increasing cases of surgical procedures and increasing incidence of chronic illnesses like diabetes and gastrointestinal disorders. Some crucial factors that impel the market growth are increased awareness towards home healthcare, increasing demand for a portable insulin pump for reducing hospital expenditure and increase in the geriatric population. On the other hand, precise government rules to approve devices and errors coming when using the infusion pump accessories lead to several product recalls, which limit the growth of insulin pump accessories market. The Increase in insulin price with unfavorable insurance policies is anticipated to hinder the market growth during the forecast period. The increasing preference towards naturopathy is a crucial factor to limit the market growth in upcoming years. Another major hurdle which can control market growth is the obligation of severe regulations for the approval of the product.
Insulin Pumps and Accessories Market Segmentation
Segments covered in the report are based on product, type, end use, accessories and region,
By Product Type
- Tandem (T: slim X2, G4, T: flex Delivery System)
- My Life Omnipod
By Type Outlook
- Tethered Pump
- Patch Pump
By End Use
- Hospitals and Clinics
- Insulin Reservoir or Cartridges
- Insulin Set Insertion Devices
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
Fast developing healthcare facilities and increasing health expenses, Asia Pacific is anticipated to be the fastest growing region. Increasing occurrence because of the growing aged population serves to be another significant factor to grow the global insulin pumps market in the region during forecast period.
Insulin pump delivers insulin either automatically or manually. Such pumps are set for delivering particular set of doses and big set of doses when needed like before meals. It is also possible for patients to connect such devices to their smart phones for calibrating blood glucose reading.