Insulin Pumps Market to Reap Excessive Revenues of US$ 9,550.7 Mn by 2025
Added: (Wed Dec 06 2017)
A recent intelligence study by Transparency Market Research (TMR) has detected that the global insulin pumps market is consolidated among top three companies, who accounted for more than 50% of the shares in 2016, whereas the rest of the market is fragmented, distributed among a large number of domestic and regional players. This report projects the demand in the global insulin pumps market to increment at a robust CAGR of 9.8% during the forecast period of 2017 to 2025, reaching a valuation of US$9,550.7 mn in 2025, notably up from its evaluated worth of US$4,180.4 mn in 2016.
As far as the competitive landscape is concerned, the rivalry will intensify in the near future with the influx of several new vendors. In addition to that, the existing players are expected to add to their market shares via implementation of new models as well as mergers and acquisitions. Some of the key companies currently operating in the global insulin pumps market are Cellnovo Group SA, Medtronic, F. Hoffmann-La Roche Ltd., Valeritas, Inc., Animas Corporation (Johnson & Johnson), SOOIL Developments Co., Ltd, Tandem Diabetes Care, Inc., Ypsomed AG, Insulet Corporation, and Jiangsu Delfu Co., Ltd.
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Insulin Pumps Profitable Segment among Type-1 Diabetic Patients
Based on product, the global insulin pumps market has been segmented into insulin pumps including tethered pumps and disposable or patch insulin pumps and insulin pump supplies and accessories, which is further sub-segmented into insulin reservoirs or cartridges and infusion set insertion devices. In 2016, insulin pumps segment, with its sub-segments, collectively accounted for 70.1%, which was a reflection of several factors, such as high awareness about tethered insulin pumps among type-1 diabetes patients, growing adoption of technologically advanced products such as patch pumps, and increase in the prevalence of diabetes among the geriatric population. The report also detects that the global insulin pumps market is witnessing a preference of insulin pumps as a result of better efficiency offered by them in terms of dosage. Among distribution channel categories of hospital pharmacy, retail pharmacy, online sales, and diabetes clinics or centers, hospital pharmacy serves the maximum demand.
North America Serves Maximum Demand
Out of the five regions, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa, studied by this report for the potential of insulin pumps market, North America is most profitable, accounting for 64.1% of the demand in 2016. The developed country of the U.S. coupled with increasing demand for advanced technology such as insulin pumps integrated with continuous monitoring system have led to the growth of insulin pumps market in the U.S., single-handedly propelling the North America market to sustain an edge over rest of the regions. Growing percentage of geriatrics, high structured healthcare sector, and availability of a well-defined reimbursement policies from public and private health insurance firms are some of the other factors helping the North America insulin pumps market.
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Escalating Geriatrics Population Driving Demand
The demand in the global insulin pumps market is gaining traction from a number of factors, such as increasing prevalence of diabetes, increased focus on adult population, increasing disposable income, and growing public awareness due to the penetration of social media. On the other hand, high cost, availability of alternatives, and inadequate reimbursement policies in several emerging economies are some of the key factors challenging the insulin pumps market from attaining its true potential. Nevertheless, the vendors operating in the global insulin pumps market are expected to gain new revenue avenues from advances in insulin pumps and growing adoption against conventional methods.