Insulin Pumps Market To Reach USD 9.41 Billion By 2027 | CAGR of 9.4%
: New York, United States, 21-July-2020, (Via WiredRelease), (Reports and Data) – The global insulin pumps market is expected to reach USD 9.41 Billion by 2027, according to a new report by Reports and Data. Insulin pumps are used for insulin therapy and is used for the treatment of patients with all types of diabetes. The need for insulin therapy depends upon the balance between insulin resistance and insulin secretion. Patients with type 1 diabetes require insulin treatment permanently unless they receive a whole organ pancreas transplant or an islet. Type 2 diabetes patients require insulin as their beta-cell function lowers over time.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019: approximate 463 million adults (20-79 years) were living with diabetes, and by 2045, this is expected to rise to 700 million. A growing number of diabetic patients are propelling the demand for insulin. Technological advancements in the insulin pumps have led to improved reliability and functionality. CSII (continuous subcutaneous insulin infusion) technology has observed several advancements, comprising the incorporation of continuous glucose monitoring (CGM) with the insulin pump. At present, these pumps with the integration of AI are capable of controlling the algorithm that analyzes the blood glucose level and automatically delivers the insulin to the individual using it.
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The COVID-19 impact:
Covid-19’s spread has affected manufacturing and construction activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for producers. The producers have relied on derived demand as an intermediate commodity to rationalize production. The pandemic’s economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the market. The market has experienced a downturn over the weeks, which may continue over the next few months. The Asia Pacific is the most affected region by this pandemic, with China at the center of the outbreak. Most initiatives in multiple countries have changed to a temporary halt. Development, as well as supply, is put on hold, creating losses for suppliers, dealers and customers alike.
Key participants include
Animus Corporation, Asante, Insulet Corporation, Nipro Diagnostic Inc., Cellnovo Ltd., Ypsomed Group, Medtronics Inc., Tandem Diabetes Care Inc., Roche, and Valeritas, among others.
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For the purpose of this report, Reports and Data have segmented into the global Insulin Pumps market on the basis of type, propellants, application, and region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Traditional Insulin PumpDisposable Insulin Pump
Accessories Outlook (Revenue, USD Million; 2016-2027)
Insulin Set Insertion DevicesInsulin CartridgesBattery
End-User Outlook (Revenue, USD Million; 2016-2027)
Hospitals & ClinicsLaboratoriesHomecare settings
Regional Outlook (Revenue, USD Million; 2017-2027)
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Key Question the Report Will Answers
At what rate will the Insulin Pumps Market grow? What will be the value of the market in 2027?
What are the key technologies driving Insulin Pumps?
What would be the impact of Insulin Pumpsacross different regions?
What are the strategies adopted by players to enter the APAC region?
What is the key application of Insulin Pumpsin the transportation sectors?
What are future growth strategies in the market?
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