Tubeless Insulin Pump Market Value Projected To Surge Remarkably At Double Digit CAGR During 2020–2026
According to the forecasters from Zion Market Research, the global tubeless insulin pump market was capitalized at USD 549.6 million during 2018 and is anticipated to report the growth of more than 24% of a CAGR from 2019–2025. With the rising cases of diabetes, in particular amongst geriatric patients, the tubeless insulin pump market is projected to see a noteworthy growth in the upcoming years. As per National Diabetes Statistics, almost 30.3 million people reported of diabetes in the U.S. in 2015. The surging prevalence of diabetes will speed up the pace of adoption of tubeless insulin pump systems for the management of disease and better care.
Some of the leading players in the global tubeless insulin pump market are Roche Holdings, Cellnova, Debiotech, Medtrum Technologies, Spring Health Solutions, Valeritas Holding, CeQur, and Abbott amongst others. These companies are executing new product introduction and partnerships to capture high revenue and lucrative market share across the industry.
Advancement Of Insulin Delivery Devices To Boost The Global Tubeless Insulin Pump Market
The increasing administrative initiatives and augmenting awareness regarding diabetes will optimistically influence market development in the coming years. For example, in the year 2018, the Australian Ministry of Health approved 100 million for increasing the promotional activities of insulin. Nevertheless, inadequate reimbursement for tubeless insulin pump and considerably surging cost of insulin delivery systems might impact the market growth in the future.
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The global tubeless insulin pump market is categorized on the basis of component, distribution channel, and geographical analysis. Based on component the market is divided into pod/patch, remote, and accessories (reservoirs, batteries, etc.). Base on the distribution channel the market is bifurcated into hospitals, pharmacies, and e-commerce.
North America To Dominate The Global Tubeless Insulin Pump Market In Future
The tubeless insulin pump market is expected to witness momentous growth in the upcoming few years. In terms of geography analysis, the global tubeless insulin pump market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The high adoption rate of tubeless insulin pump and constant administrative proposals to create awareness regarding diabetes management will exceedingly contribute toward market growth. Furthermore, the presence of renowned market players across the region with rising approval of innovative devices by the U.S. Food and Drug Administration will highly affect tubeless insulin pump industry growth across North America in the upcoming years.
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In 2018, the Indian market held more than 15% revenue share and is projected to develop at a noteworthy rate in the forecasted period. As per the National Health Portal of India, almost 7.2 crore people had diabetes in 2017. The increasing availability and adoption rate of home-based convenient devices will boost market growth. In addition, rising spending competence of the population, developing healthcare infrastructure, and increasing awareness about different diabetes care devices will impel market growth in India in the foreseeable future.
This review is based on a report by Zion Market Research, titled “Tubeless Insulin Pump Market – Segmented By Component (Pod/Patch, Remote, Accessories), Distribution Channel (Hospitals, Pharmacies, E-Commerce), And Geography – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025” report at https://www.zionmarketresearch.com/report/tubeless-insulin-pump-market
- CDN Newswire