Global Insulin Pump Sensor Industry
Insulin pump is used for the administration of insulin in the treatment of diabetes mellitus. In Insulin pumps, sensor is used to obtain interstitial glucose values. The major factors that contributes in the growth of the market are increasing incidence of diabetes, demand for non-invasive glucose monitoring and FDA clearance to new products. Further, raising awareness towards diabetes and insulin delivering devices and high demand for wearable insulin pump are estimated to fuel the growth of the market. However, there are certain challenges that are affecting the growth of the insulin pump sensor market across the globe. High cost of insulin pumps and accuracy & longevity issues in sensors are estimated to be the major constraints in the growth of the market. Technological advancements & innovations in glucose biosensors and strong pipeline products are developing numerous expansion opportunities for the growth of the insulin pump sensor market.
Several companies have received FDA approval for the glucose monitoring system which is expected to increase the demand for glucose sensor across the globe. For instance, in 2018, Medtronic received FDA approval for guardian connect system. This system consists the Guardian Sensor 3 which is an advanced glucose sensor with 96% low detection rate. This sensor is inserted into abdomen and can be worn for up to 7 days. Guardian Sensor 3 measures glucose levels from fluid under the skin and sends readings to an app on smartphone.
Global insulin pump sensor market is analysed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is estimated to account for major share in the global insulin pump sensor market owing to increasing incidence of diabetes. Presence of key players such as abbot laboratories and Dexcom are also estimated to the major factor that is backing the growth of the market. Asia Pacific is estimated to be the fastest growing region during the forecast period owing to raising awareness towards diabetes and insulin delivering devices and rising adoption of wearable insulin pump.
Key players of the insulin pump sensor market across the globe are Animas Corporation, Becton, Dickinson and Company, Bigfoot Biomedical, Inc., Boston Scientific Corporation, CCS Medical, Dexcom, Inc., Eli Lilly, Gluco-Chaser Inc., Glusense Ltd., Glysens Inc., Insulet Corporation and Medtronic. In order to sustain in the market, these players adopt different strategies such as merger, acquisition, product launch and so on. For example: In 2016, Dexcom, Inc. acquired Nintamed, a distribution company with presence in Germany, Switzerland and Austria. Nintamed has served as Dexcom’s exclusive distributor in these countries for six years. The aim of acquisition is to improve access to leading CGM (continues glucose monitoring) technologies globally.
The market study of global insulin pump sensor market is incorporated by extensive primary and secondary research conducted by research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings the authenticity in our reports.
Secondary sources include:
• Financial reports of companies involved in the market
• Whitepapers such as research-papers and news blogs
• Company websites and their product catalogue.
The Report is intended for researchers in healthcare segment, medical sensor companies in the market, Investing companies, Government Organizations for overall market analysis and competitive analysis. The report provides in-depth analysis on market size, growth opportunity in market, product types. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
THE REPORT COVERS:
• Comprehensive research methodology of global insulin pump sensor market
• In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global insulin pump sensor market
• Insights about market determinants which are stimulating the global insulin pump sensor market
• Detailed and extensive market segments with regional distribution of forecasted revenues
• Extensive profiles and recent developments of market players
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