The global insulin pump market was expected to the USD 11.5 Billion with a CAGR of 15.5% by 2028 during the forecast period. The insulin pumps are used for controlling the insulin in diabetic patients at a specific interval of time. The insulin pumps are attached to the body of the patient and insulin was administered through the catheter which was placed under the skin. The pumps deliver the dose of insulin to control and sustain the levels of blood glucose. Due to its eco-friendly nature, the global insulin pump market witnessed a rise in the market.
The insulin pump sales were augmented by various causes like an increase in the consumption of junk food, ease to use, and the growing adoption of a sedentary lifestyle. During the COVID-19 pandemic, and lockdown restrictions, there was a negative impact on the global insulin pump market. In 2013, 384 million people had diabetes according to the International Diabetes Federation (IDF). It was expected that it will reach 592 million by 2035. For the age above 60 years, there was an increase in the number of people who are diagnosed with diabetes.
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The global prevalence was rising tremendously as diabetes was a chronic disease. The global insulin pump market was augmented by the increased awareness of the disease which surge the diagnosis rate of type 1 diabetes. In the future, the expansion of the geriatric population has driven the insulin pump industry. Various opportunities are provided to the global insulin pump market such as an increase in the number of cases of obesity, an increase in developmental activities, and rising initiatives that are taken by the government to strengthen the market.
During the assessment period, there was a rise in the insulin cost with the unfavorable insurance policies which hamper the growth of the global insulin pump market. In the coming period, the growth of the global insulin pump market was restricted by the growing inclination toward naturopathy. During the projection tenure, the insulin pump market displays a substantial rise.
The global insulin pump market was segmented based on type, accessories, application, and end user.
Based on type, the global insulin pump market was divided into disposable insulin pumps, traditional insulin pumps, and smart insulin pumps.
Based on accessories, the global insulin pump market was divided into infusion set insertion devices, insulin reservoirs, and infusion sets. The infusion sets were further divided into steel cannulas and plastic cannulas.
Based on application, the global insulin pump market was divided into Type I Diabetes, and Type II Diabetes.
Based on end-user, the global insulin pump market was divided into laboratories, hospitals & clinics, and home care.
The global insulin pump market was spread in the following regions – Asia-Pacific, North America, Europe, and the Rest of the World.
The key players involved in the global insulin pump market are Insulet Corporation, Sanofi, Dickinson & Company, Becton, Hoffmann-La Roche AG, Medtronics, Abbott Laboratories, and Braun Melsungen AG.
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