Growth in the insulin pump industry is anticipated because the product is so simple to use. Easy administration, rising junk food intake, and rising sedentary lifestyle are all factors that could drive up insulin pump sales. The prevalence of diabetes is predicted to expand dramatically in the coming decades, with the oldest adults experiencing the highest rate of growth. As a result, the global number of diabetics is expected to increase dramatically in the next half-century assuming existing trends in diabetes occurrence rates continue linearly. As the number of people diagnosed with diabetes continues to climb, there will be a significant increase in demand for insulin devices, which will in turn increase insulin pump consumption on a global scale.
Insulin Pumps market is expected to register a CAGR of 15.5% and acquire the market value of USD 11.5 Billion by 2028.
Companies are also developing next-generation insulin pumps with cutting-edge technology to improve compliance and integration with IT devices, all of which is fueling the expansion of the market. Advances in technology, such as the artificial pancreas and home infusion therapy, are also expected to generate substantial growth prospects in the near future. There has been a rise in demand for insulin pumps in both developed and developing nations as a result of rising public knowledge of the devices.
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Electronic insulin pumps are becoming increasingly popular among medical professionals and patients alike as a means of controlling and monitoring diabetes. This is because, in comparison to older pumps, modern pumps are more practical, secure, and reliable. By interacting with their healthcare team and exchanging data whenever and wherever it is most convenient for them, people can take charge of their health. Growth in the market is anticipated to be fueled by the aforementioned factors. Increased use of insulin pumps is anticipated as a result of the growing number of public health and community outreach programs designed to educate the public about diabetes.
Increases in insulin prices coupled with unfavorable insurance policies are expected to restrain the insulin pumps market throughout the forecast time period. Growing interest in alternative medicine is a major factor that may slow the expansion of the insulin pumps business. Another significant barrier that can restrain market expansion is the introduction of stringent rules and regulations for product approval.
The market for insulin pumps can be broken down into two distinct segments: the reusable insulin pump and the disposable insulin pump. By 2028, the segment is expected to have amassed a market worth of $4,587.5 million.
Over the study period, the infusion set subsector is projected to be the market’s primary growth driver.
Because of the rising incidence of type I diabetes, the market for insulin therapy is likely to grow.
The hospitals and clinics are projected to grow by 2023’s USD 3,908.8 million. However, home care is expected to grow at the fastest rate of 8.9% during the forecast period.
Key Players of the market are:
North America is the largest market for insulin pumps in the world, according to a report by MRFR, which positions the region as a global leader in healthcare. Because of the developed healthcare system, cutting-edge hospitals, and widespread willingness to try new therapies, the insulin pump industry in North America is booming. The concentration of so many world-class competitors in one area fuels creativity and innovation. The accessibility of trained medical personnel, a wide selection of viable products, and substantial consumer spending all play a role in the market’s rapid growth. When it came to the global insulin pump market in 2016, North America dominated the competition.
The rising healthcare spending and the advances in the healthcare industry will help Asia Pacific secure the fastest growth in the years ahead. The huge demand for insulin pumps in the region is in response to the supportive government and the fast-paced rise in the number of diabetes cases. The cases are especially high among the elderly population in Japan, India, China, and Indonesia.
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