Tuesday, 13 April 2021

Insulin Pumps Market Size, Share, Outlook, and Opportunity Analysis, 2018– 2026

 

Insulin Pumps Market – Regional Analysis

North America is expected to hold a dominant position in the global Insulin Pumps Market over the forecast period, owing to the increasing prevalence of diabetes in the U.S. population. For instance, according to American Diabetes Association, 2018, in 2018, around 34.2 million U.S. population were reported to have diabetes. Out of which, 26.8 million were diagnosed and 7.3 million were undiagnosed. Moreover, 14.3 million people constitutes the older population (above the age of 65 years) are suffering from diabetes. Moreover, diabetes is the seventh leading cause of death in the U.S. population with around 76,000 deaths annually in the U.S. every year.

Additionally, reimbursements policies provided by the government to the patients is expected to fuel the global insulin pumps market growth over the forecast period. For instance, according to the Centers for Disease Control and Prevalence (CDC), 2018, in the U.S., Diabetes Self-Management Education and Support (DSMES), provides education for the patients for increasing their knowledge and skills for the management of diabetes. DSMES are funded by Medicaid, which aids in reducing the health care cost of the patients.

In addition, there is rising prevalence of diabetes in middle and low income regions that is expected to drive growth of the insulin pumps market. For instance, according to International Diabetes Federation, 2018, in South-East Asia, around, 88 million people are suffering from diabetes and has been estimated that around 153 million patients will suffer from diabetes in the year 2045. Thus there will be a 74% increase in the number of patients suffering from diabetes. Moreover, in Middle East and North Africa, around 55 million people are suffering from diabetes and it has been estimated that approximately 108 million people will suffer from diabetes in the year 2045. Thus there will be a 96% rise in the number of patients suffering from diabetes. The above factors are expected to boost the global insulin pumps market growth over the forecast period.

* The sample copy includes: Report Summary, Table of Contents, Segmentation, Competitive Landscape, Report Structure, Methodology.

Request a sample copy of this report: https://www.coherentmarketinsights.com/insight/request-sample/416

Insulin pump is a portable device, which can be attached to the body and can continuously deliver preset amounts of short or rapid acting insulin in the body to control diabetes. Insulin therapy is required in type 1 diabetes and sometime in type 2 diabetes. It serves as an effective alternative to insulin injections. Furthermore, insulin pump delivers the insulin according to the need of body as basal rate, where small amount of insulin is delivered continuously whole day for maintaining normal function of body that is programmed by health care professionals. Whereas, for bolus dose, the additional dose of insulin required, according to the food supply to correct the blood sugar level of the body. Insulin pump comprises main pump unit that holds insulin reservoir i.e. 176-300 units of insulin. There are various types of insulin used to treat diabetes such as rapid, short, intermediate, and long acting insulin.

The major factors that are expected to drive growth of the market include increasing prevalence of diabetes, awareness about diabetes, and types of insulin and different methods to deliver insulin. Insulin pump device are small and durable. Insulin pumps are user friendly, as they can be programmed easily and LCD screen is available for display of programs. Moreover, battery compartment and reservoir compartment is also compact. Insulin pump are highly portable and it makes the delivery easy. Furthermore, number of insulin injection are reduced due to insulin pumps. Whereas, there is precise delivery of insulin by using insulin pumps to gain better control on diabetes.

The increasing prevalence of diabetes is expected to fuel growth of the insulin pump market over the forecast period. For instance, according to the International Diabetes Federation, in 2019, around 463 million people, in the age group of 20 to 79 years were reported to be suffering from diabetes and it has been estimated that by 2045, the number of diabetes patients will rise to 700 million. Moreover, according to the same source, in 2019 diabetes caused around 4.2 million deaths. The cases of people suffering from type 1 diabetes is increasing in most of the countries and around 374 million people are expected to suffer from type 2 diabetes. Furthermore, over 1.1 children and adolescents are currently suffering from type 1 diabetes. In 2019, around US$ 760 billion dollars were spent by the U.S. government for diabetes as healthcare expenditure.

Insulin Pumps Market – Competitive Analysis

Key players operating in the insulin pump market include Medtronics, Braun Melsungen Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation, and Hoffmann-La Roche AG.

Browse Research Report: https://www.coherentmarketinsights.com/ongoing-insight/insulin-pumps-market-416

Key Developments                     

In January 2020, Tandem Diabetes Care Inc., launched t:slim X2 insulin pump with Control-IQ technology. The system collectively works with Dexcom G6 continuous glucose monitoring (CGM), which helps to deliver automatic correction insulin dose to help prevent fluctuation in blood sugar.

In October 2019, Novo Nordisk received the U.S. Food and Drug Administration (U.S. FDA) approval for the use of Fiasp (insulin aspart injection) 100 u/mL in insulin infusion pumps for improvement of glycemic control in adults with type 1 or type 2 diabetes.

In June 2019, Medtronic and Tidepool entered into a partnership to develop an automated insulin pump system. Medtronic plans to develop a Bluetooth-enabled MiniMed pump that would be compatible with Tidepool Loop which is an open-source, automated insulin delivery app for iPhone and Apple Watch

In March 2019, Medtronic plc launched MiniMed 670G system. It is the first personalized system, which automatically delivers the insulin dose 24 hours a day, in order to avoid hypoglycaemia and hyperglycaemia. The system consist of SmartGuard Auto Mode and the continuous glucose monitor (CGM) (Guardian Sensor 3).

In 2018, Medtronic plc received license from Health Canada for the launch of MiniMed 670G system, which stabilizes glucose level 24 hours a day by automatically adjusting the insulin delivery based on patient insulin needs. This system is beneficial for the patients suffering from type-1 diabetes.

In 2017, Eli Lily, initiated the clinical trial for the automated insulin delivery system. It is the hybrid closed loop system, which is connected to insulin pump, a dosing algorithm, and a continuous glucose monitor. The manufacturer is expected to initiate the clinical trials for the two systems: automated insulin delivery system and integrated insulin management system. Both the systems will be used for the patients suffering from type 1 and type 2 diabetes.

In 2016, Animas Corporation (a subsidiary of Johnson & Johnson Diabetes Care Companies (JJDCC)), received the U.S. FDA approval and Health Canada’s approval for the sale of OneTouch Vibe Plus Insulin Pump and Continuous Glucose Monitoring (CGM) System for the treatment of diabetes patients ages two and older.

Buy-Now this research report: https://www.coherentmarketinsights.com/insight/buy-now/416

About Coherent Market Insights:            

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

mailto:sales@coherentmarketinsights.com

U.S. Office:

Name:  Mr. Shah

Coherent Market Insights 1001 4th Ave,

# 3200 Seattle, WA 98154, U.S.

US :  +1-206-701-6702

UK :  +44-020-8133-4027

JAPAN :  +050-5539-1737


No comments:

Post a Comment