Insulin pump is a small medical or computerized device that delivers insulin for the cure of diabetes, also called continuous subcutaneous insulin therapy. It has a reservoir, control module, an infusion set that contains a cannula &tubing system. It is integrated with the transmitter, receiver, and a sensor. It is programmed to release insulin in incessant small basal dose and a bolus dose. It delivers & regulates blood sugar level in body. It is classified into many types such as tethered pumps, untethered pumps and implantable pumps.
According to study, “Worldwide Insulin Pump Market – Drivers, Opportunities, Trends, and Forecasts: 2017-2023” some of the major companies that are currently working in the worldwide insulin pump market are Animus Corp,B. Braun Melsungen AG, Abbott Laboratories, Medtronics Inc, Roche Diagnostics, NovoNordisk, Carestream Health Inc., Debiotech S.A, Becton Dickinson and Company, Insulet Corp, Apex Medical, MicroPortScientific Corp, Eli Lilly and Company, New Genix, Cellnovo Ltd., Nipro Diagnostic Inc., Jiangsu Delfu Co. Ltd., Sanofi, Asante Solutions, Insujet, Phray, Valeritas, Inc., Twobiens, Scientific Corporation, Shinmyung Mediyes, Fornia, F. Hoffmann-La Roche Ltd., Top Corporation, MedNovo, Ypsomed HoldingAG, Tandem Diabetes Care Inc., GlySens ICGM, Carestream Health Inc., Sooil Development Co.
Based on the product, the insulin pump market is segmented into smart pump, disposable insulin pump and traditional insulin pump. Traditional pumps include tubing, straight sets, infusion set, angled sets and tubing etc. Based on accessories, the market is segmented into insulin reservoirs or cartridges, infusion sets and infusion set insertion devices. Based on distribution channel, the market is segmented into retail pharmacy, hospital pharmacy, diabetes clinics or centers and online sales.
The key benefits include precise insulin delivery, increased flexibility in lifestyle, reducing wide fluctuations in blood glucose, discrete blousing, easier control of hormonal spikes, help with the dawn phenomenon, exercise with confidence, fewer injections, predictable insulin delivery and reducing episodes of severe hypoglycemia. Some of the major drawbacks are risk of diabetic ketoacidosis (DKA), being attached 24/7, technical difficulties, risk of skin infections at catheter site and high cost of pumps etc.
The insulin pump market is primarily driven by increasing prevalence of diabetic population, re-sales of insulin pumps, increasing obesity rates, increased adoption of advanced technology products, increasing disposable income, growing awareness of insulin pumps in the emerging markets, longer life expectancy at birth, potential increase in the number of aged population, rising healthcare expenditure, rising incidences of government initiatives and significant focus on diabetes management. Apart from the key advantages some of the major limitations of the market include unfavorable reimbursement plans, issues related to product pricing, threat of technological substitutes and acute competition in the market. Additionally, some of the key opportunities creating the use of insulin pumps are technological advancements, rising medical tourism in developing countries, latest product launches, substitute for conventional diabetes treatments and significant increase in the number of mergers & acquisitions.
During the 2017-2023 forecast periods, the insulin pumps market is anticipated to witness a CAGR of 8.3%. It is expected that the market to reach US $8520.9 million, by 2023. It is estimated that the market will be growing rapidly as a result of a huge pool of undiagnosed diabetic patients & emergent demand for ambulatory infusion systems.
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Ankur Gupta, Head Marketing & Communications