Insulin Pump Market Overview
Technological developments and the increased acceptance of insulin pumps over older methods drive market expansion. Insulin pumps are the best option for people who require numerous insulin injections all through the day. Because these devices have become less invasive, they are widely used by patients. The worldwide insulin pump market was worth USD 4.79 billion in 2020, and it is predicted to increase at an annual pace of 8.7% from 2021 to 2028.
In the coming years, technological advancements such as artificial pancreas as well as home infusion therapy are expected to generate major growth potential. The growing senior population, increasing diabetes incidence, plus rising obesity prevalence are all contributing to the market’s rise. Furthermore, firms are creating new generation insulin pumps with improved technology to improve compliance as well as integration with IT devices, which is fueling market expansion. Moreover, as people become more aware of insulin pumps and how to utilize them, their demand is growing in both developed and emerging nations.
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Insulin Pump Market Segmentation
Traditional Insulin is expected to account for the majority of sales
The market for insulin pumps is divided into two types: regular insulin pumps plus disposable insulin pumps.
Because of the incidence of diabetes, infusion pump components will be driven
Infusion sets, infusion sets, and insulin reservoirs insertion devices make up the accessories market for insulin pumps. A plastic cannula and a steel cannula are two types of cannula used in infusion systems.
The Type I Diabetes Market Will Be the Most Profitable in the World
Type I diabetes and Type II diabetes are the two types of diabetes that the insulin pumps market is divided into. The rising incidence of type I diabetes is predicted to boost demand for insulin treatment, boosting the market growth.
The insulin pump market is divided into three categories depending on end-user: home care, hospitals, clinics, plus laboratories.
Insulin Pump Market Regional Classification
Because of rising healthcare expenditures, North America is predicted to gain the largest market share.
According to MRFR’s insulin pump market report, North America is a healthcare pioneer and the biggest market for insulin pumps.
Asia-Pacific is predicted to be the fastest-growing area in the insulin pumps market due to rising healthcare expenditures and a quickly developing healthcare industry.
Europe is likely to gain a large market share within the insulin pump industry. The United Kingdom and Germany are set to play a big role in expanding the insulin pump industry.
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Insulin Pump Industry News
One of the factors driving the market’s development is an increasing incidence of diabetes because of age, obesity, and an unhealthy lifestyle. Obesity is a primary cause of diabetes, which leads to an increase in diabetes-related ocular problems.
Diabetes is a medical disorder in which the pancreas cannot make insulin, resulting in low blood glucose levels. The surge in the number of diabetes patients globally is being fueled by fast-changing lifestyles such as the intake of alcohol and smoking. Furthermore, the rising incidence of obesity worldwide is a contributing reason to the incidence of diabetes.
Type 1 diabetes (T1D) necessitates continuous blood glucose monitoring and numerous insulin injections, expanding the market for insulin pumps, other insulin delivery systems, and glucose monitors.
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