Dublin, Aug. 15, 2017 (GLOBE NEWSWIRE) -- The "Worldwide Insulin Pump Market - Drivers, Opportunities, Trends, and Forecasts: 2017-2023" report has been added to Research and Markets' offering.
The global insulin pumps market is estimated to witness a CAGR of 8.3% during the forecast period 2017-2023
The market is analyzed based on three segments - product types, end-users, and regions.
Insulin pump is a small and discreet device that delivers a specific amount of insulin through a needle inserted underneath the skin. The insulin pump is integrated with the receiver, transmitter, and a sensor that can be programmed to deliver constant doses of insulin during the day. It delivers and regulates blood sugar level in the body. It consists of a disposable infusion set, a cannula for subcutaneous insertion, a tubing system to connect the cannula with the insulin reservoir, and a disposable reservoir for insulin set.
Factors such as rising prevalence of diabetic patients, technological advancements, and the increasing potential in the emerging countries are expected to drive the market growth during the forecast period. The high cost of insulin pumps and stringent regulatory approval process are factors hampering the market growth.
The markets in India, Brazil, and China are also expected to grow at a rapid pace during the forecast period due to the high prevalence of diabetes in these countries.
The factors such as re-sales of insulin pumps and the increased adoption of advanced technology products are the opportunities for the market players during the forecast period. Increasing awareness among people about diabetes and glucose monitoring devices has a significant impact on the growth of the global insulin pumps market.
Product Analysis:
The market is witnessing an emerging trend for advanced insulin pumps such as Medtronic's MiniMed 530G system. Knowledge about the advantages of insulin pumps systems over traditional injections, meters, and other glucose monitors has led to the market growth in developed countries.
The regulatory scenario is of concern as there has been a wide range of instruments and assays, which range from Class I to Class III devices. Recently, there has been a change in regulations in the European region, which has become a major issue for the market players.
Market Dynamics
Drivers
- Potential increase in the number of aged population
- Growing awareness of insulin pumps in the emerging markets
- Significant focus on diabetes management
- Increasing prevalence of diabetic population
Opportunities
- Substitute for conventional diabetes treatments
- Technological advancements
- Significant increase in the number of mergers and acquisitions
- Latest product launches
Restraints
- Threat of technological substitutes
- Unfavorable reimbursement plans
- Acute competition in the market
- Issues related to product pricing
The leader in the insulin pumps market is Animas, who is currently occupying the majority of the insulin pumps market share. Medtronic, Roche, Asante, Cellnovo, and Insulet are the other major players in the market. These top players occupy more than half of the market.
The report covers the following players:
- Animus Corp.
- Medtronics Inc.
- Insulet Corp.
- Roche Diagnostics
- Cellnovo Ltd.
- Asante
- Nipro Diagnostic Inc.
- Tandem Diabetes Care Inc.
- Sooil Development Co. Ltd.
- Ypsomed
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Types: Market Size and Analysis
7 End User: Market Size and Analysis
8 Regions: Market Size and Analysis
9 Market Attractiveness
10 Competitive Landscape
11 Vendor Profiles
12 Companies to Watch For
Companies Mentioned
- Abbott Laboratories
- Animas Corp.
- B. Braun Melsungen AG
- Carestream Health Inc.
- F.Hoffmann-La Roche Ltd
- Insulet Corp.
- Medtronic Plc
- Sanofi
For more information about this report visit https://www.researchandmarkets.com/research/vpg3jw/worldwide_insulin