Global insulin infusion pumps market is anticipated to witness an exponential growth in the forecast period. Insulin infusion pumps are the devices that are used to control insulin in diabetes mellitus patients. Insulin infusion pumps control the correct dose of insulin into the body and with less pain. In addition, Insulin pumps are working as substitutes for daily insulin injection and insulin pen. Infusion pumps are used to fill essential fluids with nutrients and/or medications, to a patient's circulatory system.
Factors such as increase in the occurrence of diabetes, growing aged population, technological progressions of the devices, ease of management of insulin with infusion pumps, accuracy in releasing of insulin dose, rising occurrences of government initiatives, increasing occurrence of diabetes, rise in the geriatric population, surge in the preference for home-based insulin treatment are likely to drive the insulin infusion pumps market in forthcoming period.
On the other hand, product recalls, lack of reimbursement policies for insulin devices, the high price of devices, and lack of consciousness about insulin infusion pumps are anticipated to hinder insulin infusion pumps market growth in future. However, flexibility in meal scheduling and marketing activities by the market key players is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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Insulin infusion pumps market could be explored by product type, diabetes type, end users, and geography. Market by product type could span open loop pumps, closed loop pumps and others. Based on diabetes type, market could span Type -1 diabetes and Type-2 diabetes. The market could be explored based on end user as online pharmacies, Hospital pharmacies, and others. The “Hospital Pharmacies” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors such as increasing aged population, the presence of high number of diabetic patients in the region, technological advancement, and rising awareness toward advanced insulin devices. North America is followed by the Asia-Pacific region owing to rising incidences of government initiatives, and increasing diabetic patients in the region.
Key players operating in the insulin infusion pumps market include Aniums Corporation, Abbott Laboratories, Becton, Asante, Braun Melsungen AG, Dickson and Company, Insulate Corporation, Cell NoVo Ltd., Johnson & Johnson, Nipro Diagnostics Inc., Medtronic’s Inc., Roche AG, Omron, Sanofi, Tandem Diabetes, Sooil Development Co. Ltd., Ypsome, and Care Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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