According to WHO, approximately 347 million people had diabetes in 2008. Similarly, as per the International Diabetes Federation (IDF), around 384 million people had diabetes in 2013, and almost 592 million people are predicted to suffer by 2035. The number of people diagnosed with diabetes is expected to rise at a very high rate. The most substantial percentage increase is expected to be in the demographic with ages over 60.
As per Market Research Future (MRFR) analysis, the global insulin pumps market size is expected to reach USD 8,520.9 Million with a CAGR of 8.4% CAGR from 2017 to 2023 (forecast period)
The pumps provide a dose of insulin to control and maintain blood glucose levels. The patient can take an additional dose based on the food intake to maintain glucose levels under control. These pumps are considered to be an adequate substitute for injections due to their improved blood glucose control and fewer shots than needles.
The global market for insulin pumps has been segmented into type, accessories, application, and end-user.
Based on type, the global demand for insulin pumps is divided into traditional insulin pumps and disposable insulin pumps. In 2016, the segment for the traditional insulin pump was the largest in the world and held a value of USD 2.696.9 million. Traditional insulin pumps have an insulin container and a pumping mechanism placed to the body with a tube and an infusion set. The buttons in the pump body allow the delivery of insulin for meals. The disposable insulin pump, also called insulin patch pumps, is worn directly on the body.
The leading participants in the global insulin pumps market are Abbott Laboratories, Braun Melsungen AG, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Medtronics, Sanofi, and Insulet Corporation.
Based on the region, the global insulin pumps market is segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa.
The global market for insulin pumps is growing steadily. In 2016, North America and Europe had more than half of the market share for insulin pumps worldwide. Increasing investment in R&D and product production is a primary driver of market growth.