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nsulin pumps: Key market research findings
- The Americas dominate the market geographically
- Tethered insulin pumps account for the most commonly used type pumps
- Key vendors – Animas, Insulet, Medtronic, and Roche Diagnostics
Technavio’s market research analysts predict the global insulin pumps market to grow at a CAGR of around 8% between 2016 and 2020. The rise in the prevalence of diabetes coupled with increasing public awareness drives growth in this market. The surge in urbanization is causing a significant shift from an active lifestyle to a sedentary one, which has also increased the consumption of sugar-rich foods. A sedentary lifestyle coupled with eating meat, dairy, and processed foods has led to an increase in chances of developing diabetes. At present, the Americas dominate the global insulin pumps market by accounting for a market share of almost 77%. Factors such as the growing older population, rise in awareness regarding the importance of blood glucose management, and increased acceptance of new products are responsible for the flourishing of the insulin pumps market in the Americas.
The new market research report from Technavio presents a breakdown and analysis of the insulin pumps segments based on the product type.
“Advancements in insulin pumps is the latest trend gaining prominence in the market. Compared to other blood glucose monitoring devices, insulin pumps have witnessed more technological advances. Vendors have come out with electronic and advanced insulin pumps. Advanced Insulin pumps help in personalizing insulin delivery for specific needs. For instance, Medtronic launched the advanced insulin pump MiniMed 530G system, which automatically stops insulin delivery with an optimum level of glucose in a person’s blood,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The tethered insulin pumps segment is the most commonly used and widely accepted type of insulin pumps in the market and is expected to showcase promising growth during the forecast period. The tethered type of insulin pump is about the size of a pager and is worn under or outside of one’s clothing. Flexible in nature, these pumps feature a strong tubing (infusion set) that connects the pump containing the insulin to the patient’s body. Accu-Chek Spirit Combo, MiniMed Paradigm Veo, and Animas Vibe are some examples of the tethered type insulin pumps available in the market.
The key vendors in the market include Animas, Insulet, Medtronic, and Roche Diagnostics. The global insulin pumps market is anticipated to grow substantially during the forecast period and is characterized by the presence of several well-established international and regional players. With the influx of new vendors, the level of competition is likely to intensify over the forecast period. Players in the market are constantly looking for ways to enhance their market presence by focusing on the implementation of various new models and M&A.
A more detailed analysis is available in the Technavio report, Global Insulin Pumps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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