Insulin Pumps Market 2019-2025 Industry Significant Trend, Opportunities, Key Players

The global insulin pumps market is expected to reach US$ 8,264.01 Mn in 2025 from US$ 3,822.44 Mn in 2017. The market is estimated to grow with a CAGR of 10.5% from 2016-2025.

In recent years, there has been a significant rise in rate of diabetic patients that help to grow the market. The increasing prevalence of diabetes is one of the largest global health condition of the 21st century, with no specialized cure. Each year there is a rise in people with this condition, which can result in life-changing complications. For instance, according to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period. However, the increasing cost of insulin pumps is expected to act as major challenges hindering the market growth. On the other hand, rising medical tourism in the countries is expected to provide opportunistic scenario for the growth of global insulin pumps market to a significant rate.'

Increasing prevalence of type I and type II diabetes increasing the demand for the development of new drugs or medical devices for the treatment. The leading players are also help to propel the growth of the market. For instance, Insulet Corporation is one of the global leading player that engaged in the provision to develop and produce the insulin delivery systems that are designed for people with insulin-dependent diabetes in the US and overseas. In the June 2018, the company received FDA 510(k) clearance for the Omnipod DASHTM Insulin Management System (Omnipod DASH). This clearance set up the foundation for a stable pace of innovation that enables Insulet to allow users to enjoy simplicity, healthier lives, and freedom swith their differentiated technology. Moreover, the system signifies the latest technology update pushing Insulet’s Omnipod closer to the Horizon Hybrid Closed Loop System that is evolving in the clinical trials.

The other key players operating in the market for insulin pumps market across the globe include Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc, Debiotech S.A, CELLNOVO, SOOIL Developments Co., Ltd, MicroPort Scientific Corporation, Valeritas Inc., F. Hoffmann-La Roche Ltd., Ypsomed AG and among others.