Tubeless Insulin Pump Market size to exceed USD 2.4bn by 2025
Published Date: September 11, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Tubeless Insulin Pump Market size is set to exceed USD 2.4 by 2025; according to a new research report by Global Market Insights, Inc.
Rising prevalence of diabetes across the globe will generate significant demand for tubeless insulin pumps over forecast timeframe. The global patient number of diabetes has increased four-fold since 1980. As per WHO, the global prevalence of diabetes among adult population aged above 18 years was 8.5% in 2014 than 4.7% in 1980. Moreover, insulin up-take is expected to rise significantly owing to rising number of diabetic patients across the globe. Thus, increasing pervasiveness of diabetes, its risk factors and associated comorbidities will impel the adoption of tubeless insulin pumps, further impacting the tubeless insulin pump market growth over upcoming years.
Growing technological advancements and innovations in tubeless insulin pumps are expected to boost tubeless insulin pump business growth over upcoming years. For instance, Insulet Corporation has launched Omnipod DASH insulin management system, that wirelessly connects with bolus material for identification of insulin level in the body and consistently delivers insulin at basal rate. In addition, several industry players are focusing on development of small-sized, portable, wearable and novel insulin pumps for efficient insulin delivery. Such innovations, leading to better tubeless insulin delivery devices will upsurge tubeless insulin pump industry growth over upcoming years.
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However, stringent regulations and guidelines for approval of tubeless insulin pumps coupled with high cost of device may hamper the market growth over the upcoming years.
Remote insulin pump market is anticipated to witness lucrative growth at 24.6% over forecast period. Remote insulin pumps are superior over the traditional technologies in detection, monitoring and recording of blood glucose levels. These insulin pumps assist during the critical process such as storage of insulin and notify about insulin levels. Increasing advancements in remote insulin pumps for accurate diagnosis and timely up-take of insulin will further increase its adoption rate in the upcoming years. Moreover, remote insulin pump provides better functions including monitoring pump statistics and warnings over other devices, thereby propelling the segmental growth over upcoming years.
Hospitals distribution channel segment of tubeless insulin pump market accounted for USD 27.4 million in 2018. High growth can be attributed to increasing number of geriatric patients diagnosed with type II diabetes in hospitals coupled with rapid adoption of technological advanced devices in hospitals. Furthermore, requirement of continuous diabetes care in hospitals and growing preference for such advanced devices for reducing daily insulin injections will further impel the segmental the market over the forthcoming years.
Browse key industry insights spread across 95 pages with 56 market data tables & 6 figures & charts from the report, Tubeless Insulin Pump Market Size By Component (Pod/Patch, Remote) By Distribution Channel (Hospitals, Pharmacies, E-commerce) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
North America tubeless insulin pump market will face momentous growth over upcoming years. High adoption of tubeless insulin pump and continuous government initiatives to create awareness regarding diabetes management will highly contribute to market growth. Moreover, presence of established market players in the region along with increasing approval of new devices by the U.S. FDA will highly impact North America tubeless insulin pump industry growth in upcoming years.
India tubeless insulin pump market held over 15% revenue share in 2018 and is estimated to expand at significant rate over forecast period. According to the National Health Portal of India, approximately 7.2 crore people suffered from diabetes, in year 2017. Growing availability and adoption of home-based portable devices will augment the market growth. Furthermore, emerging healthcare infrastructure, rising spending capacity of the population and rising awareness about various diabetes care devices will drive Indian market growth in the foreseeable future.
Key players operating in tubeless insulin pump market are Cellnova, Roche Holdings, Medtrum Technologies, Debiotech, CeQur, Spring Health Solutions, Valeritas Holding and Abbott among others. Companies are implementing novel product introduction and collaborations to capture higher profits and lucrative market share in the industry. For instance, in August 2018, DexCom, Inc. acquired TypeZero Technologies, Inc., a market leader in development and designing of superior personalized diabetes management solutions. The acquisition was aimed at expanding the firm’s product portfolio and capturing higher revenue share in the market.
Tubeless Insulin Pump Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
By Product, 2014 – 2025 (USD Million)
By Distribution Channel, 2014 – 2025 (USD Million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa