Global Insulin Pumps Market: Snapshot
The demand in the global insulin pumps market is projected to increment at a healthy CAGR of 9.8% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as growing prevalence of diabetes, escalating geriatric population, and rising public awareness regarding the availability of insulin pumps. On the other hand, high cost, inadequate reimbursement policies, and the availability of alternatives are a few factors challenging the insulin pumps market from attaining its true potential. Nevertheless, advances in insulin pumps and their growing adoption of over conventional methods are a few factors opening new opportunities for the vendors operating in this market. This report estimates global insulin pumps market to be worth US$9,550.7 mn by the end of 2025, notably up from its evaluated valuation of US$4,180.4 mn in 2016.
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Advanced Insulin Pumps Most Profitable Product Segment
Product-wise, the global insulin pumps market has been segmented into insulin pumps including tethered insulin pumps and disposable or patch insulin pumps and insulin pump supplies and accessories including insulin reservoirs or cartridge and infusion set insertion devices. Presently, insulin pumps segment is most profitable, accounting for 70.1% of the market in 2016, gaining traction from a number of factors such as growing awareness among the type-1 diabetes patients regarding tethered insulin pumps, advent of technologically advanced products such as patch pumps, and prevalence of diabetes across the world. The advanced products offer increased efficiency as well as helps in accurate measurement of dosage, which is further augmenting the adoptability. Based on distribution channel, the report categorizes the global insulin pumps market into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics or centers. Currently, hospital pharmacy is the most preferred distribution channel category, and is expected to remain highly profitable throughout the forecast period.
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The U.S. Makes North America Lucrative Region
Out of five major regions, North America, Asia Pacific, Latin America, Europe, and the Middle East, of which this report gauges the potential of insulin pumps market, North America is most lucrative. In 2016, North America served 64.1% of the overall demand, which was a reflection of high prevalence of diabetes in the country of the U.S., along with highly structured healthcare infrastructure, well-defined reimbursement policies from private and public health insurance, and mushrooming number of specialized diabetes care centers. Europe continues to be the second most profitable region in the insulin pumps market, although vastly populated region of Asia Pacific, which houses two of the most promising emerging economies in India and China, is anticipated to turn into profitable region towards the end of the forecast period.
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