An insulin pump is a discreet device that delivers a specific amount of insulin through a needle inserted beneath the skin. It integrates a receiver, transmitter, and sensor that can be programmed to deliver constant insulin doses during the day, regulating blood sugar levels. The components include a disposable infusion set, a subcutaneous cannula, a tubing system connecting the cannula with the insulin reservoir, and a disposable insulin reservoir.
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Market drivers include the increasing prevalence of diabetic patients, technological advancements, and emerging market potential in developing countries. However, the high cost of insulin pumps and stringent regulatory approval processes act as market growth constraints. Rapid growth is also expected in India, Brazil, and China due to high diabetes prevalence in these countries.
Market Analysis
The global insulin pumps market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period from 2017 to 2023. The market analysis is based on three key segments: product types, end-users, and regions.
Product Analysis
An emerging trend involves advanced insulin pumps like Medtronic’s MiniMed 530G system. Awareness of the advantages of insulin pump systems over traditional injections, meters, and other glucose monitors has driven market growth in developed countries.
Regional Analysis
Regions covered in the report include the Americas, Europe, the Middle East, and Africa (EMEA), Asia Pacific (APAC), and the Rest of the World (ROW). The Americas lead in insulin pump market growth, followed by Europe. Asia Pacific and ROW are emerging regions. India, Brazil, and China are expected to experience rapid growth due to high diabetes and lifestyle disease prevalence, making them target regions for industry players.
Key Players
Animus Corp. leads the insulin pumps market, holding the majority of market share. Other major players include Medtronic, Roche, Asante, Cellnovo, Insulet, Nipro Diagnostic, Tandem Diabetes Care, Sooil Development, and Ypsomed.
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Competitive Analysis
The tethered pumps segment dominates the global insulin pumps market, with new players focusing on developing technologically advanced reagents and analyzers to gain market share. Advanced products like the MiniMed 530G system and OmniPod insulin pumps are expected to drive future market growth. Large players like F. Hoffmann-La Roche and Medtronic acquire companies with products complementing their portfolios. Significant R&D investments in the market are expected to increase, and collaborations and M&A activities are likely to continue.
Benefits
This report provides comprehensive details on insulin pump usage and adoption rates across various end-users and regions. Key stakeholders can gain insights into major trends, drivers, investments, initiatives by industry players, and government efforts to raise disease awareness in upcoming years. Additionally, it offers information on available commercial devices in the market, highlights major challenges impacting market growth, and presents key business opportunities for stakeholders looking to expand their presence, increase revenue, and make informed investment decisions.
Key Stakeholders
- Manufacturers
- Healthcare Institutions
- Research and Consulting Firms
- Medical Associations
- Regulatory Bodies
- Investors and Shareholders
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Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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