Global Insulin Infusion Pumps Market Size To Worth USD 7.9 Billion by 2030 | CAGR of 8.5%Category: Healthcare
Global Insulin Infusion Pumps Market worth $7.9 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Insulin Infusion Pumps Market Size to grow from USD 4.2 billion in 2021 to USD 7.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period.
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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Insulin Infusion Pumps Market Size, Share, and COVID-19 Impact Analysis By Type (Patch, Tethered), By Accessories (Insulin Reservoir Or Cartridges, Insulin Set Insertion Devices, Battery), By End-use (Hospitals and Clinics, Homecare, Laboratories), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/insulin-infusion-pumps-market
The implantable insulin pump essentially consists of a pump that is stretched into the peritoneal cavity and surgically implanted under the catheter and skin from the insulin. The peritoneal cavity has a large number of blood arteries, which contributes to the cavity's excellent insulin absorption. These insulin pumps work based on the level of blood glucose. This means if the blood glucose level is smaller, the concentration of insulin produced is lesser. On the other hand, a greater blood glucose level will result in a larger concentration of released insulin. The development of healthcare technology has highlighted the need for high-quality diagnosis over the present insulin supply since it reduces stress related to diabetes, eliminates the need for insulin supplements, reduces the frequency of blood tests, and preserves carbohydrate counting.
COVID 19 Impact
The global market for insulin infusion pumps has benefited from the COVID 19 pandemic. Around 100 million cases of infection and over 2 million fatalities have been reported worldwide as a result of the epidemic. Together with serious sickness and death, uncontrolled diabetes and hyperglycemia are the main causes of infection with COVID 19. People with diabetes already have weakened immune systems, and the COVID 19 virus makes the patient's health worse, which causes the immune system to deteriorate more quickly. Through the assistance of local governments, the manufacturers of insulin infusion pumps have ensured that the patients receive their insulin delivery devices on time.
In home care settings, infusion pumps such as insulin pumps, implantable pumps, and ambulatory chemotherapy pumps are frequently used to manage a variety of illnesses, including diabetes and cancer. The primary design goals for ambulatory infusion pumps are portability and wearability. Infusion pumps are frequently used in hospitals, long-term care institutions, infusion clinics, ambulatory surgery centres, and home settings to administer fluids to patients' bodies, including medications, nutrition, and antibiotics. Due to the rise in chronic disease cases and rising hospitalisation costs over the past few years, there has been a considerable increase in the demand for home healthcare. In contrast, home healthcare gives patients more cheap treatment options compared to pricey hospital care, which lowers the amount of money the government spends on healthcare services.
Emerging countries India, China, and Brazil provide huge development prospects for the leading market participants. The growth can be attributed mainly to the increasing cases of chronic diseases and infectious health conditions, expanding investments in research and development activities, and various healthcare infrastructure. In addition, it is projected that improvements in healthcare infrastructure and more cheap product manufacture in developing countries will spur market expansion. On the other hand, the market's expansion has been fueled by the growing use of a variety of specialist infusion pumps globally.
Unit, computation, multiples of ten, and push button blunders are some of the most typical infusion errors. Due to a lack of wireless connectivity and limited hospital finances, many hospitals' inability to use smart infusion devices and hospital information systems will likely hinder the market's overall growth.
The tethered pumps segment is dominating the market with the largest market share over the forecast period
On the basis of type, the global insulin infusion pump market is segmented into patch, tethered. Among these, the tethered pumps segment is dominating the market with the largest market share over the forecast period. Flexible tubing connects the pump and cannula on tethered pumps. The segment's dependability and wide range of items on the market are the primary drivers of its growth. The patch pump segment is exhibiting the fastest market expansion owing to its perks like there is no tubing in patch pumps as well as its remote control feature acts as a glucose metre.
Medtronic’s MiniMed insulin pumps segment accounted the largest market share over the forecast period
On the basis of product, the global insulin infusion pump market is segmented into MiniMed, Accu-Check, Tandem, Omnipod, My Life Omnipod, Others. Among these, the Medtronic’s MiniMed insulin pumps segment accounted the largest market share over the forecast period due to the increasing rate of usage as well as innovation in the realm of technology. The advent of its MiniMed 760G system, the first hybrid closed loop system in the world, and its strong regional presence are mostly to blame for the segment's rise.
The insulin set insertion devices segment holds the largest market share over the forecast period
Based on the accessories, the global insulin infusion pump market is segmented into insulin reservoir or catridges, insulin set insertion devices, and battery. Among these, the insulin set insertion devices segment dominates the market with the largest market share over the forecast period. The usage, such as the frequent and costly replacement of insulin pump infusion sets after every two to three days, is the primary factor contributing to the rise.
End Use Insights
The Hospitals and Clinics segment accounted the largest market share over the forecast period
On the basis of end use, the global insulin infusion pump market is segmented into hospitals and clinics, homecare, laboratories. Among these, the hospitals and clinics segment accounted the largest market share over the forecast period due to the availability of qualified healthcare professionals, rising government investment, and rising private sector funding in the healthcare sector.
North America is dominating the market with the largest market share over the forecast period
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Due to the widespread presence of the major market players, North America will continue to dominate the market, holding the greatest market share of 47.2% during the projection period. In addition, the market is predicted to be driven by the rising incidence of obesity, technological advancement, high treatment costs, product launches, and investments in R&D activities.
On the other hand, Asia Pacific is experiencing the fastest market growth due to rising healthcare spending and deliberate government efforts to raise diabetes awareness. China is dominating the market among all other nations because of its expanding economy and rising diabetic population.
Major vendors in the Global Insulin Infusion Pumps Market are Medtronic plc, Tandem Diabetic Care, Inc., Hoffman-La Roche Ltd., Insulet Corporation.
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