With the emergence and long-term Impact of COVID-19, the Global Insulin Pump Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Insulin Pump Market is poised to raise up to USD XX Billion by 2030. An insulin pump is a medical device used to administer insulin to individuals with diabetes. It is an alternative to traditional insulin injections and provides continuous and customizable delivery of insulin throughout the day. The pump consists of a small device that holds insulin and is typically worn on the outside of the body, either attached to a belt or placed in a pocket. The key factors such as rising prevalence of diabetes, growing awareness about insulin pumps, and recent product approvals, innovation and development are anticipated to create lucrative demand for the market during forecast period.
Moreover, global prevalence of diabetes has been steadily increasing over the years. This rise is primarily attributed to factors such as sedentary lifestyles, unhealthy dietary habits, and obesity. As the number of individuals diagnosed with diabetes continues to grow, so does the potential customer base for insulin pump manufacturers. The IDF Diabetes Atlas estimates that 537 million persons between the ages of 20 and 79 will have diabetes in 2021. Additionally, it is anticipated that there would be 643 million patients worldwide by 2030 and 783 million by 2045. Additionally, rising technological advancement in insulin pumps is anticipated to create lucrative opportunities for the market. However, high cost of insulin pumps stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Insulin Pump Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 due to the existence of significant insulin pump players. Additionally, it is anticipated that the market in the area would be driven by the rising incidence of obesity, high medical costs, technological advancements, and new releases. Asia Pacific is expected to grow significantly during the forecast period, factors such as growing healthcare funding and government programs to raise diabetes awareness, and rising prevalence of diabetes are key drivers of growth in the region.
The global Insulin Pump Market is highly competitive owing to the presence of several key manufacturers such as Medtronic (Ireland), Tandem Diabetes Care, Inc. (U.S.), Ypsomed AG (Switzerland), Insulet Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), CeQur Simplicity (Switzerland), Microtec Medical Ltd (U.K.), and others.
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Key findings of the study suggest:
- Global Insulin Pump Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Type segment, patch pumps emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising incidence of obesity.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Patch Pumps
- Tethered Pumps
By Product Type:
- Tandem
- Accu-Chek
- MiniMed
- Omnipod
- My Life Omnipod
- Other Product Types
By Accessories:
- Insulin reservoir or cartridges
- Insulin set insertion devices
- Battery
By End-User:
- Homecare
- Hospitals & clinics
- Laboratories
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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