Insulin pump is a small medical or
computerized device that delivers insulin for the cure of diabetes, also called
continuous subcutaneous insulin therapy. It has a reservoir, control module, an
infusion set that contains a cannula &tubing system. It is integrated with
the transmitter, receiver, and a sensor. It is programmed to release insulin in
incessant small basal dose and a bolus dose. It delivers & regulates blood
sugar level in body. It is classified into many types such as tethered pumps,
untethered pumps and implantable pumps.
According to study, “Worldwide
Insulin Pump Market - Drivers, Opportunities, Trends, and Forecasts: 2017-2023”
some of the major companies that are currently working in the worldwide insulin
pump market are Animus Corp,B. Braun Melsungen AG, Abbott Laboratories,
Medtronics Inc, Roche Diagnostics, NovoNordisk, Carestream Health Inc.,
Debiotech S.A, Becton Dickinson and Company, Insulet Corp, Apex Medical,
MicroPortScientific Corp, Eli Lilly and Company, New Genix, Cellnovo Ltd.,
Nipro Diagnostic Inc., Jiangsu Delfu Co. Ltd., Sanofi, Asante Solutions,
Insujet, Phray, Valeritas, Inc., Twobiens, Scientific Corporation, Shinmyung
Mediyes, Fornia, F. Hoffmann-La Roche Ltd., Top Corporation, MedNovo, Ypsomed
HoldingAG, Tandem Diabetes Care Inc., GlySens ICGM, Carestream Health Inc.,
Sooil Development Co.
Based on the product, the insulin pump market
is segmented into smart pump, disposable insulin pump and traditional insulin
pump. Traditional pumps include tubing, straight sets, infusion set, angled
sets and tubing etc. Based on accessories, the market is segmented into insulin
reservoirs or cartridges, infusion sets and infusion set insertion devices.
Based on distribution channel, the market is segmented into retail pharmacy,
hospital pharmacy, diabetes clinics or centers and online sales.
The key benefits include precise insulin
delivery, increased flexibility in lifestyle, reducing wide fluctuations in
blood glucose, discrete blousing, easier control of hormonal spikes, help with
the dawn phenomenon, exercise with confidence, fewer injections, predictable
insulin delivery and reducing episodes of severe hypoglycemia. Some of the
major drawbacks are risk of diabetic ketoacidosis (DKA), being attached 24/7,
technical difficulties, risk of skin infections at catheter site and high cost
of pumps etc.
The insulin pump market is primarily driven by
increasing prevalence of diabetic population, re-sales of insulin pumps,
increasing obesity rates, increased adoption of advanced technology products,
increasing disposable income, growing awareness of insulin pumps in the
emerging markets, longer life expectancy at birth, potential increase in the
number of aged population, rising healthcare expenditure, rising incidences of
government initiatives and significant focus on diabetes management. Apart from
the key advantages some of the major limitations of the market include
unfavorable reimbursement plans, issues related to product pricing, threat of
technological substitutes and acute competition in the market. Additionally,
some of the key opportunities creating the use of insulin pumps are
technological advancements, rising medical tourism in developing countries,
latest product launches, substitute for conventional diabetes treatments and
significant increase in the number of mergers & acquisitions.
During the 2017-2023 forecast periods, the
insulin pumps market is anticipated to witness a CAGR of 8.3%. It is expected
that the market to reach US $8520.9 million, by 2023. It is estimated that the market
will be growing rapidly as a result of a huge pool of undiagnosed diabetic
patients & emergent demand for ambulatory infusion systems.
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