Global Insulin Pumps Market to 2025
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According to a new market research study titled “Insulin Pumps Market to 2025 – Global Analysis
and Forecasts by Product, Type and Application”, the global insulin pumps market was valued at
US$ 3,822.44 Mn in 2017 and is estimated to reach US$ 8,264.01 Mn by 2025. The report
highlights the trends prevalent in the global insulin pumps market and the factors driving the
market along with those that act as deterrents to its growth.
The increasing technological advancements due to the increased demand for product
development. However, the availability of alternatives for insulin delivery pumps are expected to act
as major challenges hindering the market growth.
The global insulin pumps market is a mature market in the developed countries as well as in
developing economies worldwide. The insulin pumps market is segmented on the basis of product,
type and application. Based on product, the market is bifurcated into pumps and accessories. By
type, the insulin pumps market is segmented into tethered and untethered types. On the basis of
application segment, the market is classified as type I diabetes and type II diabetes. The insulin
pumps include the applications such as type I diabetes and type II diabetes. The insulin pumps by
application, the dominance of type I diabetes segment attributes to the alleviation from large costs
that are incurred by the companies for in-house activities.
The factors that are responsible for the type I diabetes include genetics, exposure to viruses and
other environmental factors that develops in adults but also typically appears during childhood or
adolescence phase. According to the Centers for Disease Control and Prevention (CDC), in 2017,
approximately 23 million people had diagnosed with diabetes in the United States, whereas people
with type I diabetes accounted for approximately 5% to 10%, or approximately 1.2 to 2.3 million in
the country. Furthermore, the IDF also projected with type I diabetes that represent approximately
10% of the diabetes population worldwide. Thus, the increasing prevalence of type I diabetes help
to boost the growth of the global insulin market in the coming years.
Over the years, researchers have been carrying out research activities which have resulted to
product innovations. Products with increased technology with more effective benefits is a major
requirement in the treatment for diabetes. As the prevalence of diabetes is increasing across the
world, the demand for more products with advancements is also boosting up. The growing
innovations in novel insulin pump products is a boosting factor that helps to propelling the growth
for the market.
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