Insulin pumps are portable devices attached to the body that continuously deliver amounts of rapid or short acting insulin thru a catheter placed under the skin. These are better alternative to insulin injections as they reduce the need for multiple insulin injections per day and give the user increased ability to control blood glucose levels. The global market for insulin pumps was valued at around USD 2.3 billion in 2015 and is expected to reach USD 4.3 billion by 2022, growing at a CAGR of around 9.5% during the forecast period of 2016 to 2022. Insulin pumps are portable devices attached to the body that continuously deliver amounts of rapid or short acting insulin thru a catheter placed under the skin. These are better alternative to insulin injections as they reduce the need for multiple insulin injections per day and give the user increased ability to control blood glucose levels. Approximately 1 in 1,000 people with diabetes wears an insulin pump. An insulin pump consists of the main pump unit which holds an insulin reservoir which typically holds between 176 and 300 units of insulin. The reservoir is attached to a long, thin piece of tubing with a needle or cannula at one end. The tubing and the bit at the end are called the infusion set. Insulin pump therapy is also referred to as continuous subcutaneous insulin infusion therapy.Diabetes disease is growing across the globe at an extraordinary pace and has become a serious health issue during the last two decades. It is a major cause of mortality in the age group of 20–79 years. Based on its rapidly increasing incidence, it has been declared a global epidemic by the World Health Organization (WHO). According to the International Diabetes Federation (IDF), the number of diabetic patients reached 415 million in 2015 globally and is expected to reach around 642 million by 2040. According to the IDF, global healthcare expenditures to treat diabetes and its complications was USD 673 billion in 2015, representing 12% of total global healthcare expenditures and is expected to exceed USD 802 billion by 2040. Rise in base of geriatric population, increasing incidence rates of diabetes worldwide, benefits of insulin pumps over injections such as improved glucose control, convenience, and flexibility; growing awareness among the population, and increasing preference for non-invasive methods are expected to drive the market at a significant growth rate in the coming years. However, skin infection, weight gain and high costs associated with these devices are some of the restraining factors which could hinder the market. Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of geriatric population and large base of population with high purchasing power. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, improved economic growth, increasing number of obesity cases and growing awareness among the population. Companies profiled:
- Animas Corp
- Insulet Corp.
- Medtronic Diabetes
- Roche Insulin Delivery Systems
- SOOIL Development Co. Ltd.
- Tandem Diabetes Care, Inc.
Table of content
1. Scope of the report 1.1 Report description 1.2 Research methodology 1.3 List of abbreviations 1.4 Market segmentation 2 Executive summary 3 Qualitative analysis
