In a recent published report, Kenneth Research has updated the market report for Insulin Pumps Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Insulin Pumps Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
Insulin pump is a small and discreet device that delivers a specific amount of insulin through a needle inserted underneath the skin. The insulin pump is integrated with the receiver, transmitter, and a sensor that can be programmed to deliver constant doses of insulin during the day. It delivers and regulates blood sugar level in the body. It consists of a disposable infusion set, a cannula for subcutaneous insertion, a tubing system to connect the cannula with the insulin reservoir, and a disposable reservoir for insulin set.
Factors such as rising prevalence of diabetic patients, technological advancements, and the increasing potential in the emerging countries are expected to drive the market growth during the forecast period. The high cost of insulin pumps and stringent regulatory approval process are factors hampering the market growth.
The markets in India, Brazil, and China are also expected to grow at a rapid pace during the forecast period due to the high prevalence of diabetes in these countries.
The global insulin pumps market is estimated to witness a CAGR of 8.3% during the forecast period 2017–2023. The market is analyzed based on three segments – product types, end-users, and regions.
The factors such as re-sales of insulin pumps and the increased adoption of advanced technology products are the opportunities for the market players during the forecast period. Increasing awareness among people about diabetes and glucose monitoring devices has a significant impact on the growth of the global insulin pumps market.
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The market is witnessing an emerging trend for advanced insulin pumps such as Medtronic’s MiniMed 530G system. Knowledge about the advantages of insulin pumps systems over traditional injections, meters, and other glucose monitors has led to the market growth in developed countries.
The regulatory scenario is of concern as there has been a wide range of instruments and assays, which range from Class I to Class III devices. Recently, there has been a change in regulations in the European region, which has become a major issue for the market players.
The regions covered in the report are the Americas, EMEA, APAC, and Rest of the World (ROW). The Americas is set to be the leading region for the insulin pumps market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The markets in India, Brazil, and China are expected to grow at a rapid pace during the forecast period as the prevalence of diabetes and lifestyle diseases in these countries is high. These countries are set to be the target regions for the players due to the large untapped market.
- Key Players:
- The leader in the insulin pumps market is Animas, who is currently occupying the majority of the insulin pumps market share. Medtronic, Roche, Asante, Cellnovo, and Insulet are the other major players in the market. These top players occupy more than half of the market. The report covers the following players:
- Animus Corp.
- Medtronics Inc.
- Insulet Corp.
- Roche Diagnostics
- Cellnovo Ltd.
- Nipro Diagnostic Inc.
- Tandem Diabetes Care Inc.
- Sooil Development Co. Ltd.
The tethered pumps segment is dominating the global insulin pumps market, and a lot of new players are focusing on developing technologically advanced reagents and analyzers to gain the market share. The advanced products such as MiniMed 530G system and OmniPod insulin pumps are expected to drive the market growth in the future.
The large players such as F. Hoffmann-La Roche and Medtronics are acquiring companies with products that would complement their existing portfolio. Significant investments in R&D in this market is expected to increase, and collaborations and M&A are expected to continue.
The report provides complete details about the usage and the adoption rate of insulin pumps by various end-users and regions. The key stakeholders use this information to know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the increasing awareness of diseases in the upcoming years along with the details of commercial devices available in the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report provides complete details about the main business opportunities to the key stakeholders to expand their business and gain revenue in the specific vertical and to analyze before investing or expanding the business in this market.
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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