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According to the latest research by SkyQuest Technology, In 2021, the size of the Global market for insulin pumps valued at US$4.6 billion in 2021 and is projected to reach US$ 8.97 billion by 2028, at a CAGR of 8.70% during the forecast period 2022-2028.

Insulin pumps are compact, computerised devices that are programmed to administer a diabetic patient’s prescribed amounts of insulin. The demand for portable insulin delivery systems among the diabetic community has increased, and the market for these pumps has grown and developed in recent years to meet this demand. The rising incidence of diabetes, particularly type 1 diabetes, worldwide is the main driver of this industry. Another important growth factor is the creation of sophisticated pumps powered by smart technologies like artificial intelligence (AI) and machine learning (ML) by top medical device manufacturers.

When used in conjunction with blood glucose monitoring and carb counting, an insulin pump enables intense insulin therapy as an alternative to several daily insulin injections administered using insulin syringes or an insulin pen.

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For those who need to inject many doses of insulin daily, insulin pumps are quite practical. Since these devices are less invasive, a larger portion of the patient population uses them. The rising senior population, rising diabetes incidence, and rising obesity prevalence are mostly to blame for the market’s expansion. Additionally, businesses are creating next-generation insulin pumps with cutting-edge technology to offer improved compliance and integration with IT devices, which is helping the market expand. In the near future, it is also projected that technological advancements such home infusion therapy and artificial pancreas would generate major growth potential. Additionally, growing public knowledge of insulin pumps and their use has fuelled market expansion in both developed and developing nations.

Read market research report, ” Global Insulin Pump Market By Type (Patch/Tethered), By Disease Indication (Type-1Diabetes/Type-2Diabetes) By Distribution Channel (Hospital Pharmacy/Online and Retail Pharmacy), & By Region – Forecast and Analysis 2022-2028” by SkyQuest

In 2021, the North American market was worth USD 2.35 billion. Due to variables including the excellent reimbursement environment for these pumps in the U.S., the area was dominant. For instance, just 20% of the cost of a tubeless or tubed pump is required from the patient under Medicare Parts A & B, respectively. Additionally, the existence of medical device businesses in the area, such Tandem and Insulet, will aid the market’s expansion.

The market in Europe will primarily be fuelled by the increased incidence of diabetes. The World Health Organization (WHO) estimates that 60 million people in Europe have diabetes, and that the disease causes over 3.4 million fatalities each year throughout the continent. The demand for these pumps and other diabetes care tools in the area is projected to increase as a result.

Due to the increased prevalence of chronic diseases like diabetes, mostly as a result of the adoption of lifestyle modifications, Asia Pacific is predicted to grow at a very high growth rate, fuelling the expansion of this market. The growing geriatric population and increasing urbanisation, which promote a sedentary lifestyle in the area, are additional factors contributing to the rising prevalence of type 2 diabetes worldwide. Due to changing lifestyles and the rising prevalence of diabetes, the Middle East and Africa market will continue to grow with a sizeable Insulin Pump Market share over the forecast period. For instance, the IDF estimates that 28,900 kids and teenagers in Saudi Arabia between the ages of 0 and 19 have type 1 diabetes in 2021. In addition, 38.1 per 100,000 people are diagnosed with type 1 diabetes in children in Qatar between the ages of 0 and 14.

The Global Insulin Pump Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. A small number of significant businesses control a sizable portion of the market, which is consolidated. With a broad selection of pumps and supplies for the treatment of diabetes, market leader Medtronic maintains a commanding position. The growth of the business is also supported by the regulatory bodies’ rising product approvals. Major players are including China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Insulin Pump Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

Report Findings ● Drivers– In response to the increased use of these pumps among diabetes patients in developed and developing countries, market players are focusing on R&D of technologically enhanced devices and releasing new products. R&D has been supplemented by a number of clinical trials showing evidence of sustained improvement in glucose control in type 2 diabetes patients undergoing pump therapy as comparison to those getting Multiple Daily Injection (MDI) therapy. • Restraint– The majority of patients rely on reimbursements in order to receive treatment for various disorders. The low reimbursement options and high cost of insulin pumps are deterring people from using them, which may slow the expansion of the global market for insulin pumps. Diabetes and insulin pumps are not widely known in underdeveloped and emerging countries because of the poor state of their healthcare systems. Around 232 million diabetics were undiagnosed in 2019, according to the IDF. This is a significant obstacle for the insulin pump market that could limit its expansion.

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What does this Report Deliver? • Customization on Segments, Regions, and Company Profiles • Competitive Strategies Adopted by Insulin Pump Market Key Players • Drivers, Restraints, Opportunities, Challenges and the impact on the Insulin Pump Market Size • Market growth rate till 2028 • In-depth Market insights by Region and Country • In-depth research is done on trends, evolving business sector elements, and market insights. • The SWOT analysis looks at a company’s strengths, weaknesses, opportunities, and chances of attracting customers and dealers, which should aid in the creation of effective processes. • Examines the key components of a situation for aggressive change and performs a careful trade examination. • Offers a variety of dynamic positions for the various parts in charge of managing, working on, or leading market development. • Understanding the key qualities and their possibilities for the future is made easier by the research.

SkyQuest has segmented the Global Insulin Pump Market based on Type, Disease Indication, Distribution Channel, and Region: ● Global Insulin Pump Market by Type (Revenue, USD Billion, 2021 – 2028) o Patch o Tethered ● Global Insulin Pump Market by Disease Indication (Revenue, USD Billion, 2021 – 2028) o Type-1Diabetes o Type-2Diabetes ● Global Insulin Pump Market by Distribution Channel (Revenue, USD Billion, 2021 – 2028) o Hospital Pharmacy o Online and Retail Pharmacy ● Global Insulin Pump Market by Region (Revenue, USD Billion, 2021 – 2028) o North America US Canada o Europe Germany France UK Italy Spain Rest of Europe o Asia Pacific China India Japan Rest of Asia Pacific o Central & South America Brazil Rest of CSA o Middle East & Africa GCC Countries South Africa Rest of MEA

Key Players in the Global Insulin Pump Market ● Sanofi SA (France) ● Medtronics (Ireland) ● Insulet Corporation (US) ● F. Hoffmann-La Roche AG (Switzerland) ● Braun Melsungen AG (Germany) ● Becton Dickinson (US) ● Abbott Laboratories (US) ● Tandem Diabetes Care, Inc. (US) ● Ypsomed AG (Switzerland) ● Insulet Corporation (US)

SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

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