The global insulin pump market size is projected to reach 8.8 billion by 2026, according to a new report by Grand View research, Inc. It is expected to expand at a CAGR of 9.7% over the forecast period. The key factors driving the growth are the rapid technological advancements and adoption of pumps over the traditional methods. These pumps are very convenient for people who require daily, multiple injection of insulin.
Insulin pumps enable insulin to be delivered into the body either manually or automatically. They can be programmed to deliver a specific set of doses as per the requirement. Patients can connect these devices to their smart phones to calibrate blood glucose reading. This factor is expected to drive the product demand.
Technological advancements and new product launches are expected to fuel the market growth during the forecast period. For instance, Medtronic’s MiniMed 670G system is the world’s first hybrid closed loop system that acts like an artificial pancreas. The system provides automated insulin delivery as per the Continuous Glucose Monitoring (CGM) readings of the patient.
Rising efforts of the governments and healthcare organizations to control the prevalence of diabetes is expected to bode well for the market growth. For instance, the International Diabetes Federation (IDF) provides the required expertise and supports diabetes awareness campaigns through a network of stakeholders and partners. Increasing healthcare funding is also anticipated to propel the growth of the market. Additionally, the market is expected to witness a shift from the traditional tethered pumps to patch pumps driven by their compact size and ease of use.
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Grand View Research has segmented the global insulin pump market on the basis of type, product, accessories, end use, and region:
Insulin Pump Type Outlook (Revenue, USD Million, 2015 – 2026)
Insulin Pump Product Outlook (Revenue, USD Million, 2015 – 2026)
Insulin Pump Accessories Outlook (Revenue, USD Million, 2015 – 2026)
Insulin Pump End Use Outlook (Revenue, USD Million, 2015 – 2026)
Insulin Pump Regional Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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