Increasing prevalence of type I diabetes is driving the market for insulin pumps over the forecast period
The increasing funding for research activities is also helps to increasing the growth for the global insulin pumps market in the coming years. In North America, diabetes management is gaining significant importance. With increasing funding for research, new product development is increasing are a rapid pace in the US and other countries. For instance, the Consolidated Appropriations Act for Fiscal Year 2016 increased discretionary funding for the National Institute of Diabetes and Digestive and Kidney Diseases to US$1.81 billion, an increase of over US$68 million compared to FY2015.
The major players operating in the market of insulin pumps include Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc, Debiotech S.A, CELLNOVO, SOOIL Developments Co., Ltd, MicroPort, Scientific Corporation, Valeritas Inc., F. Hoffmann-La Roche Ltd., Ypsomed AGand, Inc. and among others.
The global insulin pumps market estimated to grow at a CAGR of 10.5% during the forecast period from 2018 to 2025. The insulin pumps market for insulin pumps was valued at USD 3,822.44 Mn in 2017 and is estimated to reach US$ 8,264.01 Mn by 2025.
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.
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.
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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