According to the latest report by IMARC Group, titled “Insulin Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global insulin pumps market size reached US$ 3.9 Billion in 2018. Insulin pumps are portable medical devices that are utilized to administer insulin in type 1 or type 2 diabetic patients’ body. They mimic the function of pancreas and aid in managing the sugar levels in the body. These pumps resemble a smartphone in terms of size and are worn outside the body. They can deliver insulin in a steady and continuous dose (basal) as well as in variable amounts around a mealtime (bolus). These pumps usually consist of built-in bolus calculators that estimate the dosage of insulin required by the user based on the patient’s glucose levels.
Global Insulin Pumps Market Trends:
A significant increase in the diabetic population is one of the major growth-inducing factors for the market. Hectic lifestyles with minimal physical activities have led to a rise in the incidences of lifestyles diseases such as diabetes and obesity. Moreover, rapid urbanization, busy schedules, changing dietary patterns and inflating per capita income have contributed significantly to the escalating sales of junk and convenience foods which, in turn, has increased the occurrence of diabetes. Population aging has also contributed to the enhanced prevalence of the disease. Furthermore, governments of several countries are actively engaging in awareness campaigns regarding insulin therapy and medical provisions for the treatment of diabetes. For instance, the Government of Australia’s Insulin Pump Program provides fully subsidized insulin pumps to children up to the age of 18. Other factors contributing to the market growth include increasing healthcare expenditure by governments of both developing and developed nations and enhanced focus research and development (R&D) by the manufacturers to develop more efficient products. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.5 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.
Market Summary:
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