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Rising consumer preference for home healthcare solutions fuels demand for insulin pumps and accessories | Medtronic, Roche, Tandem Diabetes Care, Valeritas, Johnson & Johnson, SOOIL
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Insulin pumps are medical devices used for administering the insulin in the body of the patient to manage the diabetes. They are attached to the patient’s body and insulin is administered through a catheter placed under the skin. These pumps deliver a calculated and pre-determined dose of insulin to sustain and control the blood sugar level of the patient. Accessories such as tubing, reservoirs, and infusion sets support the smooth operation of these insulin pumps. Increasing prevalence of chronic diseases including gastrointestinal diseases and diabetes has fueled the demand in global insulin pump accessories market. A study conducted by the International Diabetes Federation (IDF) found that approximately 384 million people were suffering from diabetes in 2013. According to the same study, the number of people suffering from diabetes is expected to rise to about 592 million people by the year 2035.
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Increasing consumer preference for home healthcare and rising demand for portable insulin pumps due to their cost-effectiveness are factors anticipated to boost the global insulin pump accessories market in coming years. However, arduous procedures required to get a governmental approval for these pumps are observed to be a restraint for the growth of global insulin pump accessories market. Rising adoption of naturopathic treatment for diabetes is also hindering the market growth. Segments in global insulin pump accessories market based on the product type include tubing, infusion sets, and reservoir. Technological advancements and product innovations that can provide superior insulin delivery devices with accurate glycemic control features are anticipated to boost the market in coming years. Segments in global insulin pump accessories market by application are type 1 diabetes and type 2 diabetes.
The study highlights key regions in global insulin pump accessories market. It assesses these regional insulin pump accessories markets by their size, share, consumer purchasing trends, and target consumer demographics. It also highlights various end-use industries present in these regional markets to assess their potential for growth as well as the impact on overall growth of global insulin pump accessories market. The report also provides information regarding the dominant players present in these regional markets. Key regions covered in the study on global insulin pump accessories market are North America (Canada and US), Latin America (Brazil, Argentina, and Mexico), Asia Pacific (India, China, South Korea, Japan, Taiwan, Malaysia, Australia, Indonesia, Vietnam, Thailand, and Philippines), Middle East and Africa (Saudi Arabia, UAE, and Turkey), and Europe (UK, Germany, Russia, France, and Italy). Increasing government expenditure to develop healthcare sector is anticipated to foster the growth of Asia Pacific insulin pump accessories market over the next few years. Increasing number of investments in product development and growing diabetes research are driving the growth of Europe insulin pump accessories market.
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The study highlights major players in global insulin pump accessories market. It analyzes their company size, market share, profile, product portfolio, and production capacity. The report also takes a closer look at key rivals as well as collaborators or strategic partners of the key players in global insulin pump accessories market. It also provides information regarding their sales, revenue, and profit margin during the forecast period of 2016 to 2027. Key incumbent players assessed in the study on global insulin pump accessories market are Medtronic, Roche, Tandem Diabetes Care, Valeritas, Johnson & Johnson, SOOIL, Insulet Corp, and Microport.
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