Insulin Pumps Market foreseen to grow exponentially over 2025
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According to the research report, the global insulin pumps market reached a value of US$4.18 bn in 2016. Expanding at a CAGR of 9.80% over the period from 2017 to 2025 to offer an opportunity of US$9.50 bn by the end of the period of the forecast. Currently, the consumption of insulin pumps is comparatively higher than other products in this market, thanks to their easy availability. The increased efficiency of these pumps is also expected to fuel their demand in the years to come.
In terms of the geography, North America has surfaced as the dominant regional market for insulin pumps among all and is expected to retain the top position over the next few years. This supremacy can be attributed to the substantially high number of diabetic patients in this region, especially due to the high obesity rate among consumers. Amongst other regional markets, Europe and Asia Pacific are anticipated to register a steady rise in its market for insulin pumps over the period of the forecast, reports the study.
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Technological Advancements in Products to Boost Growth
“With the increasing prevalence of diabetes across the world, the market for insulin pumps has been gaining significant impetus across the world,” says a TMR analyst. The significant rise in the geriatric as well as the obese population base is aiding the number of diabetic patients substantially, which is influencing this market.
Over the coming years, the technological advancements in insulin pumps products are expected to boost the growth of this market considerably. The increasing disposable income of consumers, globally, enabling them to afford expensive medical and healthcare devices, is also expected to reflect positively on the sales of insulin pumps, states the research report.
High Cost of Permanent Insulin pumps Procedures to Hamper Market
Although the future of the global market for insulin pumps looks bright, it may face obstacles in the coming years due to the high cost incurred into procuring and maintaining an insulin pump. The increasing number of counterfeit product may also hamper the growth of this market over the next few years, report the research study.
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