Global Insulin Pump Market to be driven by Increase in Diabetic Population

2014-02-06
Published : Feb-2014

With increase in the number of people suffering from diabetes, the global market for insulin pumps is growing rapidly. For patients suffering from insulin-dependent type 1 diabetes, healthcare practitioners consider insulin pumps to be one of the most effective methods for controlling diabetes. Insulin pumps reduce the need for constantly monitoring the blood sugar level. Insulin pumps are also gaining acceptance among diabetic patients worldwide, which is in turn fueling the growth in the global market. However, in developing countries and emerging economies such as China and India, the high cost of insulin pumps is constraining the growth of the market.

In 2013, the global market for insulin pump was more than 4 billion USD. The number of insulin pump users is expected to grow with a compound annual growth rate of 7.78 percent over the period from 2013 to 2018. In 2013, North America was the largest market for insulin pumps in the world. With increase in awareness about the benefits of using insulin pumps and greater acceptance of these pumps among patients, the global market for insulin pumps is forecasted to increase in the future.

Using insulin pumps lowers the risk of hypoglycemia and its long-term complications. Switching to insulin pumps is also cost effective in the long run as the cost of intensive therapy with multiple daily injections can add up to a high amount. In European countries as well as in North America there is quite a high attraction for insulin pumps. Currently, in United States 1.4 million people suffer from type 1 diabetes and one out of four patients use insulin pumps. Thus there is huge potential for growth in the US insulin pump market. Key players in the global insulin pump market are Medtronic Inc., F. Hoffmann La Roche Ltd., Animas Corporation and Insulet Corporation. With technological advancement and new development for making insulin pumps more easy to use and effective, the global market for insulin pumps is predicted to grow in the future.

Explore the latest market research report on global insulin pump market @ http://www.sandlerresearch.org/global-insulin-pumps-market-2014-2018.html

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