SAN FRANCISCO, July 30, 2020 /PRNewswire/ -- The global continuous subcutaneous insulin infusion market size is expected to reach USD 7.3 billion by 2027, registering a CAGR of 10.3% over the forecast period, according to a new report by Grand View Research, Inc. The key drivers of the market include increasing number of diabetes population coupled with technological advancement in the field of diabetes care.
According to International Diabetes Federation (IDF), the total number of diabetic population is expected to grow by 51.0% from 463.0 million in 2019 to 700.0 million in 2045. Rising health expenditure and growing awareness about preventive care is expected to boost market growth. According to the IDF, the estimated total global health expenditure to diabetes was USD 760.0 billion and is projected to grow to USD 845.0 billion by 2045. Furthermore, rising government initiatives to spread the awareness about diabetes is propelling the adoption of advanced diabetes management devices. Australian government launched Australian National Diabetes Strategy 2016 to 2020. The strategy aims to trace country's national response to this epidemic and inform how existing limited healthcare can be better targeted across all level of government.
Key suggestions from the report:
- North America accounted for the largest share in 2019 owing to favorable reimbursement policies, presence of key players, and frequent product launches
- Asia Pacific is expected to see robust growth during the forecast period owing to presence of large diabetic population
- By product, tethered pumps dominated the market owing to availability of products
- By patient type, type 1 patients account for the largest share owing wide usage of insulin pumps
- By end use, the hospitals segment dominated the market in 2019 and the homecare segment is expected to grow at a fastest pace
- The market is highly competitive owing to continuous technological advancement and many innovative product launches.
Read 110 page research report with ToC on "Continuous Subcutaneous Insulin Infusion Market Size, Share & Trends Analysis Report By Product Type (Tethered, Patch), By Patient Type, By End Use (Hospitals, Homecare, Laboratories), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/continuous-subcutaneous-insulin-infusion-market
Increasing number of product launches and advent of artificial intelligence in the market is boosting the growth. Many startups are transforming CSII therapy. These companies are taking initiatives to lessen the burden of diabetes with help of AI technology. They are leveraging technological advancement to improve market solutions like integrated insulin pumps, non-invasive insulin delivery systems, and closed-loop artificial pancreases.
Grand View Research has segmented the global continuous subcutaneous insulin infusion market on the basis of product type, patient type, end use, and region:
- Continuous Subcutaneous Insulin Infusion Product Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- Patch Pumps
- Basal and bolus
- Tethered Pumps
- Insulin reservoir and Cartridges
- Insulin set insertion devices
- Continuous Subcutaneous Insulin Infusion Patient Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- Type 1
- Type 2
- Continuous Subcutaneous Insulin Infusion End-use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- Home care
- Continuous Subcutaneous Insulin Infusion Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa(MEA)
- South Africa
- Saudi Arabia
- List of Key Players of Continuous Subcutaneous Insulin Infusion Market
- Medtronic Inc.
- Tandem Diabetes Care
- F Hoffmann-La Roche
- Insulet Corporation
- Sooil Development
- IValeritas Inc.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Insulin Delivery Devices Market – One of the foremost factors contributing to the growth of the market is the surging number of diabetics due to aging, obesity, and unhealthy lifestyles.
- Intravenous Infusion Pump Market– Intravenous infusion pumps are used to administer medications, and nutritional fluids into the circulatory system through veins in controlled amounts.
- Vaccine Delivery Devices Market – Growing immunization programs & their increasing coverage, growing research in the field of vaccination are some of the key factors that can be attributed to the growth of the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc.