Tubeless Insulin Pump Market Projected to a CAGR of 23.4% by 2026
15 Jan, 2020, 12:30 GMT
PUNE, India, Jan. 15, 2020 /PRNewswire/ --
Global Tubeless Insulin Pump Market Outlook 2026:
Tubeless insulin pump market size accounted of $ 279.7 Million in 2018 and is predictable to exceed $ 1,513.7 Million by 2026, growing at a CAGR of 23.5% during the estimated period. The e-commerce distribution channel is one of the most used sources and provides the customer with a wide range of product.
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Tubeless Insulin Pump Market Drivers:
The major factor that drives the market for the tubeless insulin pump is mainly due to the rising cases of diabetes. Now a day's diabetes is affected by all the age group. As per World Health Organization (WHO), around 1.6 million deaths occurred in 2016 due to diabetes. The advanced technology in the tubeless insulin pump is expected to drive the market growth. Traditional invasive insulin pumps cause injuries and infections to patients. Due to this, the patients are preferring the tubeless insulin pumps, which are not harmful to the patient's body. The government is also taking the initiative to increase awareness in the nationwide regarding the Medicare policies and managing diabetic issues.
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The major restrains that affect the tubeless insulin pump market is the cost of the tubeless insulin pump which is very expensive in comparison traditional invasive insulin. Additionally, other factor such as pump failure may cause the risk of diabetic ketoacidosis. Diabetic ketoacidosis occurs when body produces high levels of blood acids, it generally occurs when the body cannot produce enough insulin. There are a lot of consequences which the user has to face if the pump fails.
The pods' segment is predicted to be most profitable till the end of 2026. The market size for pods was $311.4 million in 2018 and is expected to grow at a CAGR of 23.6% during the anticipated period. The pod is a lightweight, disposable vessel that can be attached anywhere on the user's body and can be carried up to three days of nonstop insulin. As the diabetic patient are increasing globally it is expected that the tubeless insulin pump market may increase according to study.
North America Tubeless Insulin Pump Market Forecast:
In 2018, the largest tubeless insulin pump market share is held by the North America region. This region is expected to grow at $924.5 million by 2026, at a CAGR of 22.3% in the estimated period. U.S. and Canada are predicted to witness a significant increase in the diabetic population over the coming years. Lack of physical activity and increasing number of old age population among the people in this region can be the biggest region for the increase in the diabetic population
Top Key Players and Recent Developments in Tubeless Insulin Pump Market:
- Abbott Diabetes Care
- Johnson & Johnson
- Medtrum Technologies Inc
- Cellnovo Group SA
- Rosh Holding AG
- CeQur SA
- Insulet Corporation
- Spring Health Solution Ltd
- Debiotech
- Veleritas
Strategic collaboration led to the new innovation within the two major giants through tubeless insulin pump market. In 2016, a U.S based pharmacy firm Insulet Corporation and Eli Lilly & Company entered into an agreement to build a new model of tubeless Omni pod insulin delivery system to distribute highly concentrated U200 and U500 insulin formulations. Therefore, it is undeniable that collaborations witnessed across the pharmaceutical and healthcare sector that had a significant impact on the overall business.
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