San Francisco, May 05, 2016 (GLOBE NEWSWIRE) -- Insulin pumps are electronic devices used to monitor the blood sugar of a diabetic patient. It is connected to your belly through a small tube called a catheter. The pump releases rapid-acting insulin which goes to your stomach via the catheter. The pump can be attached to the pocket or on the belt.
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Advanced technology includes pumps with glucose sensing technology dubbed ‘artificial pancreas’ which pumps insulin according to glucose levels. The first such device was manufactured by Medtronic and approved by the FDA (US Food & Drug Administration) for patients with type 1 diabetes.
Products of the market are insulin pumps, insulin cartridges, infusion set insertion devices, and infusion sets. Awareness of consumers regarding insulin pumps has led to their rapid adoption. Research on oral insulin, aerosolized insulin, and insulin-producing stem-cell implants, if successful can provide novel opportunities for growth.
In the United States, there are 500,000 insulin pump users. But there are currently 15 million US citizens with diabetes. This is an untapped opportunity for the market to capitalize. Similarly, 8% of Europe has diabetes, which equates the number to roughly 60 million people. North America is the largest region for the insulin pumps market. It garnered an almost 48% share in 2014. The large share can be attributed to the sedentary lifestyle, prevalence of chronic diseases, and the rising geriatric population. Asia Pacific can be said to be a region with lucrative potential. This can be due to the large consumer base and easy access to advanced products.
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The insulin pumps market is likely to grow at a 7.7% CAGR over the forecast period (2014-2018). The growing prevalence of diabetes among the consumers is the key driving factor of the market. But the high cost of insulin pumps could be a challenge for the market.
Vendors of the insulin pumps market include Medtronic Inc., Animas Corp., Hoffman La Roche Ltd., Insulet Corp., and Sooil Development Co. Ltd.
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Key questions answered in this report:
What will the market size be in 2018 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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