January 08, 2020
According to the research report titled ‘Tubeless Insulin Pump Market Size By Component (Pod/Patch, Remote), By Distribution Channel (Hospitals, Pharmacies, E-commerce), Industry Analysis Report, Country Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global tubeless insulin pump market is expected to cross a valuation of USD 2.5 billion by the year 2025.
According to the report, growing occurrence of comorbidities and diabetes in tandem with rising adoption of non-invasive treatment methods are driving the tubeless insulin pump market growth. Favorable reimbursement policies and government initiatives are contributing towards the popularity of the product amid low-income population. Shifting preference towards painless insulin administration along with advancements in technology pertaining to insulin pumps are stimulating the industry outlook.
Key industry players are focusing on developing innovative insulin pumps that are closed-loop, lightweight and offer insulin consistently for over two days. Moreover, the key companies have launched advanced tubeless insulin pumps which are integrated with Bluetooth wireless technology for timely administration and accurate diagnosis. However, long-term treatment costs and lack of awareness pertaining to advanced treatment methods are hindering the growth of the market.
As per component type, the report cites that pod/patch segment will grow with a CAGR of 24% during 2019-2025. These type of components offer reduced pain and improved convenience during delivery of insulin, thereby fueling the segmental growth.
In terms of distribution channel, pharmacies segment was worth USD 134.6 million in the year 2018 and is expected to register consistent growth during the estimated timeframe. Surging need for continuous care for patients suffering from diabetes and easy accessibility of pharmacies are propelling the growth of the segment.
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Considering the geographical landscape, the report states that U.S. tubeless insulin pumps market is presumed to grow substantially during the forecast period. Factors such as increasing utilization of tubeless insulin pumps among working professionals in order to avoid pain and insulin administration procedures are facilitating the business scenario. Various federal initiatives to raise awareness regarding diabetes management is also aiding the market expansion.
The prominent companies operating in the tubeless insulin pumps market are Abbott Diabetes Care, Valeritas, CeQur SA, Debiotech, Spring Health Solution Ltd., Cellnovo Group SA, Roche Holding Ag, Medtrum Technologies Inc., Johnson & Johnson, and Insulet Corp.
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