High Prevalence of Diabetes and Technological Innovations Drive the Global Insulin Pumps (External) Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Insulin Pumps (External) markets. Global market for Insulin Pumps (External) is forecast to reach US$1.7 billion by 2020, buoyed by rising obesity, high prevalence of diabetes, and the subsequent need to improve diabetes management.
San Jose, California (PRWEB) April 07, 2014
Follow us on LinkedIn – Insulin Pump therapy, also known as Continuous Subcutaneous Insulin Infusion (CSII) therapy, has gained prominence over the years with rising preference for painless alternatives of external insulin delivery. Driven by an aging population which represents a significant risk group, the market for insulin pumps (external) is expected to grow in the coming years. Given the alarming rise in obesity and its comorbid conditions including diabetes among the young population, manufacturers of insulin pumps are increasingly under pressure to offer comfort and style, in addition to its intended clinical benefits. The scenario has resulted in numerous product innovations transforming the humble insulin delivery device into a smart device. Few of the advanced features introduced over the years include bolus calculators, insulin on board, customized alarms/alerts, touch bolus, and interface to PCs, among others. The most significant feature in modern insulin pumps is the integration of Continuous Glucose Monitoring (CGM) technology, which alerts the wearer to take action in case of low levels of glucose.
The insulin pumps market is also expected to benefit from the emergence of evidence supporting the advantages of intensive external insulin therapy in type 2 diabetes patients who have failed oral therapy. With over 90% of diabetes patients suffering from Type 2 diabetes, the scenario signals a large untapped market potential. The market hitherto dominated by a handful of players, is witnessing the influx of new players. Consequently, the market has witnessed the introduction of a number of patch pumps, designed particularly for Type 2 diabetes patients. With product differentiation deemed vital to capture market share, and the growing need to improve care and management of diabetes, innovation continues to remain crucial to survival in the market. As a result, the market is buoyed by advances in technology, enabling the evolution of external insulin pumps to closely mimic the natural process of insulin secretion by pancreas. The scenario has already led to the launch of innovative pumps with advanced features, such as touch screens and automatic suspension of insulin delivery upon detecting low glucose levels. As manufacturers race to design the most functional artificial pancreas system, the market for diabetes management products, including insulin pumps, is set for an optimistic outlook ahead.
As stated by the new market research report on Insulin Pumps (External), the US represents the largest market for external insulin pumps in the world, while Europe remains a distant second. Demand in the US is largely dominated by favorable reimbursement scenario encouraging the use of insulin pumps. As one of the countries with the highest rates of obesity, which represents a major cause of diabetes, the country is home to a large number of diabetes patients. Asia-Pacific, with its large diabetic population represents the fastest growing market for insulin pumps. The region is set to register a CAGR of about 10.1% over the analysis period. Buoyed by rising income levels, affordability and changing food habits, the region has witnessed an alarming rise in the incidence of obesity and diabetes in recent years.
Major players covered in the report include Animas Corp., Debiotech S.A., F. Hoffmann-La Roche, Ltd., Insulet Corporation, Medtronic, Sooil Development Co. Ltd., Tandem Diabetes Care Inc., Valeritas Inc., and Ypsomed Holding AG, among others.
The research report titled “Insulin Pumps (External): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product overview, mergers, acquisitions, and other strategic corporate initiatives of major companies worldwide. The report provides market estimates/projections in value terms for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Insulin_Pumps_External_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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