| Report Code: A03079 | Pages: 195 | Aug 2021 | 8289 Views | ||
| Author(s) : Sushant T , Onkar S | Tables: 121 | Charts: 26 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Implantable Insulin Pump Market
Request Now !The global implantable insulin pump market size was valued at $2,674 million in 2020, and is projected to reach $6,443 million by 2030, registering a CAGR of 9.1% from 2021 to 2030. Implanted insulin pump is a medical device that remains inside the human body at all times. This implanted insulin pump delivers insulin into the peritoneal cavity, which has more number of blood vessels and can hence absorb insulin very efficiently. Implantable insulin pumps provide better treatment solutions for people who suffer from diabetes disease. There are two types of implantable insulin pumps are available in market, which include closed-loop insulin pump and open-loop insulin pump.
Rise in population suffering from diabetes along with increase in awareness about insulin treatments that are available in the implantable insulin pump market drives the growth of the market. Moreover, technological advancements in implantable insulin pumps, rise in incidences of chronic diseases such as obesity and heart disorder and surge in demand for home-based therapies for diabetes management and consultation propel the growth of the market. Furthermore, rise in geriatric population coupled with increase in prevalence of diabetes, supportive reimbursement policies in healthcare system, and rise in R&D activities toward the development of novel implantable insulin pump products further boost the growth of the market. However, stringent government regulations expected to hamper the market growth during the forecast period. Conversely, high growth potential in emerging markets is expected to offer lucrative opportunities during the forecast period.
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. The COVID-19 pandemic has disrupted virtually each aspect of healthcare provision, including diabetes care. The impact of this pandemic on the implantable insulin pump market will provide learnings to medical device companies across other therapy areas both in the short and the long term. However, the outbreak of COVID-19 is expected to contribute to the growth opportunities for industries wherein the treatment and management of chronic conditions are carried out. According to several statistics from around the global scientific community, it is observed that the complications caused due to coronavirus include diabetic ketoacidosis, pneumonia, dehydration, and high blood sugar. Therefore, the diabetic care segment was observed to proliferate due to COVID-19. Thus, the outbreak of COVID-19 positively impacted the growth of the global market.
The implantable insulin pump market is segmented on the basis of type, disease, end user, and region. On the basis of type, the market is categorized into closed-loop insulin pump and open-loop insulin pump.
By disease, the market is divided into type 1 diabetes and type 2 diabetes. On the basis of end user, the market is categorized into hospitals and home care. The hospitals segment is further segmented into type 1 diabetes and type 2 diabetes. The home care segment is further segmented into type 1 diabetes and type 2 diabetes. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the open-loop insulin pump segment is the major revenue contributor, and is projected to grow significantly during the forecast period. Increase in demand for minimally invasive devices along with surge in incidences of diabetes among population are expected to drive the growth of the open-loop insulin pumps market. In addition, surge in awareness regarding advanced methods for insulin delivery through pumps, increase in investment in research and development (R&D) for open-loop insulin pumps are the major factors which boost the market growth of this segment.
By disease, the type 1 diabetes segment is the major shareholder in the implantable insulin pump market, owing to rise in prevalence of type 1 diabetes across the globe, increase in demand for implantable insulin pump, increase in number implantable insulin pump manufacturing companies, and surge in public awareness towards type 1 diabetes treatment methods.
Asia-Pacific presents lucrative opportunities for key players operating in the implantable insulin pump market, owing to increase in number of initiatives and enhanced investments from governments for overall R&D of implantable insulin pump and rise in number of product approvals. In addition, ongoing innovations in implantable insulin pump, availability of advanced healthcare systems, and significant surge in demand for advanced healthcare facilities contribute toward growth of the market. Moreover, surge in focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high market share is expected to drive the growth of the implantable insulin pump market in the region.
The key players profiled in this report include Apex Medical, CVS Health (Aetna Inc.), Diabeloop, Diamesco Co., Ltd, F. Hoffmann La Roche Ltd, Insulet Corporation, Johnson & Johnson, Medtronic Plc, SOOIL Developments Co. Ltd, and Tandem Diabetes Care.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Disease
By End User
By Region
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Implanted insulin pumps (IIPs) are an alternative treatment option for diabetes mellitus disease. These pumps maintain good glycemic control that require frequent surgical interventions.
Implanted insulin pumps helps to improve the adherence to medication, thus providing better diabetes management. Advancements in implanted insulin pumps along with improved effectiveness and usability is expected to help increase the adoption rate of these products, which would largely contribute toward the market growth. Furthermore, rise in disposable income, favorable reimbursement policies, and increase in healthcare expenditure, is also anticipated to boost the market growth. Moreover, advancements in digital applications for monitoring blood glucose level with the help of augmented & virtual reality for diabetes management further drives the growth of the market.
A. The total market value of Implantable Insulin Pump market is $2,673.5 million in 2020.
A. The forcast period for Implantable Insulin Pump market is 2021 to 2030
A. The market value of Implantable Insulin Pump market in 2021 is $2,930.2 million.
A. The base year is 2020 in Implantable Insulin Pump market
A. Top companies such as F. Hoffmann La Roche Ltd, Johnson & Johnson, Medtronic Plc, Tandem Diabetes Care, Apex Medical, CVS Health (Aetna Inc.), and Diabeloop held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
A. Open-loop insulin pumps segment is the most influencing segment owing to increase in demand for minimally invasive devices along with surge in incidences of diabetes among population are expected to drive the growth of the open-loop insulin pumps market. In addition, surge in awareness regarding advanced methods for insulin delivery through pumps, increase in investment in research and development (R&D) for open-loop insulin pumps are the major factors which boost the market growth of this segment.
A. Rise in population suffering from diabetes along with increase in awareness about insulin treatments that are available in the market drives the growth of the market. Moreover, technological advancements in implantable insulin pumps, rise in incidences of chronic diseases such as obesity and heart disorder and surge in demand for home-based therapies for diabetes management and consultation propel the growth of the market.
A. Asia-Pacific has the highest growth rate in the market which is growing due to increase in number of initiatives and enhanced investments from governments for overall R&D of implantable insulin pump and rise in number of product approvals. In addition, ongoing innovations in implantable insulin pump, availability of advanced healthcare systems, and significant surge in demand for advanced healthcare facilities contribute toward growth of the market.
A. Implantable insulin pump is a medical device which helps in delivering insulin into peritoneal cavity, and remains inside the human body all the time.
A. The implantable insulin pumps are projected to revolutionize the treatment of diabetes disease and also gives a constructive solution for accurately effective artificial pancreas.
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