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DUBLIN, Oct. 9, 2019 /PRNewswire/ -- The "Diabetes Management: Insulin Pumps Market (2019)" report has been added to ResearchAndMarkets.com's offering.

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Valued at nearly $3bn in 2018, the Global Insulin Pumps Market is growing at a fast pace - at a compound annual growth rate (CAGR) of approximately 12% - reaching more than $5bn by 2023

The Global Insulin Pumps market is being driven by strong demand, increasing awareness and adoption of next-generation hybrid closed-loop systems, solid clinical outcomes, and good reimbursement. Market penetration is low, leaving much room for growth.

According to the International Diabetes Federation (IDF), approximately 425 million adults (20-79 years of age) have diabetes worldwide, and this number is expected to rise nearly 50% to approximately 629 million by 2045. More than 1.25 million people have type 1 diabetes in the US alone.

There is a strong need for automated continuous insulin delivery as a replacement for cumbersome multiple daily (insulin) injections (MDI) using painful pens/needles, which are prone to user error and may leave many type 1 (and insulin-requiring type 2) patients at risk for dangerous complications.

Overall, the insulin pumps market is an evolving market driven by innovation. While Medtronic clearly dominates, technological advances are spurring intense competition. There is a rush to develop even smarter automated hybrid closed-loop systems (artificial pancreas or AP systems) driven by machine learning or artificial-intelligence-based algorithms. These systems lessen patient burden and autonomously adapt to individuals' glycemic needs and lifestyles to significantly improve blood glucose control and quality of life for millions of diabetes patients worldwide.

This comprehensive medical market and technology report provides:

Markets covered by this analysis include the US, Japan, the five major EU markets (France, Germany, Italy, Spain, and the UK), and the Rest of World (RoW) markets, which includes all other countries. Market forecasts are for the 2018-23 time period.

Highlights

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/ghc0vu

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View original content:http://www.prnewswire.com/news-releases/the-number-of-adults-with-diabetes-worldwide-is-set-to-rise-nearly-50-to-approximately-629-million-by-2045-300934663.html

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The Number of Adults with Diabetes Worldwide is Set to Rise Nearly 50% to Approximately 629 Million by 2045 - Yahoo Finance

This entry was posted on October 9, 2019 at 3:35 pm and is filed under Diabetes. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |