As per the World Health Organization (WHO), in 2016 the death occurred due to the diabetes was approx. 1.6 million. At present the diabetes is not only found in the elderly people but it also affects all the age groups. Increasing diabetes cases across the globe is one of the major factor which are driving the tubeless insulin pump market. The infections and the injuries done by the traditional invasive insulin are the factors which increases the demand for the tubeless insulin pump market. It has been predicted that the technology development in the tubeless insulin pump market would increase and diminish the demand for the traditional invasive insulin.
The initiative taken by the government across the globe to aware the general public about the Medicare policies and how to manage the diabetes issues would make a huge impact in the increase in the size of the tubeless insulin pump market.
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The price of the tubeless insulin pump is considered to be the biggest restrains in the tubeless insulin pump market. In case of failure in the pump there is a high risk of diabetic ketoacidosis. The pump usually fails when it cannot produce enough insulin. Diabetic ketoacidosis is a severe diabetic problem that generates when your body produces high blood acid levels.
A pod is projected to drive the market of tubeless insulin pump market in the forecast period. A pod is a latest tubeless insulin pump with advanced techniques.
Growing Segments of Tubeless Insulin Pump Market:
The tubeless insulin pump market shares for the e-commerce channel stood at $279.7 million in 2018 and is expected to surpass $1,513.7 million by 2026, at 23.5% CAGR in the forecast period. As the Ecommerce channel is the most widely used platform which provides a varieties of insulin product to the consumer. Pharmacies channel is projected to observe growth of over 25.4% CAGR till the end of 2026 followed by ecommerce channel.
Regional Growth of Tubeless Insulin Pump Market:
Based on the region, North America stood at over $184.7 million in 2018 and is projected to grow at a CAGR of 22.3% in the forecast period. The region is estimated to grow due to the increasing number of the elderly populace and lack of exercise. As these regions have an increasing number of diabetic population which create more opportunity for insulin product manufacturer which will increase their revenue and make an effect on the tubeless insulin pump market.
Asia-Pacific Tubeless Insulin Pump market Forecast:
Asia-Pacific stood at $121.4 million by 2018 end, and is expected to surpass $747.0 million by 2026, at a CAGR of 25.5% due to the increase in number of patient and government spending on awareness program for the control of diabetes within the patient will contribute to the tubeless insulin pump market growth.
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Market Dominance Players:
The tubeless insulin pump market players are
- Spring Health Solution Ltd
- Insulet Corporation
- Meldrum Technologies Inc.
- Rosh Holding AG
- Johnson & Johnson
- Medtrum Technologies Inc
- CeQur SA
- Debiotech
- Cellnovo Group SA
- Abbott Diabetes Care
and among others. The competitive landscape analysis of tubeless insulin pump market is analyzed as per the above players.
Recent Developments in Tubeless Insulin Pump Market:
Strategic collaborations between major industry giants have led to new innovations across the tubeless insulin pump market. In 2016, a U.S. based pharmaceutical firm, Insulet Corporation and another company named, Eli Lilly & Company signed an agreement for creating a new tubeless Omni pod insulin delivery system for distributing highly concentrated U500 and U200 formulations of insulin. Thus, it is an undeniable fact that collaborations between the key players will have an important influence on the global business.
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