Insulin Pump Market: Growth Opportunities Created by Covid19 Outbreak
The global insulin pump market is likely to gain impetus from the ever-increasing prevalence of diabetes reported worldwide. Coupled with this, the rising geriatric population and surging number of people affected by type 1 diabetes would drive the market growth. Fortune Business Insights™ provided this information in a recent report, titled, “Insulin Pump Market Size, Share & Industry Analysis, By Product Type (Pumps (Tethered Pumps, Patch Pumps, and Others), and Consumables), By Disease Indication (Type 1 Diabetes and Type 2 Diabetes), By Distribution Channel (Hospital Pharmacy Retail Pharmacy, and Online Stores), and Regional Forecast, 2020-2027.” The report further states that the insulin pump market size was USD 4.15 billion in 2019 and is projected to reach USD 8.50 billion by 2027, exhibiting a CAGR of 9.4% during the forecast period.
https://www.fortunebusinessinsights.com/insulin-pump-market-102735
Fortune Business Insights™ lists out all the renowned organizations present in the insulin pumps market. They are as follows:
- Medtronic
- Insulet Corporation
- Hoffmann-La Roche Ltd.
- Tandem Diabetes Care, Inc.
- YPSOMED
- Others
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Government Initiatives to Reduce Cost Burdenwill Favor Growth in North America
Based on geography, the market is classified into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Out of these, in 2019, North America generated USD 2.11 billion in terms of insulin pumps and consumables market revenue. Rising number of innovative product launches and high demand for drug delivery devices are the major factors that would drive the market growth in this region. Also, active support of the government of various countries in this region to lower the cost burden of diabetes by supplying patients with insulin pump covered by Medicare would propel market growth.