The primary drivers projected to drive market expansion are rising diabetes prevalence, increased diabetes awareness, various forms of insulin, and various insulin delivery systems. Insulin pump devices are compact and long-lasting. Insulin pumps are user-friendly since they can be readily configured and include an LCD screen for programme display. Furthermore, the battery compartment and reservoir compartment are both small. Insulin pumps are extremely portable, making delivery simple. Furthermore, insulin pumps reduce the number of insulin injections. In contrast, there is precise delivery of insulin. Diabetes can be better controlled by utilising insulin pumps.
Diabetes' rising incidence is likely to drive growth in the Insulin Pump Market throughout the forecast period. Furthermore, the rising prevalence of diabetes in middle and low-income countries is expected to drive growth in the insulin pump market.
Key Competitors in the Insulin pump Industry:
1. Medtronics
Medtronic provides healthcare technology solutions for complex and challenging conditions. They deliver treatments and therapies for the lungs, brain, dental, diabetes, ENT, heart, gastrointestinal, orthopedic, urinary, and women's health. The company was founded in 1949, headquartered in Minnesota, U.S. In June 2019, Medtronic and Tidepool entered into a partnership to develop an automated insulin pump system. Medtronic plans to develop a Bluetooth-enabled MiniMed pump that would be compatible with Tidepool Loop which is an open-source, automated insulin delivery app for iPhone and Apple Watch. In March 2019, Medtronic plc launched MiniMed 670G system. It is the first personalized system, which automatically delivers the insulin dose 24 hours a day, in order to avoid hypoglycaemia and hyperglycaemia. The system consist of SmartGuard Auto Mode and the continuous glucose monitor (CGM) (Guardian Sensor 3).
2. Braun Melsungen
Manufacturer of healthcare supplies dedicated to protecting and improving people's health. The company offers products and product systems for anesthesia, intensive care, cardiology, extracorporeal blood treatment and surgeries. The company was founded in 1838, headquartered in Melsungsen, Germany.
3. Abbott Laboratories
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Abbott Laboratories was founded in 1888 and is based in North Chicago, Illinois.
4. Becton, Dickinson and Company
Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company was founded in 1897 and is based in Franklin Lakes, New Jersey.
5. Sanofi
Sanofi, together with its subsidiaries, engages in the research, development, manufacture, and marketing of therapeutic solutions and was founded in 1973. The company is headquartered in Paris, France and is operational in 100 plus countries.
6. Insulet Corporation
Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company sells its products primarily through independent distributors and pharmacy channels, as well as directly in the United States, Canada, Europe, the Middle East, and Australia. Insulet Corporation was incorporated in 2000 and is headquartered in Acton, Massachusetts.
7. Hoffmann-La Roche AG
Roche is a Swiss biopharmaceutical and diagnostic company. The firm's best-selling pharmaceutical products include a variety of oncology therapies from acquired partner Genentech, and its diagnostics group was bolstered by the acquisition of Ventana in 2008. Oncology products account for 50% of pharmaceutical sales, and centralized and point-of-care diagnostics for more than half of diagnostic-related sales. The company was founded in 1896, headquartered in Switzerland.
*Definition- To regulate diabetes, an insulin pump is a portable device that may be linked to the body and continually supply preset doses of short or rapid acting insulin in the body.
