Rising number of diabetic and obese patients coupled with introduction of advanced pump will serve as high impact rendering factors for the tubeless insulin pump market growth.
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Tubeless Insulin Pump Market size is set to exceed USD 2 billion by 2024; according to a new research report.
Advent of new technologies in continuous glucose monitoring without the need for daily insulin injection doses will stimulate business growth over the forecast years. Growing adoption of minimally invasive insulin delivery methods should improve patient compliance.
Inadequate reimbursement coverage and high long-term cost associated with tubeless insulin pump will hamper its adoption in emerging economies. Compliance to insulin therapy may reduce owing to high maintenance therapy cost.
The pods/patches market should witness more than 20% CAGR over the coming years. Regular replacement of pods and high usage frequency will drive the escalated demand for these products.
Tubeless insulin pump remote should grow in parallel with the pods segment. Although the replacement rate of remotes is not as high as that of pods, their initial capital requirement is higher.
Increasing sales of new tubeless insulin pump will fuel the significant growth of the remote market.
Distribution of tubeless insulin pump through e-commerce platforms has become the most popular medium. In 2016, e-commerce held the market share of over 50%, valuing more than USD 250 million.
This online platform will witness a significant growth over the forecast period.
Distribution through hospitals is less preferred medium because of the high cost of tubeless insulin pump. However, many private hospitals have recently started offering tubeless insulin pump at affordable prices, augmenting the industry growth.
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U.S. tubeless insulin pump market valued over USD 200 million in 2016 and anticipated to grow significantly over the coming years. Switching of insulin pump user from tubed to tubeless should be the major growth rendering factor.
Moreover, increasing adoption of tubeless pump by first time users will fuel regional industry growth.
Germany accounted for more than 20% of overall regional revenue share, owing to increasing number of diabetic patients and advanced healthcare system. Growing adoption of advanced technology will drive rapid industry grow over the forecast years.
Japan tubeless insulin pump market accounted for largest regional revenue share owing to its growing trend to adopt advanced technology. Rising per capita income of diabetic patients and high healthcare expenditure will promote tubeless insulin pump market growth.
China should witness lucrative growth in terms of revenue over the forecast period. Factors such as economic growth, large unaddressed diabetic population, rising disposable income, and improving healthcare facilities will propel business growth.
Brazil tubeless insulin pump market is projected to grow at 18% CAGR of over the forecast period. Availability of tubeless insulin pump in recent years will stimulate steady business expansion.
Some of the companies operating in tubeless insulin pump market are Insulet Corporation, Johnson & Johnson, Medtrum Technologies, Roche Holding, Cellnovo Group, Spring Health Solution, Debiotech, CeQur, Valeritas, and Abbott Diabetes Care.
New product launches and geographical expansion will primarily drive the industry. Key industry participants will strive to strengthen their position in this competitive market by adoption these strategies.
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