Global Insulin Pens, Syringes, Pumps And Injectors Market To Grow At A CAGR Of 8.71% During 2019-2023
LONDON, April 3, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers Insulin Pens, Syringes, Pumps And Injectors Market Analysis - By Devices (Pens, Injectors And Pumps, Syringes), By End-User (Homecare, Hospitals And Others), By Expenditure (Private, Public Healthcare), And Regions | Global Forecast To 2023 from its research database. Read More On Insulin Pens, Syringes, Pumps And Injectors Market Report @ https://www.thebusinessresearchcompany.com/report/insulin-pens-syringes-pumps-and-injectors-market .
Innovative Insulin Patch Pumps Are Gaining Popularity Among Diabetic Patients
Insulin patch pumps are gaining traction over conventional insulin pens. Insulin delivery devices have been evolving to provide accurate and flexible insulin delivery at lower costs. For instance, in 2018, Insulet Corporation, an American medical device company, launched an innovative insulin pump Omnipod Dash, which is a tubeless and waterproof wearable pod. Another similar product, Accu-Chek Solo- which is an insulin patch pump with wireless touchscreen handheld- launched by Roche, a Swiss multinational healthcare company, was approved in 2018. The tubeless insulin pumps can be controlled from a wireless handheld device and enables delivery of insulin discretion. The new tubeless insulin pumps are lightweight with a disposable pod and can be attached anywhere on the user's body and carries insulin for up to 72 hours. The tubeless insulin pumps provide consistent, round the clock, uninterrupted insulin delivery, and helps users to avoid taking four to five insulin injections per day.
Continuous Glucose Monitoring (CGM) With Insulin Pump
Continuous Glucose Monitoring (CGM) using an insulin pump is another trend gaining popularity among type 2 diabetes patients. Patients with type 2 diabetes need to check on blood sugar levels in regular intervals. CGM with insulin pumps help track and check the glucose level and is thereby preferred by many diabetic patients. The device then delivers insulin automatically into the body when the levels drop. For instance, in 2017, the US Food and Drug Administration approved the first glucose monitored insulin pump by Tandem Diabetics Care, that will give access to an insulin pump and Dexcom G5 CGM data in one device. Request A Sample Of The Insulin Pens, Syringes, Pumps And Injectors Market @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2461&type=smp
Insulin Pens, Syringes, Pumps And Injectors Market Overview And Segments
Insulin pens, syringes, pumps and injectors are used to administer insulin to control blood glucose levels in diabetic patients. Insulin pens, syringes, pumps and injectors are reusable or disposable tools used to inject the desired dose of insulin into the blood of a diabetic patient. Insulin helps to ensure that glucose levels in the patient's blood are adequate. Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin is a hormone that regulates blood sugar.
The global insulin pens, syringes, pumps and injectors market reached a value of nearly $16,148.7 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.42% since 2015, and is expected to grow at a CAGR of 8.71% to nearly $22,553.3 million by 2023.
The insulin pens, syringes, pumps and injectors market is segmented by type of devices into pens, injectors and pumps, and syringes. On a global level, by end-user, it is segmented into homecare, hospitals, and others.
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Rise In Diabetic Population
Increasing number of diabetic cases will continue to be a driver of this market during the forecast period. According to the International Diabetes Federation (IDF), the global diabetic population is expected to reach 642 million by 2040. Thus, the need for diabetes care equipment is set to rise steadily during the forecast period. The diabetic population (aged 20-79 years) in India is expected to reach 134.4 million by 2020. According to a study published by Lancet Diabetes & Endocrinology journal, the amount of insulin needed to treat diabetes type 2 will rise by more than 20% globally over the next 12 years. Rising diabetic population coupled with the expected increase in the amount of insulin needed will drive the global market for insulin pens, syringes, pumps and injectors in the forecast period.
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