The Automated Insulin Delivery System Market is Projected to Grow at a CAGR of 8.0% During the Forecast Period to Reach USD 1.68 Billion By 2025.
PUNE, MAHARASHTRA, INDIA, September 19, 2019 /EINPresswire.com/ — According to the new market research report "Automated Insulin Delivery System Market (Disease Type – Type I Diabetes, and Type II Diabetes; End User – Hospital Pharmacies, Retail Pharmacies, and Diabetes Clinics): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The automated insulin delivery system market is estimated to reach near about USD 1,684 million by 2025 from USD 981.89 million in 2018 with a CAGR of 8.00% over the forecast period.
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Growing Number of Pipeline Products and Product Approvals also Boosts the Growth of the Industry
Growing diabetic population, improved healthcare policies and increased awareness about diabetes self-management education are the major factors driving the growth of the automated insulin delivery system market across the globe. Globally, the number of diabetes patients has been growing at a substantial rate over the past couple of decades and is expected to increase at the same rate in the future.
Approximately 1.25 million Americans have Type 1 diabetes. By 2050, 5 million people are expected to be diagnosed with Type 1 diabetes, among them 6, 00,000 people will be under the age of 20. Furthermore, the growing number of pipeline products and product approvals also boosts the growth of the market. However, the lengthy process of governmental approvals and compliance with rules and regulations is most likely to restrain the growth of the automated insulin delivery system market. Moreover, growing advancements in the automated insulin delivery system create an opportunity for the growth of the market in the next few years.
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Automated Insulin Delivery System Market is Segmented Based on Disease Type, and End-User
The global automated insulin delivery system market is segmented based on disease type, and end-user. In terms of disease type, the global market is fragmented into type I diabetes, and type II diabetes. Type I segment holds the largest market share due to increasing occurrence of this disease. Type I diabetes holds 55.4% of market share in 2018. Approximately 1.25 million Americans have Type 1 diabetes, moreover, 100,000 children in India and 50,000 children and adolescents under age 20 are living with Type 1 diabetes in China. Type 1 diabetes is a chronic condition in which the pancreas produces little or no insulin. On the basis of end-user, the automated insulin delivery system market is divided into hospital pharmacies, retail pharmacies, and diabetes clinics.
Asia Pacific is Estimated to Grow at a Rapid Speed Over the Forecast Period
The automated insulin delivery system market is categorized into North America, Europe, Asia Pacific, and the Rest of the World. Among all, North America holds the largest market share and is estimated to dominate the automated insulin delivery system market during the forecast period. This is mainly due to the presence of top manufacturers and large investment in research and development for the up-gradation of existing insulin pumps in the region. The Asia Pacific is estimated to grow at a rapid speed over the forecast period. This is attributed to the growing healthcare infrastructure and increasing per capita healthcare expenditure in the region. Japan has the largest market share in the Asia Pacific region due to the presence of the old age population. The approval and launch of automated insulin delivery devices in countries, such as China, Japan, and India are expected to create beneficial growth opportunities for the automated insulin delivery system market in the near future.
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Automated Insulin Delivery System Market: Competitive Analysis
The automated insulin delivery market comprises with the players such as Medtronic plc, Eli Lilly and Company, Tandem Diabetes Care, Inc., Insulet Corporation, Bigfoot Biomedical, Inc., and Other companies. Insulet Corporation presented data at the American Diabetes Association's annual meeting on closed-loop systems they hope will shake up the insulin delivery market in the coming years.
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