Tubeless Insulin Pump Market Data Sphere Forecast, 2020-2026: The COVID-19 Data Bump and the Future of Data Growth

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Japan, Japan, Fri, 25 Dec 2020 05:07:24 / Comserve Inc. / — Tubeless insulin pump market is anticipated to grow at 23.4% CAGR, from $527.8 million in 2018 and will generate a revenue of $2,837.6 million by 2026.

Tubeless insulin pump market is anticipated to grow at 23.4% CAGR, from $527.8 million in 2018 and will generate a revenue of $2,837.6 million by 2026.

Market Definition:
A tubeless insulin pump is easy, reliable and compact which helps to control the user’s blood insulin level. It is projected that the demand for tubeless insulin pumps will have major growth over the projected period. The importance of this pump is to measure the blood glucose levels on a fingertip making the patient more accessible.

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Market Drivers:
The major factor that drives the market for the pump is mainly due to the increasing diabetic cases. As per World Health Organization (WHO), In 2016 the death occurred due to the diabetes was approx. 1.6 million. The advanced technology in the tubeless insulin pump is expected to drive the market growth. The Infections and the wounds caused by traditional invasive insulin pumps are also anticipated to drive the enhancement of the tubeless insulin pump market. The Initiative taken by the government to increase the awareness about diabetes and the policies is expected to increase the overall growth. As the user are not aware about the tubeless insulin pump, the government also encourages the tubeless insulin pump manufacturer and the producer in tracking health data of patients and provide subsidy for the family with low income for the treatment through tubeless insulin pump.

Market Restrains:
The major factor that affect the tubeless insulin pump market is the cost of the tubeless insulin pump which is very expensive in comparison with normal injections. if the pump fails there is a high risk of having diabetic ketoacidosis. Mainly the pump fails due to the drainage of batteries, because of a dry tank, Insulin is impaired by heat exposure, and many more.

Tubeless Insulin Pump Market, by Component:
The pod contains a flexible vessel which is lightweight in nature which can be connected anywhere to the user’s body and can supply nonstop insulin till three days, where pod checks the level of the sugar and insulin is injected whenever it is essential. These pods are filled with insulin injected by a thin cannula to carry insulin to the user, enabling the user to test their insulin level in the pod. The pod component generated a revenue of $311.4 million in 2018, and is further projected to grow $1,696.0 by 2026.

Tubeless Insulin Pump Market, by Distribution channel
The Ecommerce channel is the most widely used platform which provides a varieties of insulin product to the consumer. The tubeless insulin pump market size for the e-commerce channel stood at $279.7 million in 2018 and is expected to exceed $1,513.7 million by 2026, at 23.5% CAGR in the forecast period. Pharmacies channel is estimated to observe growth of over 25.4% CAGR till the end of 2026 followed by ecommerce channel.

Tubeless Insulin Pump Market, by Region
In 2018, North America held the major tubeless insulin pump market share. The demand for tubeless insulin pumps in North America stood at $184.7 million by 2018 and is anticipated to grow at $924.5 million within 2026. The factors that would help for the highest growth in the industry is with increasing number of the old age people and lack of physical activity in this area. The increase cases among diabetic population in Canada and US will be having a greater prospect in the tubeless insulin pump market, where the supply of pumps will increase demand and boost the revenue in this market.

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Key participants in Global Tubeless insulin pump Market:

Tubeless Insulin Pump market players are Abbott Diabetes Care, Rosh Holding AG, Spring Health Solution Ltd , Cellnovo Group SA, CeQur SA, Johnson & Johnson, Insulet Corporation, Debiotech, Veleritas, Medtrum Technologies Inc and among many others. In 2016, a U.S. based pharmaceutical firm, Insulet Corporation and another company named, Eli Lilly & Company signed an agreement for creating a new tubeless Omni pod insulin delivery system for distributing highly concentrated U500 and U200 formulations of insulin. Thus, it is an undeniable fact that collaborations between the key players will have an important influence on the global business.

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The post Tubeless Insulin Pump Market Data Sphere Forecast, 2020-2026: The COVID-19 Data Bump and the Future of Data Growth appeared first on Comserveonline.

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The MarketWatch News Department was not involved in the creation of this content.