The Asia pacific insulin pump market size is estimated to hike at a CAGR of 10.1% between 2023 to 2028 and worth USD 1287 million by the end of 2028.
Y-O-Y growth in diabetes prevalence in Asia-Pacific and rising focus on effective diabetes management care among the population are majorly accelerating the insulin pump market growth in the APAC region.
According to the data published by the journalofdiabetology.org, an estimated 80 million people had diabetes in southeast Asia in 2017; this figure is further expected to hit 151 million by 2045. As World Health Organization, an estimated 10% of the adult population of China has diabetes. An estimated 72.96 million adult population in India has had diabetes. According to WHO, in Bangladesh, the prevalence of diabetes is growing at a significant rate. It was 5% in the entire population between 2001 to 2005 and had increased to 9% between 2006 to 2010.
The COVID-19 pandemic has helped the APAC insulin pump market grow further as there is a spike in insulin pump sales during this period. The growing diabetes population in this region are reportedly used insulin pumps to manage their diabetes, and this has mainly happened in the developing nations of the region.
Growing incidence of lifestyle diseases, increasing APAC government initiatives to introduce new technologies, and increasing demand for upgraded medical facilities are majorly escalating the insulin pump growth in this region. Nearly 114.1 million in China are said to be suffering from diabetes (type I & type II), and of these two, type II diabetes is more regular in patients.
Technological developments are another significant factor favoring the market to grow further. For instance, “Medtronic” has maintained its position as the key market player in the Asia-Pacific due to its invention in technology advancements offering the patient in need and implementing combined agreements. The fierce competition from the local market players is anticipated to increase the growth of the Asia-Pacific insulin pump market during the forecast period.
Lack of prominence in enhancing healthcare services and restricted access to technological advancements may restrain the insulin pump market growth in the region. The deficit of alertness and strict administrative and government schemes restrict the region's market growth over the review period. The cost of the insulin pumps is high, and the pricing pressure of the consumables is hampering the market growth in APAC.
This research report on the Asia-Pacific insulin pump market has been segmented and sub-segmented into the following categories:
By Pump Type:
By End User:
Geographically, the insulin pump market in the Asia-Pacific region is expected to have a robust CAGR and is also considered a profit-producing region.
In this region, the Chinese insulin pumps market is expected to lead the APAC insulin pump market during the forecast period due to its financial growth and enormous diabetic people's existence. Acquiring the latest technologies in improved nations of the region is likely to propel the growth.
The Japanese insulin pumps market has the fastest growth rate due to swelling in discretionary expenses and easy accessibility of superior medical solutions. Robust growth rate and surge in per head expenses made towards healthcare integrated with huge patient count suffering from diabetic.
The Indian insulin pumps market is predicted to grow at a CAGR of 9.25% from 2020 to 2025. The growing patient population and increasing healthcare expenditure are majorly contributing to the growth of the Indian market.
Companies such as Animus Corporation (U.S.), Asante (U.S.), Cellnovo Ltd. (U.K.), Insulet Corporation (U.S.), Medtronics, Inc. (U.S.), Nipro Diagnostic, Inc. (Japan), Ypsomed (Switzerland), Roche (Switzerland), Sooil Development Co., Ltd. (Korea) and Tandem Diabetes Care, Inc. (U.S.) are adding significant share to the Asia-Pacific insulin pump market.
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