World insulin pumps market is forecast to register robust growth and is on course to reach US$2.8 billion by 2010. Rising incidence of diabetes the world over and introduction of innovative products represent the key factors driving the market.
San Jose, CA (PRWEB) July 23, 2007 -- Insulin pump is a pager-sized battery operated handy device, which is used to deliver insulin through the abdominal wall into the blood stream. The device can be programmed to infuse required dosages of insulin into the patient's body depending on his/her requirements. The pump facilitates 24-hour insulin delivery and is especially useful for diabetics, who witness a fall in blood sugar levels during night, and for those who are not satisfied with the outcome of other methods.
United States dominates the global insulin pumps market with over 60% share of dollar sales in 2006, as stated by Global Industry Analysts, Inc. Europe is projected to be the fastest growing market, with a CAGR of 17% over the next five years.
Major growth drivers for insulin pumps market include, among others, increasing incidence of diabetes among world population, convenient, simple, and efficient management of blood sugar levels; advent of technologically advanced pumps; and introduction of combination products. Role of customer satisfaction and support services is a key factor in augmenting the demand for insulin pumps. Major issues and trends that are set to shape the industry's future growth include product recalls, complicated software, and inadequate awareness.
Medtronic Diabetes, Disetronic, Animas, and Smiths Medical MD are the key players in the insulin pump market. Globally, Medtronic Diabetes dominates the insulin pump market. Geographically, the US market is dominated by Medtronic Diabetes, while the European market is controlled by Disetronic, with a share of about 50%. Medtronic's MiniMed Paradigm pump is the most prescribed and leading pump in the global market. On the other hand, Animas, which is a small player in the global market, is expected to record good growth in both the US and global markets, by focusing on direct selling in the next two years. Other major players in the global market include Becton, Dickinson & Company, Debiotech, Insulet, Matria Healthcare, Inc., MesMed Systems, Nilimedix, Nipro Diabetes Systems, PolyMedica Corp, Starbridge Systems, Sooil Development, and Terumo Corp.
The report titled "Insulin Pumps (External): A Global Strategic Business Report" published by Global Industry Analysts, Inc., offers comprehensive analyses and coverage of the US, Europe (France, Germany, UK, Italy, Spain, and Rest of Europe) and Rest of World markets. The report provides incisive insights into drivers, trends, opportunities, and challenges in the marketplace. Also included in the report are profiles of key players operating in the marketplace.
For more details about this research report, please visit http://www.strategyr.com/MCP-1511.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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