Implantable Insulin Pumps Market in South Korea: New products to Surge Implementation

 

Implantable Insulin Pump Market Overview:

Implantable insulin pumps are becoming a necessity with surge in prevalence of diabetes across the world. Medical device manufacturers adopted various strategies such as agreements and new product launches to raise their stakes in the market and solve existing issues. From buying intellectual property rights and developing advanced products in collaboration to launching innovative products, market players are striding to treat different types of diabetes. 

They are focused on developing compact, lightweight, and technologically advanced devices that provide precise delivery of insulin. The demand for implantable insulin pumps that release appropriate amount of insulin will grow in the next few years. According to the report published by Allied Market Research, the global implantable insulin pump market is estimated to reach $6.44 billion by 2030. Following are some of the activities taking place across the world.

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Market players have adopted various strategies to serve diabetic patients at different regions. Medtronic, one of the leading medical device developers, adopted the strategy of agreement. It signed an agreement and bought the intellectual property rights of implantable insulin pump developed by the Alfred E. Mann Foundation for Scientific Research. These insulin pumps are different than conventional pumps. These pumps offer increased precision in delivery, occlusion detection, and MRI compatibility. In addition, they are smaller and more lightweight than existing insulin pumps.

Top Leading Players:

· Apex Medical

· CVS Health (Aetna Inc.)

·  Diabeloop

·  Diamesco Co., Ltd

· F. Hoffmann La Roche Ltd

·  Insulet Corporation

·  Johnson & Johnson

·   Medtronic Plc

Under the agreement strategy, Medtronic and the Mann Foundation will collaborate for development of advanced technology and bring an innovative type of implantable insulin pump. Moreover, this device is aimed at enhancing insulin delivery for people suffering from Type 1 diabetes. Both companies are targeting patients from the European region. Medtronic will utilize its expertise in development and commercialization of implantable devices and Mann Foundation will bring its technology. Such collaboration activity will lead to development of novel implantable devices for diabetic patients.