Insulin Pumps Market To Reach USD 9.41 Billion By 2027 – Reports and Data
The growing prevalence of diabetes is one of the significant factors influencing market growth.
The global insulin pumps market is expected to reach USD 9.41 Billion by 2027, according to a new report by Reports and Data. Insulin pumps are used for insulin therapy and is used for the treatment of patients with all types of diabetes.
The need for insulin therapy depends upon the balance between insulin resistance and insulin secretion. Patients with type 1 diabetes require insulin treatment permanently unless they receive a whole organ pancreas transplant or an islet. Type 2 diabetes patients require insulin as their beta-cell function lowers over time.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019: approximate 463 million adults (20-79 years) were living with diabetes, and by 2045, this is expected to rise to 700 million. A growing number of diabetic patients are propelling the demand for insulin.
Technological advancements in the insulin pumps have led to improved reliability and functionality. CSII (continuous subcutaneous insulin infusion) technology has observed several advancements, comprising the incorporation of continuous glucose monitoring (CGM) with the insulin pump. At present, these pumps with the integration of AI are capable of controlling the algorithm that analyzes the blood glucose level and automatically delivers the insulin to the individual using it.
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The market in Asia Pacific is estimated to witness an increasing demand in the forecast period owing to growing awareness pertaining to medical treatments and care, rising health care sector, and an increase in R&D activities. Further, a rapid increase in the diabetic population and increasing adoption of insulin administration are driving the market demand in the region.
Further key findings from the report suggest
- By product, traditional insulin pumps dominated the market share in 2018 and is likely to experience a growth rate of 8.9% in the forecast period. The growth of these type of pumps is primarily owing to their better reliability and high availability of the product.
- By accessories, the insulin set insertion device held the largest market share in 2018 and is estimated to witness a growth rate of 9.2% in the forecast period. The market dominance of this insulin pump accessory is attributed to its high usage frequency.
- By end-users, hospitals & clinics dominated the market in 2018 and are projected to have a CAGR of 9.0% in the forecast period. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, increasing government funding, and rising private sector investments in the healthcare sector.
- North America dominated the market in 2018 and is anticipated to grow at a rate of 8.9% in the period 2019-2027. Rapid technological advancements, increasing prevalence of diabetes, and new product launches by market players, among others, are causative of the high market demand in the region.
- Key participants include Animus Corporation, Asante, Insulet Corporation, Nipro Diagnostic Inc., Cellnovo Ltd., Ypsomed Group, Medtronics Inc., Tandem Diabetes Care Inc., Roche, and Valeritas, among others.
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For the purpose of this report, Reports and Data have segmented the global insulin pumps market on the basis of product type, accessories, end-user, and region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
- Traditional Insulin Pump
- Disposable Insulin Pump
Accessories Outlook (Revenue, USD Million; 2016-2027)
- Insulin Set Insertion Devices
- Insulin Cartridges
End-User Outlook (Revenue, USD Million; 2016-2027)
- Hospitals & Clinics
- Homecare settings
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Regional Outlook (Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
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