According to Precedence Research, the insulin pump market size is expected to reach over US$ 10.31 billion by 2028 and growing at a CAGR of 13.5% over the forecast period 2021 to 2030.
According to Precedence Research, the insulin pump market size is expected to reach over US$ 10.31 billion by 2028 and growing at a CAGR of 13.5% over the forecast period 2021 to 2030.
Growth Factors
The rapidly surging prevalence of diabetes among the population and the rising awareness regarding the management of diabetes is significantly boosting the growth of the global insulin pump market. According to the International Diabetes Federation (IDF), around 537 million individuals aged between 20 to 79 years were suffering from diabetes in 2021 and this number is expected to rise to 783 million by the year 2045. Diabetes causes stroke, kidney failure, and blindness, as per the World Health Organization. The rising healthcare expenditure, improved access to the healthcare facilities, and easy availability of the advanced insulin pumps is significantly boosting the growth of the global insulin pump market. The increased need for regularly monitoring and managing the blood glucose levels is augmenting the demand for the insulin pumps. The technological advancements in the drug delivery systems is further offering numerous growth opportunities to the market players.
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Report Highlights:
- Depending on the pump type, the tethered pump segment constituted a revenue share of over 62% and dominated the global insulin pump market in 2020. The conveniences and portability feature of the tethered pumps has resulted in its high demand across the globe. Furthermore, the handsets can be connected with the tethered insulin pumps that allows easy monitoring of the blood glucose levels. Therefore, the latest and advanced features associated with the tethered pumps has surged its adoption among the diabetic population across the globe.
- Based on the accessories, the cartridge or reservoir segment is estimated to be the most lucrative and fastest-growing market during the forecast period. The cartridge can hold 300 doses and lasts for 3 days. Moreover, the increased adoption of the tethered insulin pumps has fostered the demand for the cartridges.
- On the basis of end user, the homecare segment is expected to exhibit the highest CAGR during the forecast period. The rising product acceptance, rising disposable income, rising consumer awareness, and easy availability of insulin pumps for at home use are the major factors that are propelling the growth of the homecare insulin pump market across the globe.
- North America accounted for the major market share of more than 46% in 2020 and dominated the market. North America witnesses a high demand for the technologically advanced healthcare devices. The technological advancements in the drug delivery systems in North America coupled with the rising prevalence of diabetes has significantly boosted the growth of the insulin pump market. The high disposable income, higher consumer awareness, and higher product acceptance are the most prominent market drivers in the North America region.
- Asia Pacific is projected to grow at a significant rate during the forecast period. The huge presence of diabetic population and the rising healthcare expenditure is expected to spur the demand for the insulin pumps in this region. According to the International Diabetes Federation, 3 in 4 individuals in the low and middle income nations are suffering from diabetes. The improved access to the healthcare facilities and rising penetration of pharmacies in Asia Pacific is augmenting the growth of the Asia Pacific insulin pump market.
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Future of Insulin Pump Market
The proliferation of the novel technologies such as artificial intelligence (AI) and wireless connectivity are the major ongoing market trends that is estimated to have a positive impact on the market growth. 670G system of Medtronic is an example of AI-based smart insulin pump. The integration of the smart technologies is the future of the insulin pump market.
COVID-19 Impact Analysis:
- The demand for the insulin pumps for at home use rapidly spiked during the COVID-19 pandemic. Therefore, the pandemic resulted in a huge growth of the homecare insulin pump market across the globe.
- According to the IDF, the diabetic patients were at a higher risk of getting infected with the severe symptoms of COVID-19 disease.
- The demand for the automated and efficient insulin pumps rapidly increased during the pandemic.
Key Developments in the Marketplace:
- In September 2020, Medtronic received the US FDA approval for its MiniMed 770G, an insulin product that was installed with the Medtronic’s SmartGuard Technology. Easy connectivity with smartphones was its major feature.
- In June 2020, Tandem Diabetes Care partnered with Abbott for the development and commercialization of an integrated diabetes management system.
- In July 2018, Hoffman La Roche acquired CE mark for its Accu Chek Solo micro-pump solution, a tubeless pump.
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Segments Covered in the Report
By Pump Type
- Tethered Pump
- Patch Pump
By Application
- Battery
- Insulin Set Insertion Devices
- Insulin Reservoir
By Disease Indication
- Type 1 Diabetes
- Type 2 Diabetes
By End User
- Hospitals
- Clinics
- Homecare
- Laboratories
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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