Published Date : 06 Feb 2023
The global insulin pump market size was exhibited at USD 4.85 billion in 2022 and is predicted to be worth around USD 13.37 billion by 2030, growing at a CAGR of 13.5% over the forecast period 2022 to 2030.
An insulin pump is a device that delivers insulin via a small plastic tube. It is small in size. It pumps insulin continuously day and night. The machine can produce insulin more rapidly before meals. It can help some people with diabetes in managing blood glucose. It is a battery-operated device. It can be worn on a belt or put in a pocket. The plastic tube is inserted just under the skin. People use it to release extra insulin doses to handle rises in blood sugar levels. It helps people manage their blood sugar. It delivers insulin at specific times.
It is a more flexible option than insulin pen injections. It doesn't have to be permanent. It is about the size of a small cell phone and is a small, computerized device. Insulin regulates our blood sugar. People who have diabetes use insulin injections to handle their blood sugar. It is a good option for people with Type 1 diabetes. It delivers a steady supply of insulin, even for kids and others.
Rapid technological advancements majorly drive the global market. In line with this, the increasing adoption of insulin pumps significantly contributes to global market growth. Furthermore, these pumps are widely used over traditional methods. These are convenient for people who need more than one insulin injection daily. It is less invasive and hence has rising demand. The increasing geriatric population and rising number of people who have diabetes significantly contribute to the market growth across the globe.
The growing prevalence of obesity positively influences the market growth. The companies are developing advanced insulin pumps with sophisticated technology. Home infusion therapy and artificial pancreas offer numerous opportunities for market growth. The rising awareness regarding the benefits of insulin pumps creates a positive outlook for the market. An increase in the incidence of diabetes catalyzes market growth. Factors such as obesity and unhealthy lifestyles propel product demand.
Obesity is the main reason behind diabetes. The growing incidence of type 2 diabetes favors market growth. High cholesterol and smoking also lead to diabetes. Diabetes leads to the inability of the pancreas to produce insulin. It then leads to lower glucose levels in the body. The changing lifestyles significantly contribute to market growth. The consumption of alcohol and smoking leads to diabetes. The rising need for continuous monitoring of blood sugar levels positively influences the market growth. With the increase in awareness regarding diabetes, the demand for the product is rising. Insulin pumps are safe, convenient, and provide accurate results.
The factors above are expected to contribute to the market growth across the globe significantly. The growing initiatives by governments across the countries to raise awareness about diabetes create a positive outlook for the market.
Insulin Pump Market Report Scope:
|Market Size in 2023||USD 5.48 Billion|
|Market Size by 2032||USD 13.37 Billion|
|Growth Rate from 2022 to 2030||CAGR of 13.5%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||By Pump Type, By Application, By Disease Indication, and By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on type, the tethered pumps dominated the market and accounted for the largest revenue share. These pumps have tubing between the pump and the cannula. This is due to its reliability and flexibility. The patch pump is expected to witness a promising CAGR in the coming years. These pumps are small and can be attached to the skin's surface. It offers various benefits which lead to its high demand. It is remote control and is integrated with calculators and helps in lowering the overdosage of insulin and other effects associated with it.
Based on the product, Medtronic's MiniMed insulin pumps dominated the market and captured the largest revenue share. Rapid advancements in technology contribute significantly to market growth. The strong foothold of Medtronic creates a positive outlook for the market. The tandem pump is expected to witness a promising CAGR in the coming years. The product is seeing increasing demand due to its small size, compact size, and capacity to hold approximately 300 units of insulin pumps. It is user-friendly and convenient for patient use.
Based on accessories, insulin set insertion devices dominated the market and accounted for the largest revenue share. This is due to its increasing usage in general infusion. The insulin reservoir or cartridges is expected to witness a promising CAGR in the coming years. This is due to the rising demand for tethered pumps.
Based on end-use, hospitals and clinics dominated the market and accounted for the largest revenue share. This is due to the widespread availability of skilled healthcare professionals. Heavy government funding and rising private sector investment create a positive market outlook. Homecare is expected to witness a promising CAGR in the coming years. This is due to increasing awareness about the product and its rising demand for use at home.
Based on region, North America dominated the market and accounted for the largest revenue share. The presence of leading market players significantly contributes to the region's growth. In line with this, the increasing prevalence of obesity and rising incidence of diabetes positively influence market growth. Furthermore, high treatment costs and rapid technological advancements catalyze market growth. Moreover, new product launches propel market growth. Europe captured a significant market share and is expected to grow during the forecast period. The increasing geriatric population significantly contributes to market growth. The improvements in the healthcare sector and the launch of advanced medical products positively influence market growth.
Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to heavy investments by the government and increasing initiatives to spread awareness about diabetes. The large diabetes population significantly contributes to market growth across the region. The adoption of advanced technologies creates a positive outlook for the market.
Market Driver: Increasing Prevalence of Diabetes
The Increasing Prevalence of diabetes significantly contributes to market growth. In line with this, the rising prevalence of type 1 diabetes positively influences the global market growth. Furthermore, developing advanced pumps integrated with advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), creates a positive outlook for the market. Apart from this, the rising geriatric population catalyzes market growth. Moreover, the benefits offered by these devices, such as improved monitoring of blood sugar levels, continuous flow of insulin, and rapid adoption, propel market growth. Besides, market players are launching technologically advanced products to maintain a competitive edge.
Market Opportunity: Recent Product Approvals, along with the Presence of a Robust Pipeline
The recent approval of products and the presence of a robust pipeline offer numerous opportunities for market growth. In line with this, increasing demand for these products among people with diabetes significantly contributes to market growth. Furthermore, the market players are investing in research and development activities for technologically advanced products. The launch of new products in the market positively influences market growth. The rising insulin-dependent population catalyzes market growth and offers lucrative opportunities to the market players. Smart technologies, such as AI, are rapidly integrated. The development of AI-enabled insulin pumps is expected to favor market growth.
Market Restraint: High costs
The high costs of insulin pumps restrict market growth. The rising prevalence of type 1 and 2 diabetes significantly contributes to the product demand. However, the high cost of these pumps is expected to hamper the market growth. The cost also involves additional costs. The costs could also differ. The high price is restricting the adoption of insulin pumps across the globe.
Market Challenges: Lack of awareness
The lack of awareness about the treatment options for diabetes challenges market growth, especially in developing countries. The inadequate reimbursement policies in developing countries limit insulin pumps' adoption across the globe. The rising expenditure associated with insulin pumps impedes market growth. The limited reimbursement challenges product adoption across developing countries.
In June 2022, Insulet Corporation invested USD 200 million in its upcoming manufacturing facility in Johor. This would boost its worldwide manufacturing capabilities.
In April 2022, Ypsomed collaborated with Abbott and CamDiab to develop an integrated AID. It is developed to connect Abbott's FreeStyle Libre 3 with Ypsomed's MyLife YpsoPump.
In June 2022, Diabeloop and SOOIL Development Company entered into a partnership for worldwide development at the American Diabetes Association Scientific Sessions.
Market Key Players:
By Pump Type
By Disease Indication
By End User
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