Global Insulin Pump Market is valued at USD 4.62 Billion in 2022 and is projected to reach a value of USD 14.73 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 15.60% over the forecast period.
Insulin Pump are discrete, electronic medical devices that can be concealed under clothing items or secured to a belt. Based on the user's basal and bolus rates, the insulin pump distributes insulin to the body at regular intervals to limit the rise in blood glucose levels. The rising prevalence of diabetes worldwide and increased health consciousness are the key growth factors of the market. Modernization of the economy has substantially raised the prevalence of numerous lifestyle-related illnesses, including diabetes. Changes in dietary preferences and reliance on prepared packaged meals containing artificial ingredients and preservatives also have a good effect. Due to the fact that diabetes raises the risk of other chronic illnesses, such as renal failure, stroke, paralysis, and blindness, manufacturers are placing a greater emphasis on developing inexpensive and adaptable equipment. The development of highly precise glucose sensors and blood monitoring technology has raised the demand for effective Insulin Pump. In addition, increased research and development targeted at improving the functionality of Insulin Pump, as well as rising healthcare spending per capita, have contributed to market expansion. However, it is projected that the increase in insulin pricing and unfavorable insurance policies will hinder the growth of the insulin pump market throughout the evaluation period. Enforcing strict rules and regulations for product approval is a crucial factor inhibiting the expansion of the industry.
Insulin Pump Market Size, 2022 To 2030 (USD Billion)
The Insulin Pump Market is segmented by Type, Product, Accessories, End-Use, and Region. Based on Type, the market is segmented into Patch Pumps and Tethered Pumps. Furthermore, based on the Product, the market is segmented as MiniMed (630G, 670G, and VEO), Accu-Chek (Combo, Insight, and Solo), Tandem (T: slim X2, G4, T: Flex Delivery System), Omnipod, My Life Omnipod and Other Products. In addition, based on the Accessories, the market is segmented into Insulin Reservoirs or Cartridges, Insulin Set Insertion Devices, and Batteries. In addition, based on the End-Use, the market is segmented into Hospitals & Clinics, Homecare, and Laboratories. Likewise, based on the Region, the Global Insulin Pump Market is fragmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Based on Type
The tethered pumps category dominated the market in 2021
The segment of tethered pumps is expected to increase at the fastest rate over the projected period. On tethered pumps, a flexible tube connects the pump to the cannula. The segment's large market size is primarily attributable to the reliability of classic pumps and the diversity of available products.
Based on End-Use
The hospitals & clinics nutrition bars category dominated the market in 2021
During the forecast period, the segment of hospitals & clinics is predicted to expand at the fastest rate. This is due to the expanding global presence of hospitals and clinics. The expansion of the category has been driven by experienced medical professionals who can assist diabetic patients in efficiently treating their ailments. In the near future, it is projected that increasing government and corporate investments in hospital and clinic enhancements would further fuel the segment's expansion.
Based on Regional Analysis
Asia Pacific is projected to grow at the highest CAGR during the forecast period
The Asia Pacific is accounted to grow at the highest CAGR in the Insulin Pump Market during the forecast period due to factors like the region's rapidly expanding diabetic population and growing knowledge of cutting-edge diabetes care technologies. India and China have the most diabetic patients worldwide, according to the International Diabetes Federation. Type I and type II diabetes are more common in this region's developing nations, where obesity rates are rising, and socioeconomic changes are becoming more pronounced. Additionally, it is anticipated that an increase in product releases and technological developments in insulin patch pumps will support regional growth.
The key players in the Insulin Pump Market include- Medtronic PLC (Ireland), Hoffmann-La Roche Ltd. (Switzerland), Tandem Diabetic Care Inc. (US), Insulet Corporation (US), Ypsomed Holdings (Switzerland), Cellenovo Ltd. (UK), Sooil Development (South Korea), Valeritas Inc. (US), JingasuDelfu Co. Ltd. (China).
· In February 2022, the FDA approved Tandem Diabetes Care, Inc.'s mobile bolus functionality, which enables t: slim X2 customers to manage an insulin bolus through the t: connect mobile app on their smartphone.
· In May 2021, MySugr Pump Control was introduced by F. Hoffmann-La Roche Ltd. within the mySugr app. MySugr Pump Operate lets patients immediately control their Insulin Pump via smartphone to import and view data status.
Segmentation of Insulin Pump Market
- Type (Patch Pumps, Tethered Pumps)
- Product (MiniMed (630G, 670G, & VEO), Accu-Chek (Combo, Insight, & Solo), Tandem (T: slim X2, G4, T: flex Delivery System), Omnipod, My Life Omnipod, Other Products)
- Accessories (Insulin Reservoir or Cartridges, Insulin Set Insertion Devices, Battery)
- End Use (Hospitals & Clinics, Homecare, Laboratories)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Medtronic PLC (Ireland)
- Hoffmann-La Roche Ltd. (Switzerland)
- Tandem Diabetic Care Inc. (US)
- Insulet Corporation (US)
- Ypsomed Holdings (Switzerland)
- Cellenovo Ltd. (UK)
- Sooil Development (South Korea)
- Valeritas Inc. (US)
- JingasuDelfu Co. Ltd. (China)
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