In terms of revenue, the Global Insulin Pump Market is expected to reach USD 10.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.60% from 2022 to 2028.
Insulin Pump are small, computerized devices that are designed to deliver the necessary doses of insulin to diabetic patients. The market for these pumps has expanded and improved in recent years to suit the growing demand from the diabetic population for portable insulin delivery systems. The primary driver of this business is the global increase in the prevalence of diabetes, particularly type 1 diabetes. In addition, the development of advanced pumps powered by intelligent technologies like artificial intelligence (AI) and machine learning (ML) by leading medical device makers is another significant growth factor.
Key Developments in the Industry:
· Tandem Diabetes Care, Inc.'s mobile bolus capability, which enables t:slim X2 clients to control an insulin bolus using the t:connect mobile app on their own smartphone, received FDA approval in February 2022.
· F. Hoffmann-La Roche Ltd. released the MySugr Pump Control feature within the mySugr app in May 2021. Patients may instantly operate their Insulin Pump with MySugr Pump Operate using a smartphone to import and view data status.
· The feature set of the mylifeYpsoPump system has been expanded by Ypsomed AG as of July 2021. Due to the Dexcom G6 Continuous Glucose Monitoring (CGM) System's app-based integration, people with diabetes can continuously monitor their therapy via their smartphone.
Diabetes is becoming increasingly common in both under and over-developed regions. The rising rate of diabetes can be attributed to several causes, the most prominent of which are obesity and a lack of physical activity. The International Diabetes Federation Diabetes Atlas estimates that 537 million persons (aged 20–79) worldwide will have diabetes in 2021. The number of people with diabetes is expected to increase from 422 million in 2015 to 643 million in 2030 and from 783 million in 2045. In addition, senior citizens are at a higher risk of having diabetes. Thus, the increasing elderly population contributes to the expansion of age-related diseases like cataracts, glaucoma, hypertension, and diabetes. The Endocrine Society predicts that by 2022, 33.0% of persons aged 65 and up will have diabetes.
In addition, there is a growing population of people who need insulin to treat their type-1 diabetes because the condition is becoming increasingly common. Therefore, the growth of the Insulin Pump Market is expected to be driven by the increased knowledge about these pumps among diabetes patients and the benefits associated with disease management.
During the forecast period, the Insulin Pump market in North America is anticipated to develop at the quickest rate.Due to the presence of significant players in Insulin Pump, this dominance exists. Additionally, it is anticipated that the market in the region will be driven by the rising incidence of obesity, high treatment costs, technological advancements, and new releases. Furthermore, due to a rise in the number of older adults, who are more susceptible to diabetes, Europe is also anticipated to gain a sizable market share throughout the projection period. Additionally, the region's increased demand for Insulin Pump is being fueled by advancements in its healthcare system and the use of cutting-edge medical items.
The Global Insulin Pump Market is Segmented as follows:
- Patch Pumps
- Tethered Pumps
- MiniMed (630G, 670G, & VEO)
- Accu-Chek (Combo, Insight, & Solo)
- Tandem (T: slim X2, G4, T: flex Delivery System)
- My Life Omnipod
- Other Products
- Insulin Reservoir or Cartridges
- Insulin Set Insertion Devices
- End Use
- Hospitals & Clinics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Insulin Pump Market is:
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)
The Global Insulin Pump Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|