Insulin Pumps Market Outlook 2031
The global insulin pumps market is was valued at USD 4.60 Billion in 2022 and is likely reach to USD 17.77 Billion by 2031, expanding at a CAGR of 16.2% during the forecast period, between 2023 and 2031. Insulin pumps are compact electronic medical devices that can be attached to a pocket, belt, or hidden beneath clothing.
These pumps are used to regulate insulin levels in diabetic patients at predetermined intervals. It works by inserting insulin directly into the fatty tissue with a flexible catheter and a needle, which is then taped and secured in place. Insulin is delivered through a catheter implanted under the skin by insulin pumps linked to the patient's body.
The pumps administer an insulin dose to manage and maintain blood glucose levels. Insulin pumps help people with type 1 and type 2 diabetes by giving them more flexibility in their eating schedules and food choices as well as reducing the number of injections required.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising technical advancement and the acceptance of insulin pumps over traditional techniques are key factors driving the market expansion.
- Increasing prevalence of diabetes around the world as well as rising health awareness of insulin injection products are key drivers of the market.
- Experts and consumers information programs offered by insulin infusion pump producers are boosting the use of insulin-delivery devices. This is a main factor boosting the market growth.
- Growing popularity of naturopathy and complications for proper insulin pump handling are main restraining factors that can hinder the market expansion.
- Increasing R&D programs and technological advancements such as home infusion therapy and artificial pancreas are key factors generating major growth opportunities of the market in the coming years.
Scope of Insulin Pumps Market Report
The report on the global insulin pumps market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Insulin Pumps Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Disposable Insulin Pumps, Smart Insulin Pumps, and Traditional Insulin Pumps), Accessories (Insulin Set Insertion Devices and Insulin Reservoir or Cartridges), Applications (Type 1 Diabetes and Type 2 Diabetes), End-users (Diabetes Clinics, Hospital Pharmacy, Laboratories, Online Sales, Retail Pharmacy, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Ypsomed; Medtronic plc; Diabetes Digital Media Ltd; Hoffmann-La Roche Ltd; Sooil Development; Tandem Diabetic Care, Inc.; Insulet Corporation; and Murata Manufacturing Co., Ltd.
Global Insulin Pumps Market Segment Insights
Disposable insulin pumps segment to hold significant market share
Based on product types, the global insulin pumps market is segmented into disposable insulin pumps, smart insulin pumps, and traditional insulin pumps. The disposable insulin pumps segment is projected to hold significant market share during the forecast period owing to the easy use of the type of insulin pumps and rising demand for the product.
The traditional insulin pumps segment is projected to expand at a rapid pace in the coming years due to wide use of traditional insulin pumps, which contain a mechanism and a reservoir that work in conjunction with an infusion kit. Insulin path pumps administer insulin directly into the skin.
Insulin reservoir or cartridges segment is anticipated to account for substantial share
On the basis of accessories, the market is bifurcated into insulin set insertion devices and insulin reservoir or cartridges. The insulin reservoir or cartridges segment is anticipated to account for a substantial share of the market during the targeted period due to increasing deployment of tethered pumps and its durability.
These reservoirs can hold up to 300 units of insulin and do not need to be changed for at least 2-3 days. This usually entails inserting an insulin cartridge into the reservoir or drawing insulin from a vial into the reservoir. These factors are projected to boost the segment growth.
Type 1 diabetes segment to register a rapid growth rate
In terms of applications, the global insulin pumps market is divided into type 1 diabetes and type 2 diabetes. The Type 1 diabetes segment is anticipated to register a rapid growth rate during the forecast period owing to the global rise in the frequency of Type 1 diabetes.
Patients with Type 1 diabetes are mostly required to use insulin pumps and other consumables, which are expected to accelerate the segment growth in the coming years.
Hospital pharmacy segment to expand at a robust pace
Based on end-users, the market is segregated into diabetes clinics, hospital pharmacy, laboratories, online sales, retail pharmacy, and others. The hospital pharmacy segment is projected to expand at a robust pace in the near future.
The availability of qualified healthcare workers, rising private sector investment, and more government financing in the healthcare sector are all likely to contribute the segment growth.
Doctors in hospitals usually provide the prescription for the required insulin dosage, which raises the use of insulin pumps, thereby, boosting this segment.
Insulin Pumps Market Regional Outlook
North America is expected to constitute major market share
In terms of regions, the global insulin pumps market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to constitute major market share in the coming years owing to high obesity incidence, product launches, high treatment costs, and technological advancements.
On the other hand, the market of Europe is expected to expand at a high CAGR during the projected timeline due to increase in the number of the ageing population, which have high risk of exposing to diabetes.
Furthermore, advancements in the regional healthcare sector and the introduction of innovative medical items are increasing the regional market growth.
By Product Types
- Disposable Insulin Pumps
- Smart Insulin Pumps
- Traditional Insulin Pumps
- Insulin Set Insertion Devices
- Insulin Reservoir Or Cartridges
- Type 1 Diabetes
- Type 2 Diabetes
- Diabetes Clinics
- Hospital Pharmacy
- Online Sales
- Retail Pharmacy
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
- Insulin Pumps Market
- Medtronic plc
- Diabetes Digital Media Ltd
- Hoffmann-La Roche Ltd
- Sooil Development
- Tandem Diabetic Care, Inc.
- Insulet Corporation
- Murata Manufacturing Co., Ltd.
Key players competing in the global insulin pumps market are Ypsomed; Medtronic plc; Diabetes Digital Media Ltd; Hoffmann-La Roche Ltd; Sooil Development; Tandem Diabetic Care, Inc.; Insulet Corporation; and Murata Manufacturing Co., Ltd. These players have widely engaged in several market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.