Insulin Pumps Market Is Expected to Reach $ 13.34 Billion by 2032
Global insulin pumps market is currently valued at US$ 6.18 billion and is predicted to expand rapidly at a CAGR of 8% from 2022 to 2032.
The market for insulin pumps is projected to rise as a result of the ageing population and their associated health problems, as well as the rising incidence of diabetes and the patient population's obesity. The demand for insulin pumps is also increasing as leading businesses develop next-generation insulin pumps with cutting-edge technologies to offer enhanced compliance and interface with IT equipment.
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Insulin pumps are electronic devices that can perform the same functions as the human pancreas. These tiny, sensor-integrated devices are used to continuously provide very small amounts of insulin to diabetic patients after each meal.
· The number of people suffering from diabetes worldwide is anticipated to increase by 51% from 463 million in 2019 to 700 million by 2045, according to the International Diabetes Federation (IDF).
· According to the Centers for Disease Control and Prevention (CDC), 37.3 million Americans were estimated to have diabetes in 2021.
· Diabetes can cause blindness, kidney failure, and stroke, according to the World Health Organization.
As such, the demand for insulin pumps is expected to increase rapidly due to the rising number of diabetes patients around the world. Due to factors such as rising healthcare expenditures, more easy access to medical facilities, and the availability of advanced insulin pumps, global demand for insulin pumps is increasing quickly.
Insulin pumps are compact, portable and reliable. Since they are simple to operate and have an LCD screen for programme display, insulin pumps are very user-friendly. Also, the reservoir and battery compartments are quite small. Since insulin pumps are portable, the distribution of insulin is made simple. Advanced electronic insulin pumps allow more accurate insulin delivery and enhance diabetes management.
Insulin pumps are bifurcated as tethered pumps and patch pumps. Since insulin patch pumps are more discrete & portable, and easier to use than conventional insulin pumps, they are gaining high demand.
North America currently holds a dominant position in the global market due to the rising cases of diabetic patients in the region. The Asia Pacific market is expected to rise at a high CAGR during the forecast period due to developing healthcare facilities and rising production of advanced insulin pumps.
Key Takeaways from Market Study
· Global sales of insulin pumps are expected to reach US$ 13.34 billion by 2032.
· China’s insulin pumps market is expected to expand at a CAGR of 7.5% from 2022 to 2032.
· Demand for patch insulin pumps is predicted to rise at a CAGR of 10% from 2022 to 2032.
· Sales of tethered insulin pumps are anticipated to increase at a healthy CAGR of 7.5% during the forecast period.
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Competitive Landscape
Key players in the insulin pumps market are investing in research and development to manufacture advanced insulin pumps.
· Medtronic, one of the major players, maintains a commanding position with a broad selection of insulin pumps and supplies for the treatment of diabetes. The regulatory agencies' increased approval for products also contributes to the company's expansion.
· Other market participants with a substantial global presence include Insulet Corporation, Tandem Diabetes Care, Inc., F. Hoffmann-La Roche Ltd., and Ypsomed AG. Their development is being aided by the growing number of product approvals for insulin pumps and the strategic choices made by them.
· Insulet Corporation, a pioneer in tubeless insulin pump technologies and products, announced on June 2, 2022, that it will invest roughly USD 200 million over the following five years in its planned production plant in Johor. By doing this, the business would be able to create its Omnipod Insulin Management System as part of its goal to improve its global manufacturing capabilities.
Key Companies Profiled
· Debiotech S.A.
· F. Hoffmann-La Roche Ltd.
· Insulet Corp.
· Medtronic Plc.
· Sooil Development Co. Ltd.
· Tandem Diabetes Care Inc.
· Valeritas Inc.
· Ypsomed Holding AG
Winning Strategy
To increase their market share, major players are using tactics such as collaborations, mergers and acquisitions, and the introduction of new, cutting-edge products. To produce technologically improved insulin pumps, major firms are investing much in research and development.
· A partnership between Ypsomed, Abbott, and CamDiab to create an integrated (AID) automated insulin delivery system was announced in April 2022. Abbott's FreeStyle Libre 3 and Ypsomed's MyLife YpsoPump are connected by the new integrated AID technology to create a smart, automatic process for dispensing insulin with accurate glucose readings.
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Key Segments in Insulin Pumps Industry Research
By Type:
· Tethered Pumps
· Patch Pumps
By Accessory:
· Infusion Set Insertion Devices
· Insulin Reservoirs / Cartridges
· Batteries
By End User:
· Hospitals & Clinics
· Laboratories
· Homecare
By Region:
· North America
· Latin America
· Europe
· East Asia
· South Asia & Oceania
· MEA
More Valuable Insights on Offer
Fact MR, in its new offering, presents an unbiased analysis of the global insulin pumps market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (tethered pumps, patch pumps), accessory (infusion set insertion devices, insulin reservoirs/cartridges, batteries), and end user (hospitals & clinics, laboratories, homecare), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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