New York, USA, March 29, 2023 (GLOBE NEWSWIRE) -- Insulin Pumps Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Insulin Pumps Market Information By Type, Accessories, Application, End User - Forecast till 2028”, the market is expected to register a CAGR of 15.5% and acquire the market value of USD 11.5 Billion by 2028.
Market Scope:
Insulin pumps are used to control insulin in diabetic patients at specific intervals. Insulin pumps are attached to the patient’s body, and insulin is administered via a catheter placed under the skin. The pumps deliver a dose of insulin to control and sustain blood glucose levels. Diabetes is a medical disorder when the body's glucose levels drop as a result of the pancreas' failure to make insulin. Alcohol and tobacco use are two rapidly evolving lifestyle habits that are causing an increase in diabetes patients worldwide.
The high incidence of diabetes is also largely attributed to the rising prevalence of obesity in the world. Insulin pumps are used by diabetic individuals to schedule the infusion of insulin. Insulin can be administered to the body using an insulin pump and a catheter put under the patient's skin. Insulin pumps can help you maintain and manage your blood sugar levels.
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Competitive Dynamics:
The market is highly concentrated, with a small number of significant businesses controlling a sizable portion of it. Medtronic, the market leader, maintains a commanding position with a broad selection of pumps and supplies for the treatment of diabetes. Increasing product approvals by the regulatory authorities also contributes to the company's expansion. Key Players of the market are:
- Insulet Corporation
- Dickinson and Company
- Hoffmann-La Roche AG
- Abbott Laboratories
- Braun Melsungen AG
- Medtronics
- Becton
- Sanofi
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 11.5 Billion |
| CAGR | 15.5% |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Accessories, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising Prevalence of Diabetes to Boost the Industry |
| Growing Development Activities to Offer Opportunity to Expand the Market |
Insulin Pumps Market Trends
Market Drivers
Because the insulin pump is so easy to use, industry growth is projected. Sales of insulin pumps may increase as a result of variables like simple administration, rising junk food consumption, and increasing sedentary behavior. In the upcoming decades, it is expected that the prevalence of diabetes will rise sharply, with older persons seeing the fastest rate of increase. So, if current trends in diabetes occurrence rates continue linearly, the number of diabetics worldwide is anticipated to rise considerably in the ensuing 50 years. Demand for insulin devices will significantly rise as the number of people with diabetes diagnoses rises, which will lead to an increase in insulin pump usage globally.
The market is expanding as businesses create next-generation insulin pumps equipped with cutting-edge technologies to enhance compliance and integration with IT devices. Technology advancements like the artificial pancreas and home infusion therapy are also anticipated to create significant growth opportunities in the near future. Due to increased public awareness of the devices, there has been an increase in demand for insulin pumps in both developed and developing countries.
Electronic insulin pumps are gaining popularity among patients and medical professionals alike as a way to manage and monitor diabetes. This is because modern pumps are more useful, safe, and dependable than previous pumps. People can take control of their health by communicating with their healthcare team and exchanging information whenever and wherever it is most convenient for them. The aforementioned factors are predicted to boost market growth. The prevalence of community outreach and public health initiatives aimed at educating people about diabetes is expected to increase the adoption of insulin pumps.
Market Limitations
Throughout the anticipated time period, the market for insulin pumps is anticipated to be constrained by rising insulin prices combined with unfavorable insurance policies. Increasing interest in complementary and alternative therapies is a significant factor that could restrain the growth of the insulin pump industry. The implementation of strict rules and regulations is another important obstacle that can impede industry progress.
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COVID-19 Analysis
The COVID-19 outbreak is likely to negatively impact the market for insulin pumps because the lockdown compelled the temporary shutdown of every manufacturing facility. The future growth of the market, however, might ultimately be supported by increasing government backing. Delays in diabetes diagnosis and treatment as well as patient delays in purchasing these pumps during the time are factors contributing to the market's slower growth. Also, during the COVID-19 epidemic, the supply of pumps and consumables was disrupted as a result of limitations put in place by the governments of the various nations.
Insulin Pumps Market Segmentation
By Type
The reusable insulin pump and the disposable insulin pump represent two separate market areas for insulin pumps. The market for this niche is projected to be worth $4,587.5 million by 2028.
By Accessories
The infusion set subsector is anticipated to be the market's main growth engine over the study period.
By Application
The demand for insulin therapy is anticipated to increase due to the increasing prevalence of type I diabetes.
By End-User
The hospitals and clinics are anticipated to increase by USD 3,908.8 million by 2023. However, during the projected period, home care is anticipated to increase at the fastest pace of 8.9%.
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Insulin Pump Market Regional Analysis
According to a report by MRFR, North America is the world's largest market for insulin pumps, making the continent a leader in healthcare globally. The insulin pump market in North America is increasing as a result of the advanced healthcare system, cutting-edge facilities, and widespread readiness to test innovative therapies. The presence of so many top-tier rivals in one location fosters innovation and creativity. The market is expanding quickly in part due to the availability of skilled medical professionals, a large assortment of useful items, and significant consumer expenditure. In terms of the global market for insulin pumps in 2016, North America was the market leader.
It is projected that Asia-Pacific would have the quickest growth in the market for insulin pumps due to rising healthcare spending and a quickly growing healthcare sector. Due to the government's increasing investment, the healthcare sector is thriving. These two elements will have a major positive impact on the expansion of the APAC market. An older population's increased incidence is also anticipated to significantly contribute to the market's growth over the course of the forecast period.
In the near future, it is anticipated that Europe will make up a sizeable portion of the worldwide insulin pump market. Businesses should increase their R&D spending to encourage market expansion. To provide consumers with the most effective products, the healthcare sector and related industries are undergoing reforms. In the United Kingdom and Germany, the market for insulin pumps is anticipated to expand dramatically.
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