Dublin, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The "Insulin Pump Market Report by Types, Diseases, Accessories, End-user Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Global Insulin Pump Market size is expected to be about US$ 11.12 Billion by 2032 from US$ 4.63 Billion in 2023. The CAGR for the global insulin pump market from 2024 to 2032 is 10.23%
With Type 2 diabetes and other non-communicable diseases (NCDs) becoming a primary worldwide public health concern, the World Economic Forum predicts that global economic development will be severely impacted. The use of insulin pumps has grown over time as awareness has expanded. An insulin pump is a small electronic device. Insulin is administered by a tiny tube inserted beneath the skin.
The global insulin pump market is growing due to the rising use of these devices. The NIH study states that insulin pump utilization is expected to rise from 59% in 2017 to 66% in 2021. The device's affordability fuels the global insulin pump market as well. The JAMA Network paper estimated that insulin pumps have been linked to cost savings of between $5000 and $6000 per person yearly and enable more precise insulin administration.
Progress in Technology and Breakthroughs
A developing method of delivering insulin is insulin pump therapy, often known as continuous subcutaneous insulin infusion (CSII) therapy. It is successful in preserving euglycemia and giving patients flexibility. The market offers various insulin pump solutions, some integrated with continuous glucose monitoring. Insulin pump technology is still developing quickly.
This drives the demand for the worldwide insulin pump market. Pumps that are more discrete and smaller due to component miniaturization offer increased comfort. For example, Valtronic improved the lives of diabetic patients by introducing a smaller, smarter insulin pump in November 2023. This compact insulin pump combines Valtronic's experience producing high-quality, small-sized electrical equipment with its knowledge of insulin delivery systems. It consists of an electronic controller unit that can be used for up to two years and a disposable pump reservoir.
Increased Insurance Accessibility
Some health insurance companies give priority to full coverage to people with diabetes. This is driving the worldwide insulin pump market. For example, if a patient has a prescription for an insulin pump and meets specific requirements, Medicare will pay a percentage of the pump's cost. The type of pump required supplies, and Medicare plan will determine the exact coverage. Several features are available through the ICICI Lombard health insurance for type 1 diabetes to assist in managing this long-term illness.
For instance, these plans frequently cover insulin pumps, continuous glucose monitoring systems, and other medical equipment that may be necessary for controlling blood sugar levels. They might also pay the cost of insulin, test strips, and other prescription drugs for diabetes. Accessing diabetes education programs, support groups, and counseling services is another benefit of having type 1 diabetes health insurance.
United States Insulin Pump Market
The growing occurrence of diabetes, in particular type 1 diabetes, has propelled the increase of the United States insulin pump market. It spurs demand for practical management answers like insulin pumps. The American Diabetes Association stated that 38.4 million Americans, or 11.6% of the population, had diabetes, along with 2 million with type 1 diabetes in 2021.
Technological improvements in insulin pump design, like AI integration and continuous glucose tracking compatibility, attract sufferers looking for superior diabetes management alternatives. For instance, Medtronic anticipates FDA approval for its recent pump model, the MiniMed 780g, in 2023. Heightened public recognition and broader insurance coverage for insulin pumps enhance patient access and drive market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $4.63 Billion |
| Forecasted Market Value (USD) by 2032 | $11.12 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Medtronic
- Insulet Corporation
- Tandem Diabetes Care
- Roche
- Insulet Corp.,
- Ypsomed Holding AG,
- Microtech Medical
Types - Market breakup in 3 viewpoints
- Tethered Pumps
- Patch Pumps
- Consumables
Diseases - Market breakup in 2 viewpoints
- Type 1 Diabetes
- Type 2 Diabetes
Accessories - Market breakup in 3 viewpoints
- Action Figures Insulin Reservoirs
- Infusion Sets
- Infusion Set Insertion Devices
End-user - Market breakup in 3 viewpoints
- Action Figures Hospital and Clinics
- Home Care
- Others
Countries - Market breakup in 25 viewpoints
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/f9vdo5
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