Pune, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Insulin Pump Market Size Analysis:
According to SNS Insider, The Insulin Pump Market Size was valued at USD 6.70 Billion in 2023 and is expected to grow to USD 13.37 Billion by 2032 expanding at a compound annual growth rate (CAGR) of 8.36% over the forecast period.
Diabetes is a lifelong deadly disease that has a huge effect on a person’s health. The number of people having diabetes is increasing as life goes on. People can get this disease due to obesity, overweight, and lack of active healthy living. Diabetes is also one of the major causes of death. Besides, many other complications are brought about causing disability, In the 2021 IDF Diabetes Atlas, it has been indicated that there were around 537 million adults of not less than 20 to 79 years who suffered from diabetes. It has also calculated the total number of patients who have the disease will rise to 643 million by 2030 and 783 million by 2045.
The most liable people to be infected with diabetes are the adults and this is because of the number of years they have grown. The percentage of people who suffer from this disease rises with increasing age. Just to mention, the rising number of old people increases the risk of age-related diseases like cataracts, glaucoma, hypertension, and diabetes. According to 2021, an estimated 33% of geriatrics who are 65 years and above have diabetes.
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Moreover, the increasing number of type-1 diabetic patients across the globe is a vast patient pool for whom insulin is required. The incidence of this type of diabetes across high-income countries is superior to that of low and middle-income countries. The number of people requiring insulin daily is increasing. All of these factors are responsible for the rising awareness of these pumps among diabetic patients and the resultant benefits for disease management will spur the growth of the market during the forecast period.
Key Insulin Pump Market Players:
- Medtronic
- Insulet Corporation
- Tandem Diabetes Care
- Ypsomed
- F. Hoffmann-La Roche Ltd
- Abbott Laboratoriesm
- Cellnovo
- Animas Corporation
- Valeritas, Inc.
- Sooil Development Co., Ltd.
- Modular Medical
- AgVa Healthcare
- Wuxi Apex Medical
- MySugr
- Dexcom
- Others
Insulin Pump Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.70 Billion |
| Market Size by 2032 | US$ 13.37 Billion |
| CAGR | CAGR of 8.36% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental Insights
Retail, in developing and developed countries, accounted for a substantial share of 45% in 2023 due to easy access to diabetes management devices and solutions in medical stores. Hospital pharmacy is growing due to the majority of patients who want to purchase these devices in the hospitals’ affiliated pharmacies. In addition, the reimbursement policies for the pumps and consumables will improve this segment’s demand.
Insulin Pump Market Key Segmentation:
By Product Type
- Patch Pumps
- Tethered Pumps
- Others
By Disease Indication
- Type1 Diabetes
- Type 2 Diabetes
By Distribution Channel
- Hospital Pharmacy
- Retail
- Online Pharmacy
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Regional Insights
The Asia Pacific is expected to grow at the highest CAGR of 8.02% during the forecast period. The growing number of cases of type 2 diabetes added to the incidence of diabetes all over the world is due to the increasing geriatric population and the rapid pace of urbanization leading to the adoption of sedentary lives. For instance, according to the Japan Times, the country’s estimated number of elderly people aged 65 or older is about 36.4 million, up 220,000 from the previous year. With demand for advanced insulin delivery devices on the rise, researchers are investing heavily in manufacturing smart devices that can offer patients personalized results and a better quality of life. Driving the insulin pumps market growth.
Recent Developments
- In February 2024, Insulet Corporation paid USD 25 million to acquire the entire portfolio of patents related to insulin pump technology from Bigfoot Biomedical. This acquisition will help Insulet solidify its patents for diabetes management devices, such as insulin pumps.
- In June 2022, Diabeloop and SOOIL Development Company, a leading provider of superior diabetes therapy, announced a worldwide development agreement at the American Diabetes Association Scientific Sessions. The agreement is expected to create clinical trials to expand their collaboration, as well as create new innovative devices to offer their products to as many patients as possible.
- In April 2022, Ypsomed announced cooperation with Abbott and CamDiab to develop an integrated AID system. The new integrated AID system will bring together Ypsomed’s MyLife YpsoPump with Abbott’s FreeStyle Libre 3 to create a smart, automatic insulin delivery process using realistic glucose data.
Key takeaways:
- The increasing prevalence of diabetes, fueled by obesity and an aging population, is a critical driver of market growth.
- Retail segments dominate the diabetes management market, bolstered by easy access to devices in medical stores.
- Advanced insulin delivery devices and smart technologies are gaining traction as demand for personalized healthcare solutions rises.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume: Device usage volume
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Insulin Pump Market Segmentation, by Product Type
8. Insulin Pump Market Segmentation, by Disease Indication
9. Insulin Pump Market Segmentation, by Distribution Channel
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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