The global insulin pump market will rise at a CAGR of 14% during the forecast period of 2023 to 2030. Technological advancements and a preference for insulin pumps over conventional methods are driving the market growth. Insulin pumps are convenient for people who need multiple daily insulin injections. Patients like these less-invasive technologies, thus they're widely used. The increasing older population, diabetes, and obesity are driving the market growth. New generations of insulin pumps with sophisticated technology offer better compliance and integration with IT devices, expanding the market. Future development opportunities include the artificial pancreas and home infusion therapy. Awareness of insulin pumps and how to utilize them has also helped expand the industry in developed and developing countries.
Diabetes is a disease caused by the pancreas' failure to produce insulin. This causes diabetes. Changing lifestyles, including more drinking and smoking, are a significant reason for the rise of diabetic patients. The global obesity epidemic also contributes to the rising number of diabetes cases. Type 1 diabetics must regularly check their blood glucose levels and get insulin injections, therefore the market for insulin pumps, various insulin delivery systems, and glucose monitors is likely to grow.
Diabetes accounted for the death of 6.7 million people in 2021, according to the IDF Atlas. The IDF Atlas estimates a 51% increase in diabetes patients by 2045. Due to the rising prevalence of diabetes and more awareness of its treatment, the global market for insulin pumps is expanding quickly. According to IDF forecasts, 537 million people worldwide will have diabetes in 2021. By 2045, this number could reach 783 million. WHO says diabetes can cause renal failure, stroke, and blindness. The global market for insulin pumps is developing rapidly due to increased medical costs, improved healthcare facilities, and more technologically advanced pumps. Changing lifestyles, consumption patterns, and dietary habits contribute to the rise in diabetes incidence worldwide.
Browse for report at : https://www.acutemarketreports.com/report/insulin-pump-market
Electronic insulin pumps are gaining popularity as a way to manage and treat diabetes. Newer pumps are more convenient, safer, and more exact than traditional approaches. Digital technology allows patients to engage with the healthcare team and share data whenever needed. The aforesaid aspects should help the industry grow. The growing number of government and non-profit programs to enhance diabetes awareness are expected to encourage the use of insulin pumps to treat the condition.
Expanding government programs to raise knowledge about healthcare policies and diabetes treatment also contributes to market growth. Healthcare costs have risen, and people want tubeless insulin pumps that are unobtrusive and easy to use. This should drive market growth during the analyzed period. High long-term costs of tubeless insulin pumps may hinder industry growth. Long-term diabetes care costs associated with tubeless pumps impede their development in poor economies. In some countries, the reimbursement system renders treatment expensive for most people. These reasons may hinder the market growth. The increasing popularity of naturopathy and strict product clearance standards also impede the insulin pump market. Both issues are slowing the market.
The tethered pumps industry accounted for 70% of overall revenue in 2021. The section is expected to grow by a CAGR of 9.5% during the forecast period. Tethered pumps separate the cannula and pump using flexible tubing. The dependability of classic pumps and the abundance of products on the market are driving this industry's growth. Patch pumps are expected to grow by 11% throughout the predicted period. Patch pumps are small and stick directly to the skin. The market's strong growth rate is due to its features, such as no tubing in patch pumps and remote control that can measure the blood glucose. Market benefits also contribute to its strong growth rate. Insulin pumps have calculators to help patients estimate how much insulin they need. This reduces insulin overdose and its symptoms. These factors are expected to boost market growth over the analysis period. Patch pumps cost $2,000 to $8,000 per unit, with annual supplies costing $1,000 to $2,000. Despite these pumps' long lifespans (four to eight years), which translate to lower annual costs, the hefty upfront cost is a big barrier to users. Despite reducing hyperglycemia risks, insurance companies won't cover them for most patients. Pump advances must improve patients' quality of life or reduce unit costs to increase adoption.
Type 1 diabetes was the most prevalent ailment in 2021 due to its rising prevalence. IDF forecasts that 1.2 million children and adolescents would be diagnosed with type 1 diabetes in 2021. Type 1 diabetics require insulin pumps and other consumables. Higher demand. As the incidence of type 2 diabetes rises globally, the share of the market allocated to treating it is expected to rise as well. As more type 2 diabetics become insulin-dependent, and as patients move away from MDIs and toward pumps, the market is expected to grow.
Due to excellent acceptance and continuing technology development, the MiniMed insulin pumps branch of Medtronic's company has a 50.0% market share by 2021. Medtronic's regional presence and the debut of its MiniMed 670G system, the world's first hybrid closed-loop system, are driving the MiniMed product line expansion. The tandem pump category is expected to grow by 11.2% throughout the projection period. Its space-saving design allows it to hold 300 insulin pump units despite its smaller size. It's user-friendly and convenient for patients, thus it should boost the market.
Insulin set insertion devices accounted for 40% of total revenue in 2021. The highest market share of this sector may be attributed to its use, such as the fact that insulin pump infusion sets are changed every two to three days. The insulin reservoir or cartridges market is expected to increase at a CAGR of 9.01% during the forecast period. The rising adoption of tethered pumps is driving the market growth. This usually involves drawing insulin from a vial or cartridge into the reservoir. These reservoirs can store 300 units of insulin for two to three days. These elements should drive segment growth.
By end customer, hospitals owned 45% of the market in 2021. This is because more hospitals have opened worldwide. The development in highly qualified medical experts who can help diabetic people heal has fuelled this sector's growth. Government and corporate investments in hospital technology are expected to propel segment growth in the near future. The homecare business is expected to grow at a CAGR of 9.5% during the forecast period. Rising medical costs, improved awareness of insulin pumps, and accessible availability through online and offline retail pharmacies are all contributing to the growth of the homecare market category.
Because diabetes management equipment and solutions are more readily available at retail and pharmaceutical outlets in emerging and developed nations, the retail & online pharmacy segment led the market in 2021. Most patients prefer to buy these items from hospital-affiliated pharmacies, which has helped hospital pharmacies thrive. The rise of pump reimbursement programs is another factor.
North America dominated the insulin pump market and earned 45% of the revenue in 2021 due to the presence of key competitors. Growing obesity, high treatment costs, rapid technological advancement, and new product introductions are expected to drive the market in the region. Due to an aging population, Europe is expected to gain a large share of the industry in the next years. Advances in the region's healthcare business and cutting-edge medical technologies are also driving up demand for insulin pumps. The Asia Pacific should be a significant insulin pump market. This region's expansion is fuelled by an increase in healthcare funding and government efforts to boost diabetes awareness. China is expected to lead APAC due to its increasing economy and large diabetic population. Implementing cutting-edge technologies in developing countries should also boost the market growth.
The global insulin pump market is dominated by a small number of major and medium-sized companies and therefore the market is fairly consolidated. Medtronic, the industry leader, offers a wide selection of insulin pumps and diabetic supplies. Regulatory agencies' rising product approvals contribute to the company's growth. Exxon Mobil, CNPC, Sasol, and Evonik Industries are key players. These market participants are investing, collaborating, and merging to grow their market share and compete more effectively. Companies are also investing in product R&D. Keeping pricing low is another priority.
