Number of pages: 100 | Report Format: PDF | Published date: 06 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global insulin pump market was pegged at ~US$ 8.52 billion in 2021 and is expected to witness a CAGR of ~8.7% during the forecast period.
Insulin pumps are small devices that are used in delivering insulin and helping regulate blood sugar levels. Their size is like that of a small cell phone. The insulin pump provides insulin doses on a pre-programmed schedule. Compared to insulin pens, insulin pumps are more convenient for some people because they stay attached to their bodies. It is more convenient to use a pump because it gives a steady stream of insulin instead of sticking needles.
An increase in diabetes incidence because of aging, obesity, and an unhealthy lifestyle is one of the factors driving the global insulin pump market. Technology advancements and the adoption of insulin pumps over other delivery systems are also factors contributing to the growth of the insulin pump market. Insulin pumps are very convenient for patients requiring multiple insulin injections daily. These devices are less invasive and hence, are gaining preference from the large patient pool. Insulin pumps are convenient when multiple doses are required and for active individuals. It is also a good option for pediatric patients or patients who have trouble remembering their injections. Moreover, companies are developing a new generation of insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the market growth.
However, several issues related to insulin-delivery devices, such as skin infections and the expensive price of insulin analogs and pumps, are impeding the insulin pump market's expansion. In addition, the expansion of this market is somewhat constrained by the dearth of professionals with the necessary skills to handle insulin pumps properly. Additionally, research on oral insulin, aerosolized insulin for inhalation, and insulin-producing stem cell implantation is now underway, and if successful, the results will slow the expansion of this market.
The global Insulin Pump market has been analyzed from four perspectives: pump type, disease indication, end-user, and region.
Insulin Pump Market by Pump Type
Based on pump type, the global Insulin pump market is segmented into, patch pumps and tethered pumps. The tethered pumps segment dominates the insulin pump market owing to its flexible tubing between the pump and cannula. The large market share is also attributed to the product’s reliability and availability in the market.
Insulin Pump Market by Disease Indication
Based on disease indication, the global insulin pump market is divided into, type 1 and type 2 diabetes. The type 1 diabetes segment dominates the market, because of the high global prevalence of type 1 diabetes cases. Since patients suffering from type 1 diabetes are insulin-dependent therefore insulin pumps are in high demand amongst this patient population.
Insulin Pump Market by End User
Based on the end-user the global insulin pump market is divided into, hospitals & clinics, homecare settings, and laboratories. The hospitals and clinics segment dominates the insulin pump market. This is attributed to the accessibility of qualified healthcare workers, expanding public funding, and growing private sector investment in the healthcare industry.
Insulin Pump Market by Region
Based on region, the global insulin pump market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Due to the presence of key participants in the insulin pump industry, North America controlled the insulin pump market and accounted for the biggest revenue share globally. Additionally, it is anticipated that the market in the region would be driven by the rising incidence of obesity, high treatment costs, technological advancements, and new releases. Due to a rise in the number of elderly people, who are more susceptible to diabetes, Europe is also anticipated to gain a sizable market share throughout the projection period. Additionally, the region's increased demand for insulin pumps is being fueled by advancements in its healthcare system and the use of cutting-edge medical items.
Asia Pacific region is expected to witness significant growth in the insulin pump market during the forecast period due to growing initiatives taken by the government to spread awareness and provide healthcare funding.
Some of the prominent players operating in the global insulin pump market are: -