USD 4.6 billion
Report ID: SQMIG35A2135 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 88 | Figures: 66
Global Insulin Pumps Market was valued at USD 4.6 billion in 2021 and is projected to reach USD 8.97 billion by 2028, at a CAGR of 8.70% during the forecast period (2022-2028).
Insulin pumps are compact, computerised devices that are programmed to administer a diabetic patient's prescribed amounts of insulin. The demand for portable insulin delivery systems among the diabetic community has increased, and the market for these pumps has grown and developed in recent years to meet this demand. The rising incidence of diabetes, particularly type 1 diabetes, worldwide is the main driver of this industry. Another important growth factor is the creation of sophisticated pumps powered by smart technologies like artificial intelligence (AI) and machine learning (ML) by top medical device manufacturers.
The global market for insulin pumps is expanding at a large rate due to the population's fast increasing prevalence of diabetes and growing understanding of how to treat it. The International Diabetes Federation (IDF) estimates that there were 537 million people with diabetes worldwide in 2021, and that figure is predicted to climb to 783 million by the year 2045. According to the World Health Organization, diabetes can result in blindness, renal failure, and stroke. The market is expanding at a rapid rate due to factors including growing healthcare costs, easier access to healthcare facilities, and the widespread availability of sophisticated insulin pumps.
Global Market Size
USD 4.6 billion
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The Global Insulin Pump Market is segmented based on type, disease indications, distribution channel and region. Based on type it is categorized into: patch, tethered. Based on disease indications it is categorized into: type-1 diabetes, type-2 diabetes. Based on distribution channel it is categorized into: hospital pharmacy, online and retail pharmacy. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
On the basis of type, the market is segmented into Patch and Tethered. Flexible tubing connects the pump and cannula on tethered pumps. The reliability of these conventional pumps and the variety of goods on the market are primarily responsible for the segment's huge market size. Patch pumps are tiny and can be adhered to the skin's surface directly. The fact that patch pumps don't require tubing and that their remote control doubles as a blood glucose metre is a crucial factor in the market's rapid expansion. Additionally, pumps have built-in calculators that aid in figuring out the precise amount of insulin that patients need. This aids in minimising the adverse consequences of insulin overdose and other related factors.
Analysis by Disease Indication
The market is divided into type 1 diabetes and type 2 diabetes based on the disease indication. Due to the rising prevalence of type 1 diabetes around the world in 2021, the type 1 diabetes segment dominated the market. For instance, the International Diabetes Federation (IDF) estimates that 1.2 million children and adolescents will develop type 1 diabetes worldwide in 2021. Type 1 diabetic individuals have a considerably larger demand for an insulin pump and other consumables because they are insulin-dependent. Due to the rising prevalence of Type 2 diabetes around the world, the share of the type 2 diabetes sector is also anticipated to grow significantly over the course of the projected period.
The market is expected to develop as a result of the rising number of type 2 diabetics who are insulin dependent and the patients' switch from MDIs to other treatment choices like pumps.
Analysis by Distribution Channel
The market is divided into hospital pharmacy, retail & online pharmacy based on the distribution channel. Due to the increased availability of diabetes management devices and solutions in retail and pharmaceutical outlets in developing and established nations, the retail & online pharmacy segment, with a sizeable share, led the market. The majority of patients choose to buy these devices from pharmacies that are linked with hospitals, which has led to the expansion of the hospital pharmacy market. The expansion of the reimbursement programmes for consumables like pumps is also a factor.
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The global market for insulin pumps includes recent trends and potential prospects for each region, including Europe, North America, Asia Pacific (APAC), the Middle East, and Africa (MEA). Due to the increased prevalence of diabetes, North America will dominate the market for these throughout the projection period. In addition, the presence of major industry players in the area, the rising obesity rate, the accessibility of cutting-edge medical facilities, the high consumption of fast food, technological advancements, and consumers' sedentary lifestyles all contribute to market growth. The region's major contributors are the United States and Canada.
Europe is expected to hold the second-largest share of the worldwide insulin pump market during the projected period due to the presence of numerous key market players there, the availability of cutting-edge medical facilities, and technological advances. The region's national markets include the UK, Spain, Italy, Germany, and France.
Over the course of the forecasted period, it is expected that the APAC region would witness rapid growth in the worldwide insulin pump market. Growing health consciousness, the availability of cutting-edge medical facilities, an increase in disposable income, better medical facilities in South Korea, Japan, Australia, India, and China, and an increase in the prevalence of diabetes in Taiwan, Malaysia, Indonesia, India, and China are some of the factors driving the market growth in the region. Due to their underdeveloped economies, strong government regulations, lack of awareness, restricted access to technology, and reduced focus on healthcare improvement, the MEA will only account for a minor portion of the global insulin pump market over the projection period.
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The Global Insulin Pump Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. A small number of significant businesses control a sizable portion of the market, which is consolidated. With a broad selection of pumps and supplies for the treatment of diabetes, market leader Medtronic maintains a commanding position. The growth of the business is also supported by the regulatory bodies' rising product approvals. Major players are including China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries.
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According to our analysis, Electronic insulin pumps are preferred by both doctors and patients as awareness of managing and caring for diabetes rises. This can be linked to the fact that newer generation pumps are more practical, secure, and accurate than older ones. By communicating with the medical staff and exchanging data, patients may take care of their health issues due to the anytime, anywhere nature of digital technology.
|Market size value in 2021||USD 4.6 billion|
|Market size value in 2028||USD 8.97 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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KEY MARKET INSIGHTS
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For the Global Insulin Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Insulin Pump Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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