Global Insulin Pump Market

Global Insulin Pump Market Size, Share, Growth Analysis, By Type(Patch, Tethered), By Disease Indication(Type-1 Diabetes, Type-2 Diabetes), By Distribution Channel(Hospital Pharmacy, Online) - Industry Forecast 2024-2031

Report ID: SQMIG35A2135 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 88 | Figures: 76

Global Insulin Pump Market Dynamics

Insulin Pumps Market Driver

  • The market participants are concentrating on R&D of technologically advanced goods and launching new products in response to the growing adoption of these pumps among diabetic patients in developed and emerging nations. Several clinical trials that indicate indications of persistent improvement in glucose control in type 2 diabetes patients receiving pump therapy as opposed to those receiving Multiple Daily Injection (MDI) therapy have complemented R&D.

Insulin Pumps Market Restraint 

  • The majority of patients rely on reimbursements in order to receive treatment for various disorders. The low reimbursement options and high cost of insulin pumps are deterring people from using them, which may slow the expansion of the global market for insulin pumps.
  • Diabetes and insulin pumps are not widely known in underdeveloped and emerging countries because of the poor state of their healthcare systems. Around 232 million diabetics were undiagnosed in 2019, according to the IDF. This is a significant obstacle for the insulin pump market that could limit its expansion.
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Global Insulin Pump Market size was valued at USD 4.01 billion in 2019 and is poised to grow from USD 4.66 billion in 2023 to USD 18.15 billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).

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. 'Medtronic plc', 'Insulet Corporation', 'Tandem Diabetes Care, Inc.', 'Roche Diabetes Care, Inc.', 'Ypsomed AG', 'Cellnovo Group SA', 'Sooil Development Co., Ltd.', 'Animas Corporation', 'Asante Solutions, Inc.', 'Nipro Corporation', 'Omnipod Insulin Management System', 'Johnson & Johnson', 'Microport Scientific Corporation', 'Valeritas Holdings, Inc.', 'Canè S.p.A.', 'Debiotech S.A.', 'CeQur SA', 'Eksigent AB', 'InsuJet', 'SoloPump'

The market participants are concentrating on R&D of technologically advanced goods and launching new products in response to the growing adoption of these pumps among diabetic patients in developed and emerging nations. Several clinical trials that indicate indications of persistent improvement in glucose control in type 2 diabetes patients receiving pump therapy as opposed to those receiving Multiple Daily Injection (MDI) therapy have complemented R&D.

Intelligent technologies, including AI, have quickly impacted the healthcare IT sector and are currently making steady progress in the management of diabetes. Medical device businesses can actively develop and introduce AI-enabled pumps and other automated drug delivery systems for type 2 diabetes by leading the way in these trends. There is a demand for technologically sophisticated pumps due to the type 2 diabetes population's growing use of these pumps. For instance, according to Medtechdive, the global adoption rate of type 2 insulin pumps is now about 5%, with an expected 15% growth by 2027.

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.

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Global Insulin Pump Market

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