What is the global market size of Insulin Pump Market?

Global Insulin Pump Market size was valued at USD 4.01 billion in 2021 and is poised to grow from USD 4.66 billion in 2022 to USD 18.15 billion by 2030, growing at a CAGR of 16.3% in the forecast period (2023-2030).

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 Insights

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).

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 2019, 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.

US Insulin Pump Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Insulin Pump Market Report Snapshots

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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. '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 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

Global Insulin Pump Market Insights

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