New York, USA, June 22, 2023 (GLOBE NEWSWIRE) -- Insulin Pump Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Insulin Pumps Market Information By Type, Accessories, Application, End User, And Region - Forecast till 2032", the market is projected to grow from USD 4.73 Billion in 2023 to USD 14.99 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.50% during the forecast period (2023 - 2032).
Market Scope
Insulin pumps are compact, computerized devices programmed to administer a diabetic patient's prescribed amounts of insulin. In response to the increasing demand for handheld insulin dispensers among the diabetic population, the demand for these pumps has expanded recently. The rising incidence of diabetes, particularly type 1 diabetes, is a significant factor driving the market's expansion. In addition, leading manufacturers of medical devices have developed advanced pumps operated by smart technologies like artificially intelligent and machine learning, which has also emerged as a crucial growth factor for the market. An insulin pump makes it possible to administer insulin manually or automatically. When necessary, for instance, before a meal, these pumps may deliver an additional variety of amounts of insulin and a particular collection of insulin doses. Individuals can connect these gadgets to their smartphones to measure blood glucose readings. The development and introduction of AI-enabled pumps and additional automated drug delivery systems for type 2 diabetes can be spearheaded by medical device companies, which can also benefit from these trends.
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The effects of nourishment and physical activity on blood sugar are among the many daily challenges people with diabetes must overcome. However, there is a growing need for novel therapies for managing the symptoms of the disease due to the rising prevalence of diabetes worldwide and the rising rates of diagnosis and treatment of the condition. These pumps are being adopted worldwide due to their advantages over multiple injections per day (MDIs), insulin pen systems, and other devices. Additionally, there is a demand for new management strategies due to the rising rates of type 2 diabetes diagnosis and treatment. Additionally, patients with type 2 diabetes becoming more dependent on insulin and switching from MDI to painless & alternative treatments have increased sales of these pumps. Intelligent technologies, like AI, have quickly gotten a foothold in the healthcare IT industry and are now steadily progressing in the management of diabetes.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 14.99 Billion |
| CAGR | 15.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Accessories, Application, and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising population of diabetic patients is driving the market growth |
| Increasing demand for technologically sophisticated pumps |
Insulin Pump Market Competitive Landscape:
- Abbott Laboratories
- Braun Melsungen AG
- Medtronics
- Insulet Corporation
- Dickinson and Company
- Hoffmann-La Roche AG
- Becton
- Sanofi
Insulin Pumps Market Trends:
Market Drivers:
Unlike multiple daily injections (MDIs), insulin pumps have advantages, including better sugar tracking and continuous insulin flow. Major players are also releasing technologically cutting-edge products to support the market's expansion. The market players are encouraged to concentrate on the R&D of sophisticated goods and launch novel offerings considering the growing use of these pumps among people with diabetes in developing nations. The rising geriatric population, rising diabetes incidence, and rising obesity prevalence are primarily to blame for the market's expansion. Additionally, businesses are creating next-generation insulin pumps with cutting-edge technology to offer greater adherence and compatibility with IT devices, helping the market expand.
Technology advancements like home infusion therapy and artificial pancreas are also anticipated to generate sizable growth opportunities soon. Additionally, growing public awareness of insulin pumps as well as their use, has fueled market expansion in nations that are developing as well as developed. Numerous clinical trials conducted with these research and development initiatives have demonstrated sustained enhancement of glycemic management among patients with type 2 diabetes receiving pump therapy instead of those receiving MDI therapy. One of the drivers of the market's expansion is the rise in diabetes cases brought on by aging, obesity, and unhealthy lifestyle choices. Diabetes is primarily brought on by obesity, which also contributes to the rise in ophthalmic disorders linked to diabetes.
Restraints
The market expansion for insulin pumps is anticipated to be hampered during the assessment period by the rise in insulin costs coupled with unfavorable insurance policies. For major players, getting FDA approval is a significant barrier.
Browse In-depth Market Research Report (104 Pages) on Insulin Pumps: https://www.marketresearchfuture.com/reports/insulin-pump-market-1637
COVID 19 Analysis
The COVID-19 pandemic slowed insulin pump market expansion. Delays in diabetes diagnosis and treatment and patients' purchases of these pumps during this time were contributing factors. The COVID-19 pandemic had a favorable effect on the market for insulin pumps. Over 100 million infections and over 2 million fatalities have been caused by the COVID-19-causing SARS-CoV-2. Poor outcomes in COVID-19 patients, including a higher risk of fatal illness or severe illness, are associated with diabetes and uncontrolled hyperglycemia. Patients with type-1 diabetes are more affected by COVID-19. People Additionally, during the COVID-19 pandemic, restrictions put in place by various governments resulted in disruptions in the distribution of pumps and consumables.
Insulin Pump Market Segmentation
By application, the market includes type I diabetes and type II diabetes. By type, the market includes traditional, smart, and disposable insulin pumps.
By accessories, the market of insulin pumps includes insulin reservoirs, infusion sets, and infusion set insertion devices.
By end user, the market includes hospitals and clinics, home care, and laboratories.
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Insulin Pumps Market Regional Insights
Due to the introduction of good reimbursement practices for insulin pumps in the U.S., the region dictated this industry. Medical device manufacturers operating in the area will also aid the market's expansion. The rising incidence of diabetes will primarily fuel the market in Europe. The scenario is bound to increase demand for these pumps, along with additional management of diabetes tools. As more people attempt to change their lifestyles, the Asia-Pacific market will likely see rapid growth due to the expanding rates of chronic diseases like diabetes. The increasing number of elderly people and urbanization, which has caused a sedentary lifestyle to be adopted in the area, are two additional factors contributing to the rise in type 2 diabetes cases worldwide.
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