Pune India, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the insulin pump market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the insulin pump market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, accessories, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global insulin pump market are Medzer Ltd, Sooil Development, Valeritas, Inc, Tandem Diabetic Care, Inc, F. Hoffman-La Roche Ltd, Microtech Medical, Medtronic Plc, Eoflow, Vicentra B.V., Terumo Corporation, Cequer SA, Insulet Corporation, Microport Scientific, Ypsomed AG, Sanofi, Braun Melsungen AG, Becton among others. To achieve a substantial market share in the worldwide insulin pump market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The insulin pump is designed to deliver doses of insulin to the body on a regular basis at regular intervals, depending on the consumer's basal and bolus rates to control blood glucose levels. The global insulin pump market is also expected to grow due to increased product approvals, and various development strategies adopted by players, including distribution agreements, partnership agreements and collaborations. A large proportion of diabetes patients worldwide require insulin to manage their condition because of the growing prevalence of type-1 diabetes. Over the forecast period, diabetes patients' increased awareness of these pumps and their associated benefits will drive the insulin pump market growth. The use of insulin pumps is widespread among patients who require multiple insulin injections daily because these devices are less intrusive. As diabetes management and care become more widely known and understood, electronic insulin pumps are becoming more popular among consumers and doctors alike. It is due to the fact that new-generation pumps provide accurate results and are convenient. A global push for greater awareness of medicare policies and diabetes management is also fueling the market growth. Furthermore, the market has grown continuously as people have become more aware of the disease due to the growing elderly population, as well as an increase in sedentary lifestyles.
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Scope of Insulin Pump Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Accessories, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Medzer Ltd, Sooil Development, Valeritas, Inc, Tandem Diabetic Care, Inc, F. Hoffman-La Roche Ltd, Microtech Medical, Medtronic Plc, Eoflow, Vicentra B.V., Terumo Corporation, Cequer SA, Insulet Corporation, Microport Scientific, Ypsomed AG, Sanofi, Braun Melsungen AG, Becton among others |
Segmentation Analysis
Tethered pumps are expected to be the fastest-growing segment in 2022.
The type segment includes non-medical and medical. The tethered pumps segment is expected to witness the highest growth rate during the forecast period. Patients are increasingly using tethered insulin pumps because of their portability and convenience in carrying them. Moreover, the pumps can be synchronized with handsets to allow for easy control as well as monitoring of blood glucose levels, resulting in an increased demand for them.
Set insertion devices are expected to be the fastest-growing segment in 2022.
The accessories segment includes the battery, insulin reservoir and insulin set insertion devices. The set insertion devices segment is expected to witness the highest growth rate during the forecast period. Insulin set insertion devices held a dominant position in 2020 with a revenue share of 41%, primarily due to its high market share as infusion sets of insulin pumps are generally replaced every two or three days, and due to the high cost of infusion sets.
Online & retail pharmacy are expected to be the fastest-growing segment in 2022.
The distribution channel segment includes online & retail pharmacy, homecare, hospitals & clinics and others. The online & retail pharmacy segment is expected to witness the highest growth rate during the forecast period. With the increased availability of diabetes management devices in retail and pharmaceutical outlets in developed and developing nations, the retail & online pharmacy segment is a major driver of the insulin pump market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for insulin pumps include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. There are several major players in the insulin pump market in the region, as well as increasing obesity prevalence, high treatment costs, technological advancements, and product launches. Diabetes awareness and an increase in disposable income have spurred the adoption of insulin pumps among the population, propelling the growth of the market in the forecast period.
Country Analysis
- Germany
Germany's insulin pump market size was valued at USD 0.372 billion in 2021 and is expected to reach USD 1.25 billion by 2029, at a CAGR of 16.4% from 2023 to 2030.
There are several key players in the market there, and cutting-edge medical infrastructure, and technological advancements in the country propelling the growth of the insulin pump market.
- China
China’s insulin pump market size was valued at USD 0.377 billion in 2021 and is expected to reach USD 1.27 billion by 2029, at a CAGR of 16.5% from 2023 to 2030.
Market growth is being fueled by the growing number of diabetes patients in the country. Moreover, rising healthcare expenditures by both government and private sectors will enhance the market's growth.
- India
India's insulin pump market size was valued at USD 0.29 billion in 2021 and is expected to reach USD 0.99 billion by 2029, at a CAGR of 16.6% from 2023 to 2030.
Increased elderly populations, diabetes incidence, and obesity rates are some of the factors driving the market growth in the country. Furthermore, increasing technological advancement in insulin pumps will add more value to the growth of the market in future.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand from the healthcare segment for diabetes patients across countries.
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