Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Insulin Pump Market size was valued at USD 4.60 billion in 2022 and is projected to grow from USD 5.23 billion in 2023 to USD 15.51 billion by 2030, exhibiting a CAGR of 16.2% during the forecast period. Insulin pumps are compact, computerized devices that supply pre-determined doses of insulin to a diabetic person. Since the prevalence of type 1 diabetes is increasing at a worrying rate across the world, the demand for these devices has risen tremendously, thereby boosting the global insulin pump market growth. Fortune Business Insights presents this information in its report titled “Insulin Pump Market Forecast, 2023-2030”.
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Key Industry Development:
March 2022 - Ypsomed AG announced its partnership with Abbott and CamDiab to speed up the creation of an automated insulin delivery device for diabetic patients. The device is designed to combine CamDiab’s CamAPS FX algorithm, Abbott’s FreeStyle Libre 3 sensor, and Ypsomed’s mylife YpsoPump to automate the process of delivering insulin in a patient based on real-time glucose data.
Key Takeaways:
- The market for insulin pumps has grown in recent years to cater to the rising demand for portable insulin delivery devices among the diabetic population.
- The segment is expected to grow during the forecast period as the penetration of insulin delivery devices is increasing globally.
- The insulin pump market in North America was valued at USD 2.66 billion in 2022.
Discover the Leading Players Featured in the Report:
“Companies leading the Insulin Pump Market are Medtronic (Ireland), Tandem Diabetes Care, Inc. (U.S.), Ypsomed AG (Switzerland), Insulet Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), CeQur Simplicity (Switzerland), Microtec Medical Ltd (U.K.), ViCentra B.V. (Netherlands), SOOIL Developments Co., Ltd (Korea), EOFLOW CO., LTD. (Korea)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 16.2% |
| 2030 Value Projection | USD 15.51 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 4.60 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 181 |
| Segments covered | Product Type, Disease Indication, Distribution Channel, and Region |
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Drivers and Restraints:
Growing Incidence of Diabetes to Accelerate Market Growth
The number of people suffering from diabetes is rising across the globe every year. Many factors, such as obesity, unhealthy dietary habits, and sedentary lifestyle, can increase an individual’s risk of being diagnosed with this ailment. The rising geriatric population is another factor that is contributing to the growing pool of patients suffering from diabetes. The percentage of people suffering from type 1 diabetes is increasing each year, which will further boost the demand for insulin pumps.
However, high costs associated with these pumps is expected to reduce their sales, thereby limiting the market growth.
Segments:
Pumps to Witness Robust Demand for their Beneficial Characteristics
On the basis of product type, the market is segmented into pumps and consumables.
The pumps segment captured a sizable market share due to their growing usage among diabetic patients in developing countries. These products provide a wide range of benefits over Multiple Daily Injections (MDIs), Continuous Glucose Monitors, and other devices.
Growing Prevalence of Type 1 Diabetes to Boost Product Adoption
Based on disease indication, the market is segmented into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment held a dominant position in the market in 2021 due to the growing incidence of this ailment. Since patients diagnosed with type 1 diabetes are heavily dependent on insulin, the demand for insulin pumps will rise.
Retail & Online Pharmacies to Notice Steady Rise in Product Sales Due to their Convenience
In terms of distribution channel, the market is segmented into online & retail pharmacy and hospital pharmacy. The retail & online pharmacy segment captured a significant market share due to the rising availability of a variety of diabetes management devices and solutions in retail and online medical stores across developing and developed countries.
Market Segmentation:
By Product Type
- Pumps
- Tethered Pumps
- Patch Pumps
- Others
- Consumables
By Disease Indication
- Type 1 Diabetes
- Type 2 Diabetes
By Distribution Channel
- Hospital Pharmacy
- Retail & Online Pharmacy
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Regional Insights:
North America to Dominate Due to Rollout of Favorable Reimbursement Policies
North America dominated this market as the government started introducing favorable reimbursement policies in the U.S. to promote the adoption of insulin delivery devices. For example, Medicare Parts A & B offer coverage for tubeless and tubed pumps, respectively, and require a patient to only bear 20% of the total cost of the pump. The region also has a notable presence of reputed medical device manufacturing companies, such as Insulet Corporation and Tandem Diabetes Care, thereby boosting the market growth.
Competitive Landscape:
Medtronic to Capture Major Market Share Due to its Strong Product Portfolio
A few leading companies have captured a large share of the market, and industry leader Medtronic has held a dominant position in the market. This is attributed to the fact that the company has a strong portfolio of innovative pumps and consumables to manage diabetes effectively.
FAQs
What is the market of insulin pumps?
Insulin pumps market size was USD 4.60 billion in 2022. It is expected to reach USD 15.51 billion by 2030.
How fast is the insulin pumps market growing?
The insulin pumps market will exhibit a CAGR of 16.2% during the forecast period, 2023-2030.
Related Reports:
Blood Glucose Monitoring System Market Size, Share, Revenue Forecast and Opportunities
Diabetes Devices Market Overview, Industry Share and Forecast
Infusion Pump Market Size, Share, Opportunities & Analysis
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