Global Insulin Pump Market Size & CAGR (2021 to 2026)
As per our report, the global insulin pump market size was valued at USD 4.45 billion for 2021 and is poised to reach USD 9.64 billion by the end of 2026, growing at a 16.6% CAGR during the forecast period.
Impact of COVID-19 on the global insulin pump market:
Coronavirus disease 2019 is having a significant impact on general practitioners and other personnel and the day-to-day delivery of chronic health care. During the pandemic, patients with endocrine disorders face unique challenges. The pandemic also resulted in a delay in the detection of new-onset diabetes in children. Diabetes patients are at a higher risk of developing a more serious illness. Patients with type 2 diabetes are more likely to experience serious complications, more ICU admissions, a longer length of stay, and death from COVID-19 than type 1 diabetes. COVID-19 causing diabetic ketoacidosis (DKA), hyperosmolar hyperglycemia (HHS), and severe insulin resistance. There is a scarcity of professional workers to teach people how to use insulin pumps.
The lockdown and subsequent social distancing practices, which resulted in complete isolation in some cases, have had a major impact on people’s daily living routines. Although there is no evidence that diabetes self-management education is effective during the COVID-19 pandemic, pharmacists should consider using educational materials delivered via computers and smartphones. However, virtual and digital healthcare is transforming the healthcare sector and driving the insulin pump market.
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KEY DRIVING FACTORS:
The increasing prevalence rate of Diabetes, obesity rate all over the world, which are driving factors for the insulin pump market.
According to the World Health Organization, in 2020, 39 million children under the age of five were overweight or obese. Overweight adults aged 18 and up accounted for more than 1.9 billion people in 2016. Obesity affected over 650 million of these people. In addition, there is an increase in the number of people with type 1 and type 2 diabetes. This type 2 diabetes was previously only seen in adults, but it is becoming more common in children.
Diabetes is a growing global concern, affecting over 425 million people worldwide. Diabetes is also the leading cause of blindness, heart failure, kidney failure, stroke, and lower limb amputation, according to the WHO (2020). Nonetheless, Diabetes prevalence is also rapidly increasing in low- and middle-income countries.
Growing technological advancements and the rising usage of insulin pumps in place of traditional methods, and the increasing geriatric population are further accelerating the growth rate of the global insulin pump market.
Insulin pump therapy, also known as continuous subcutaneous insulin infusion (CSII) therapy, is a type of insulin delivery system. CSII has been approved for use in type 1 diabetes patients and a subset of type 2 diabetes patients. Insulin pump technology is rapidly evolving, and many options, including those used in conjunction with continuous glucose monitoring, are now available. In addition, the world’s population is aging rapidly. Between 2015 and 2050, the number of people aged 60 and up will rise from 900 million to 2 billion (Moving from 12% to 22% of the total global population).
RESTRAINING FACTORS:
However, a lack of skilled professionals for proper insulin pump handling limits market growth also has various issues associated with insulin delivery devices, such as skin infections and the high cost of insulin analogs and pumps. However, selecting the right patients for pump therapy is critical. In addition, the high cost of the device and maintenance is expected to be a major hindrance to the global insulin pump market’s growth.
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KEY MARKET INSIGHTS:
- Based on type, the disposable insulin pump segment has a dominants share of the market due to rising diabetic patients.
- Based on End-user, the hospital segment is expected to remain dominant. Increased government funding as a result of the availability of skilled healthcare professionals.
- Geographically, the North American region is the largest market for global insulin pump and accessory sales, with the United States accounting for the dominants share.
- Diabetes devise market sales are more competitive than ever. Diabetes represents a huge market opportunity for medical device companies, creating a challenging competitive environment. The leading market players are Medtronic, Nipro, Cellnovo Ltd., Abbott, Insulet Corporation, Medtrum Technologies, Tandem Diabetes Care, Inc., Roche Ltd, Asante, SOOIL Developments Co., Ltd, Ypsomed, Animus Corporation. Diabetes Insulin Pump technology, with this focus, collaboration with diagnostic centers and government, promises to reduce the burden and improve clinical outcomes for a wide range of diabetic patients in the near future, boost the insulin pump market forward.
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Recent Market Developments:
- In August 2021, Insulet Announced, Lyumjev® 100 units/mL has been approved by the FDA for use in insulin pumps.
- In September 2020, The MinimedTM 770G Insulin Pump System with Smartphone Connectivity from Medtronic had been approved by the FDA for Type 1 Diabetes patients.
- In June 2020, Abbott and Tandem Diabetes Care Advance Integrated Technology Development for Future Automated Insulin Delivery Systems.
SEGMENTS COVERED IN THE REPORT:
By Pump Type:
- Traditional
- Disposable
By End User:
- Hospitals & Clinics
- Homecare
- Laboratories
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Animus Corporation (U.S.)
- Asante (U.S.)
- Cellnovo Ltd. (U.K.)
- Insulet Corporation (U.S.)
- Medtronics, Inc. (U.S.)
- Nipro Diagnostic, Inc. (Japan)
- Ypsomed (Switzerland)
- Roche (Switzerland)
- Sooil Development Co., Ltd. (Korea)
- Tandem Diabetes Care, Inc. (U.S.)
BROWSE REGIONAL REPORTS:
- U. S. Insulin Pump Market
- Europe Insulin Pump Market
- APAC Insulin Pump Market
- Latin America Insulin Pump Market
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