MARKET SIZE GROWTH RATE:
According to Arizton’s latest research report, the insulin pump market will reach USD 6 billion by 2028, growing at a CAGR of 8.46% during the forecast period.
New products launched and technological advancement in diabetes care, increasing demand for closed-loop technology, and transition of patients from multiple daily injections to the insulin pump are key trends driving the global insulin pump market growth.
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INSULIN PUMP MARKET OVERVIEW:
The market landscape for insulin pumps has been growing rapidly in recent years with the increasing innovation and advances in insulin pump systems. The transition from the traditional to an advanced insulin pump was seen in the market in several developmental scenarios, such as a shift toward closed-loop systems. Launching smart insulin pumps compatible with smartphones is also changing the market landscape.
Factors that accelerate the adoption of insulin pumps are the continuously increasing prevalence of type 1 diabetes. Millions of type 1 diabetic patients use insulin pumps. In addition, the growing R&D in diabetes technologies accelerated technological advances in insulin pumps, leading to high market growth. Various countries are increasing reimbursement and launching new schemes for diabetic management. This is increasing the adoption of insulin pumps in the market.
MARKET OPPORTUNITIES & DRIVERS:
Insulin pumps are constantly undergoing new technological advances. The launch of smart insulin pumps is automating insulin delivery and providing better shape to the industry. Most market players, such as Medtronic, Tandem Diabetes Care, Insulet Corporation, and others, continuously evolve. The past ten years witnessed rapid advances in the technology used to treat patients with type 1 diabetes (T1D). While the disease burden is still high, these advances have contributed to improvements in glycaemic control and quality of life for many of those affected. New technologies allow for individualized care, as patients can work with their providers to determine systems that fit their lifestyles and needs best.
Advances in insulin delivery for diabetic patients are the acceptance annually, giving a new direction to diabetes management. Over the last decades, several improvements have been registered in the insulin pump market by players and their associated researchers, which enhances diabetes management and drives the market growth. The explosion in R&D and published studies about the closed-loop system in diabetes management gives new market growth opportunities. Several hybrid systems are expected to be commercialized in insulin delivery solutions.
INSULIN PUMP MARKET REPORT SCOPE
|Market Size (2028)||USD 6 Billion|
|Market Size (2022)||USD 3.68 Billion|
|Market Segmentation||Products, Disease, End-Users, And Geography|
|Largest Regional Market||North America|
|Geographic Analysis||North America, Europe, APAC, Latin America, And Middle East & Africa|
|Countries Covered||The US, Canada, Germany, France, The UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, And South Africa|
|Market Dynamics||· Increasing Diabetes Prevalence & Expenditure
· Government Initiatives for Diabetes Care Management
· Available Reimbursement Policies and Healthcare Insurance for Insulin Pump
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COVID-19 IMPACT ANALYSIS
The COVID-19 pandemic has led to the rapid development and implementation of remote care delivery for type 1 diabetic patients. At the same time, the demand for insulin pumps slowly increased in the country. Moreover, the awareness and acceptance of insulin pumps are expected to increase. Insulin pump renewals and the use of new pumps increased in the country, according to an online survey by the UK Diabetes Network. In the past few years, the application of insulin pumps has been low in the country, but the pandemic increased their application.
As per the research report analysis, the global insulin pump market is segmented by Products, Disease, End-Users, and Geography.
Based on product, the pump segment is dominating the market. The growing preference for insulin pumps by type 1 diabetic patients, technological advances, and continuous product launches fuel the segmental growth. In addition, the shift to insulin pumps from MDIs is expected to deliver high segmental growth opportunities.
Based on the patient group, type 1 diabetes holds the largest share of the insulin pump market. In type 1 diabetic patients, insulin pumps are vital in better glycemic control than MDIs. Children are the major target population that receives insulin by CSII, such as insulin pumps. Moreover, in the pediatric type 1 diabetes population, insulin pumps show better glycemic control, which induced their significant demand.
Based on end-user, the increasing diabetes prevalence worldwide makes millions of people regularly visit hospital settings, resulting in the increasing demand for insulin pumps. In hospital settings, diabetes is one of the severe and major burdens, thereby increasing the demand for new technologies in diabetes care management. In-home health settings, insulin pump use have increased significantly in recent years. The high type 1 diabetic patient population and their increasing health expenditure are the two major factors increasing the adoption of insulin pumps in personnel diabetes management.
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NORTH AMERICA: North America is a highly developed market for insulin pumps. In terms of R&D, advances in insulin pumps, high expenditure on diabetes care and management, and government initiatives are some factors that fuel the market growth in the region. Moreover, the available health insurance and reimbursement policies for insulin pumps and the government focus on diabetes care management increase the access to insulin pumps among type 1 diabetic patients in the region, which propels significant market growth.
EUROPE: In Europe, domestic and international market players initiated innovative clinical research in insulin pump therapy when the adoption of insulin pumps was limited in the last decades. Several factors hampered the adoption of insulin pumps. However, in recent years, the rapid development of insulin pumps and insulin delivery therapies by the leading and domestic market players accelerated the market growth at a high rate.
APAC: APAC is a rapidly growing market for insulin pumps with a significant volume of the diabetic patient population and rising diabetes health expenditure. China is one of the dominating insulin pump countries, with the highest expenditure and highest diabetic patient population worldwide. In addition, the access and continuous development of insulin pump delivery devices increase awareness among the people. The available market players, R&D, product launches, and upgradation in the country accelerate the availability of insulin pumps.
LATIN AMERICA: Latin America is a market with opportunities for vendors of insulin pumps, with the increasing diabetic patient population in several countries. Diabetes has become the largest epidemic in the region in the 21st century, increasing the demand for insulin delivery technologies. Several clinical studies, advances, and product launches were recently recorded in diabetes technologies, increasing the demand for diabetes care in the region. Emerging technologies such as closed-loop glucose control with insulin pump delivery show better clinical outcomes in clinical studies (operated in Latin America) for type 1 diabetes. Based on regional analysis, the growing expenditure for diabetes care management offers market growth opportunities.
MIDDLE EAST & AFRICA: F-Halfmann la Roche has a Diabetes Care Middle East unit in the UAE. It is one of the leading market players operating in the region, offering advanced insulin pump systems. The company has achieved strong market penetration in a short period. The company offers the region an Accu-Check Combo insulin pump and Accu-Check Solo Tubeless Patch Pump. With prioritizing patient needs, the company continuously invests in clinical studies and trials to ensure that evidence trials are established.
Medtronic, Insulet Corporation, and Tandem Diabetes Care are three major market players that supply insulin pumps across the globe. With strong distribution, R&D facilities, and high investment in insulin pump systems, these companies keep a high hold in the market. Furthermore, the acquisition of small companies and new entries by major companies, such as Tandem, limit the competitiveness of new entries in the market.
Medtronic, one of the leading global market players, collaborates strongly with hospitals and other healthcare settings, accelerating the high demand for Medtronic MiniMed Insulin Pump Series. In recent years, Medtronic recalled its MiniMed 630G and 670G insulin pump series, which gives the market space for other leading and emerging market players that increase competitiveness.
Insulet Corporation, Medtronic, Tandem Diabetes Care, CeQur Simplicity, EOFLOW, Debiotech SA, F-Hoffmann-La Roche, Medzer.com, MicroPort Scientific, Novo Nordisk A/S, SOOIL Developments Co., Ltd., Terumo, ViCentra B.V., Ypsomed, and Mannkind.
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- Detail information on Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023–2028.
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