Number of pages: 100 | Report Format: PDF | Published date: September 06, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global insulin pump market was pegged at US$ 8.52 billion in 2021 and is expected to register a revenue CAGR of 8.7% during the forecast period.
Insulin pumps are small devices that are used in delivering insulin and helping regulate blood sugar levels. Their size is like that of a small cell phone. The insulin pump provides insulin doses on a pre-programmed schedule. Compared to insulin pens, insulin pumps are more convenient for some people because they stay attached to their bodies. It is more convenient to use a pump because it gives a steady stream of insulin instead of sticking needles.
An increase in the prevalence of diabetes because of aging, obesity, and an unhealthy lifestyle is one of the major factors driving the revenue growth of the global insulin pump market. Furthermore, technological advancements and the adoption of insulin pumps over other delivery systems are also contributing to the revenue growth of the insulin pump market. Insulin pumps are very convenient for patients requiring multiple insulin injections daily. These devices are less invasive and hence, are gaining preference from the large patient pool. Insulin pumps are convenient when multiple doses are required and for active individuals. It is also a good option for pediatric patients or patients who have trouble remembering their injections. Moreover, companies are developing a new generation of insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is likely to support the market revenue growth.
However, several issues related to insulin-delivery devices, such as skin infections and the high price of insulin analogs and pumps, are impeding the insulin pump market's revenue growth to some extent. In addition, the revenue growth of this market is somewhat constrained by the dearth of professionals with the necessary skills to handle insulin pumps properly. Additionally, research on oral insulin, aerosolized insulin for inhalation, and insulin-producing stem cell implantation is now underway, and if successful, the results will slow the market revenue growth rate.
The global insulin pump market is analyzed from four perspectives: pump type, disease indication, end-user, and region.
Insulin Pump Market by Pump Type
Based on pump type, the global insulin pump market is segmented into, patch pumps and tethered pumps.
The tethered pumps segment dominates the insulin pump market in terms of revenue share. This large revenue share of this segment is attributed to its flexible tubing between the pump and cannula. The large market share is also attributed to the product’s reliability and availability in the market.
Insulin Pump Market by Disease Indication
Based on disease indication, the global insulin pump market is segmented into, type 1 and type 2 diabetes.
The type 1 diabetes segment accounts for the largest revenue share in the global insulin pump market, because of the high global prevalence of type 1 diabetes cases. Since patients suffering from type 1 diabetes are insulin-dependent therefore insulin pumps are in high demand amongst this patient population.
Insulin Pump Market by End User
Based on the end-user, the global insulin pump market is segmented into, hospitals & clinics, homecare settings, and laboratories.
The hospitals and clinics segment dominates the insulin pump market in terms of revenue share. This is attributed to the accessibility of qualified healthcare workers, expanding public funding, and growing private sector investment in the healthcare industry.
Insulin Pump Market by Region
Based on region, the global insulin pump market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the biggest revenue share in the global insulin pump market because of the presence of major market players in this region. Additionally, it is expected that the market revenue growth in this region will be driven by the rising prevalence of obesity, high treatment costs, technological advancements, and new product launches.
Europe is also expected to account for a sizable revenue share of the global insulin pump market during the forecast period because of the rising geriatric population in this region. Additionally, the region's increased demand for insulin pumps is being fueled by advancements in its healthcare system and the use of cutting-edge medical equipment.
Asia Pacific region is expected to register significant revenue growth in the insulin pump market during the forecast period due to growing initiatives taken by the government to spread awareness and provide healthcare funding.
Some of the prominent players operating in the global insulin pump market are: -
The global insulin pump market is expected to register a revenue CAGR of 8.7% during the forecast period.
Rising diabetes prevalence and technological advancements are the major factors driving the revenue growth of the global insulin pump market.
Medtronic, Tandem Diabetes, Valeritas, Inc., and Ypsomed AG are among the key players operating in the global insulin pump market.
The tethered pump segment dominates the global insulin pump, and the patch pump segment is expected to grow in the upcoming years.
Asia Pacific region is expected to register the highest revenue growth during the forecast period.
*Insights on financial permanence is subject to availability of information in public domain