PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419047
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419047
Insulin Pumps Market size was valued at USD 4,102.5 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Insulin pumps are compact, computerized gadgets crafted to dispense insulin to individuals managing diabetes, offering an alternative to multiple daily injections. Emulating a healthy pancreas, these pumps provide a continuous insulin supply throughout the day while enabling precise insulin doses at meal times or as necessary. Typically comprising a pump reservoir housing rapid-acting insulin, a user-friendly interface for insulin dosage input, and a small catheter delivering insulin subcutaneously, these devices simulate the pancreas' function. Modern iterations can integrate with continuous glucose monitoring (CGM) systems, automatically adjusting insulin delivery based on real-time glucose levels. Offering dosing flexibility, insulin pumps aid in better blood sugar level management, potentially enhancing diabetes control. While particularly advantageous for individuals with type 1 diabetes, they can also be employed in specific cases for those with type 2 diabetes requiring insulin therapy.
The burgeoning prevalence of diabetes due to aging, obesity, and unhealthy lifestyles stands as a key driver propelling market growth. Obesity, a significant contributor to diabetes, elevates occurrences of diabetes-linked ophthalmic complications. Risk factors like obesity, smoking, and high cholesterol are anticipated to escalate type II diabetes prevalence. Diabetes is surging globally, emerging as a leading cause of mortality, escalating susceptibility to various health complications. The rising diagnoses of type 1 diabetes further propel market expansion. Moreover, increased awareness of the disease among the growing elderly population and progressively sedentary lifestyles are driving factors. According to the IDF (International Diabetes Federation) Atlas, diabetes is estimated to cause approximately 6.7 million deaths in 2021, with the total diabetic patient count projected to surge by 51% by 2045.
The Global Insulin Pumps Market is segmented on the basis of Product Type, Accessories, End User, and Region.
The market is divided into two categories based on product type: patch and tethered pumps. Among these, the tethered pumps segment emerged as the market leader, securing the largest revenue share in 2022. Tethered pumps are characterized by flexible tubing connecting the pump to the cannula. The substantial market size of this segment primarily stems from the reliability associated with these conventional pumps and the wide array of products available in the market.
The market is divided into three categories based on Accessories: Insulin reservoir or cartridges, Insulin set insertion devices and Battery. Within the market, the insulin set insertion devices segment took precedence, claiming the largest revenue share in 2022. The segment's dominant market share primarily arises from its utilization, notably in the routine replacement of general infusion sets for insulin pumps every two to three days, alongside the high cost associated with these infusion sets.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The insulin pump market is marked by strategic endeavors directed towards technological advancements, enhancing patient convenience, and refining diabetes management. Companies are dedicated to crafting insulin pumps embedded with cutting-edge features such as integration with continuous glucose monitoring (CGM), automated insulin delivery systems, and connectivity with mobile applications for remote monitoring. These pumps boast customizable and user-friendly designs, tailored to meet patient preferences, thus augmenting comfort and fostering better adherence to therapy. Furthermore, collaborations and partnerships with healthcare providers and technology firms fuel innovation, facilitating the evolution of closed-loop systems and artificial pancreas technologies. Ensuring regulatory compliance, cost-effectiveness, and a strong focus on data security play pivotal roles in cultivating trust among users and healthcare professionals. Overall, strategies within the insulin pump market revolve around patient-centric solutions, technological innovations, and achieving improved diabetes care outcomes.
In June 2022, Insulet Corporation, renowned for its tubeless insulin pump devices and technology, disclosed plans for a substantial investment of approximately USD 200 million in its forthcoming manufacturing facility in Johor over the next five years. This initiative aims to produce the Omnipod Insulin Management System, further bolstering the company's global manufacturing capabilities and reinforcing its commitment to advancement in the industry.
The scope of this report covers the market by its major segments, which include as follows: