Insulin Infusion Pumps - Market Insights, Competitive Landscape, and Market Forecast - 2030

Insulin Infusion Pumps Market By Product Type (Patch Pump, Tethered Pump And Others), By Component Type (Insulin Pump, Infusion Sets, Reservoir), By Distribution Channels (Hospitals And Retail Pharmacy, E-Commerce Sites, And Others) by geography is estimated to register growth at a remarkable CAGR forecast during 2024-2030 owing to a surge in the prevalence of diabetes and increasing sedentary lifestyle

The global insulin infusion pumps market was valued at USD 6.48 billion in 2023, growing at a CAGR of 8.69% during the forecast period from 2024 to 2030 to reach USD 10.68 billion by 2030. The insulin infusion pumps market is slated to witness prosperity owing to factors such as growing prevalence of diabetes, increasing sedentary lifestyle, growing aging population base which is susceptible to the development of diabetes, and the growing focus on improving the safety and usability of insulin infusion pumps are further expected to result in the appreciable revenue growth in the insulin infusion pumps market during the forecast period (2024-2030).

Insulin Infusion Pumps Market Dynamics:

Some of the noteworthy drivers of the insulin infusion pumps market is the rising prevalence of diabetes, increasing awareness on diabetes, and poor lifestyle, among others.

As per the data published by the International Diabetes Federation 2022, globally around 537 million adults aged between 20 and 79 years have diabetes and this number is estimated to rise to 643 million by 2030 and 783 million by 2045. In case of diabetes the pancreas are either not able to produce enough insulin or the body is not able to make use of insulin properly. Insulin infusion pumps works like artificial pancreas by delivering short doses of insulin at intervals.

Additionally, the growing geriatric population that is highly prone to the development of diabetes is another major factor for the growth of insulin infusion pumps. As per the data cited by the World Health Organization 2022, by 2050, the world population having number of people with age 60 years or above will reach up to 2.1 billion. Diabetes is among the common health conditions that are associated with the old age. For instance, according to the Centers for Disease Control and Prevention 2022, around 26.4 million people aged between 65 years and above have pre-diabetic condition in the US that is they are at high risk to suffer from diabetes.

Thus, the rising prevalence of diabetes is expected to drive the demand for insulin infusion pumps eventually leading the global insulin infusion pumps market growth during the forecast period (2024-2030).

The various advantages associated with the insulin infusion pumps is another key factor responsible for the growth of the insulin infusion pumps market. For instance, with insulin infusion pumps the case of multiple times needling is not there, also these pumps provide accurate dose of insulin every time and thus help in proper management of blood sugar levels. Moreover, managing insulin doses at the time of meal, snacks, exercise, and sleep is much easier and effective with insulin infusion pumps over other methods.

However, the availability of alternative products and high cost of insulin infusion pumps may act as restraining factors to the insulin infusion pumps market growth.

The insulin infusion pumps market reported a short period of restraint in the market growth during the initial stages of pandemic due to the implementation of lockdown as necessary measures to stop the spread of COVID-19 infection. This led to a halt in the manufacturing and supply of insulin infusion pumps, ultimately causing its shortage across the hospitals and retail pharmacy all over the world. Also, since diabetes patients were on a very high risk to get COVID, most of them were advised to avoid going outside from their homes, further leading to a decline in the market. However, later owing to some lockdown relaxations and for the sake of safety of diabetic patients who can't survive without insulin, the demand for the pumps increased and the insulin infusion pumps along with other necessary medications were started getting actively delivered at homes through e-commerce sites. Therefore, with the resumption of activities across industries including the healthcare sector, it has been uplifting for the insulin infusion pumps market during the forecast period from 2024-2030.

Insulin Infusion Pumps Market Segment Analysis:

Insulin Infusion Pumps Market By Product Type (Patch Pump, Tethered Pump and Others), Component Type (Insulin Pump, Infusion Sets, and Reservoir), Distribution Channels (Hospitals and Retail Pharmacy, E-Commerce Sites, and Others) Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the product type segment of the insulin infusion pumps market, the patch pump category is projected to register a significant growth in revenue in the insulin infusion pumps market during the forecast period (2024-2030). This can be ascribed to various advantages associated with the patch pump such as their small size, simple design, tubeless design, and others.

The availability of patch pumps in varying shapes, sizes, and technologies allow diabetes patients to choose as per their requirements.

The limitations associated with conventional insulin pumps comprise of the risk of clogging, visible infusion sets, skin changes, kinked tube, and others, in contrast to the patch pumps. Moreover, the risk of tangling, catching, or pulling of tube while doing some day-to-day activities such as playing sports, and others is also not present with the patch pumps.

Hence, the problems related with conventional insulin infusion pumps tends to shift patients to patch pump that are tubeless and offer multiple benefits including reduced risk of clogging, water resistant properties, allow to move freely, and others. Also, they are comparatively small and lightweight than conventional insulin infusion pumps.

The rate of insulin infusion can be remotely controlled in patch pumps. Patch pumps can be attached with various parts of body providing more discretion. In most of the patch pumps, the automatic needle insertion property is present making the application of patch pumps almost pain free. Patch pumps are also easy to handle with simple training and reducing treatment errors.

Therefore, considering the growing demand for this product type, numerous new products are being launched and approved in the market. In January 2022, Insulet received the US Food and Drug Administration clearance for Omnipod 5 system which is a tubeless automated insulin delivery (AID) system for Type 1 diabetes patients aged 6 and above. Also, in August 2022, the Omnipod 5 system was approved for children aged 2 years or above, suffering from Type 1 diabetes mellitus. Therefore, considering the advantages associated with patch pumps and their growing popularity among end users, this product category is expected to generate considerable revenue thereby pushing the overall growth of the global insulin infusion pumps market during the forecast period.

North America is expected to dominate the overall Insulin Infusion Pumps Market:

Among all the regions, North America is expected to lead in revenue generation in the global insulin infusion pumps market. This can be ascribed to the presence of large patient pool associated with diabetes which can further be attributed to an increase in the sedentary lifestyle, high consumer awareness regarding new market launches and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

One of the prominent factors supporting the growth of the North America insulin infusion pumps market is the rising prevalence of diabetes in the United States. For instance, as per the Centers for Disease Control and Prevention (CDC) 2022, around 28.7 million people in the US had diabetes in the year 2019. Moreover, as per the Centers for Disease Control and Prevention 2022 data, around 96 million people had prediabetic condition in the year 2019 in the US.

Further, the increasing poor lifestyle leading to obesity, and other health issues in the region is likely to boost the market for insulin infusion pumps. For example, according to Centers for Disease Control and Prevention (CDC) 2022, the obesity prevalence was 41.9% in 2017 - March 2020 in the US region. Obesity is one of the major risk factor for the development of type 2 diabetes and thus increasing the demand for insulin infusion pumps leading to its market growth.

Therefore, the presence of large insulin infusion pump user base coupled with the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the insulin infusion pumps market in the United States during the forecast period.

Insulin Infusion Pumps Market Key Players:

Some of the key market players operating in the contact lenses market includes F. Hoffmann-La Roche Ltd, Medtronic, Medtrum Technologies Inc., A. Menarini Diagnostic's s.r.l., IA Collaborative Holdings, LLC, Apex Medical, Insulet Corporation, Ascensia Diabetes Care Holdings AG, Ypsomed AG, Tandem Diabetes Care, Inc., ICU Medical, Inc., SOOIL Developments Co., Ltd., MicroPort Scientific Corporation, Microtec Medical, and others.

Recent Developmental Activities in Insulin Infusion Pumps Market:

In September 2020, Medtronic had received the U.S. Food and Drug Administration (FDA) clearance for its MiniMed 770G system which is a new insulin pump system providing smartphone connectivity and an expanded age indication to ages 2 and above.

In October 2019, Novo Nordisk announced that the U.S. Food and Drug Administration (FDA) has expanded the label for Fiasp® (insulin aspart injection) to be included in insulin infusion pumps for the improvement of glycaemic control in adults with type 1 or type 2 diabetes.

In February 2019, Tandem Diabetes Care, received U.S. Food and Drug Administration (FDA) approval for its Slim X2 insulin pump that is used for delivering insulin under the skin for children and adults with diabetes.

Key Takeaways from the Insulin Infusion Pumps Market Report Study

• Market size analysis for current insulin infusion pumps market size (2023), and market forecast for 5 years (2024-2030).
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the insulin infusion pumps market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for last 3 years
• Key companies dominating the global insulin infusion pumps market.
• Various opportunities available for the other competitor in the insulin infusion pumps market space.
• What are the top performing segments in 2023? How these segments will perform in 2030.
• Which is the top-performing regions and countries in the current insulin infusion pumps market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for insulin infusion pumps market growth in the coming future?

Target Audience who can be benefited from this Insulin Infusion Pumps Market Report Study

• Insulin infusion pumps products providers
• Research organizations and consulting companies
• Insulin infusion pumps-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in insulin infusion pumps
• Various end users who want to know more about the insulin infusion pumps market and latest technological developments in the insulin infusion pumps market.

Frequently Asked Questions for Contact Lenses Market:

1. What are insulin infusion pumps?

Insulin infusion pump is a small, portable medical device that is worn externally either in the patient's pocket or on a special belt and is intended for the administration of insulin for the treatment of diabetes mellitus.

2. What is the market for the global insulin infusion pumps?

The global insulin infusion pumps market was valued at USD 6.48 billion in 2023, growing at a CAGR of 8.69% during the forecast period from 2024 to 2030 to reach USD 10.68 billion by 2030.

3. What are the drivers for the global insulin infusion pumps market?

The insulin infusion pumps market is slated to witness prosperity owing to factors such as growing prevalence of diabetes, increasing sedentary lifestyle, growing aging population base which is susceptible to the development of diabetes, and the growing focus on improving the safety and usability of insulin infusion pumps are further expected to result in the appreciable revenue growth in the insulin infusion pumps market during the forecast period (2024-2030).

4. Who are the key players operating in the global insulin infusion pumps market?

Some of the key market players operating in the insulin infusion pumps market includes F. Hoffmann-La Roche Ltd, Medtronic, Medtrum Technologies Inc., A. Menarini Diagnostics s.r.l., IA Collaborative Holdings, LLC, Apex Medical, Insulet Corporation, Ascensia Diabetes Care Holdings AG, Ypsomed AG, Tandem Diabetes Care, Inc., ICU Medical, Inc., SOOIL Developments Co., Ltd., MicroPort Scientific Corporation, Microtec Medical, and others.

5. Which region has the highest share in the insulin infusion pumps market?

North America is expected to dominate the overall insulin infusion pumps market during the forecast period, 2024 to 2030. This can be ascribed to the presence of large patient pool associated with the diabetes which can further be attributed to the increase in poor lifestyle, high consumer awareness regarding new market launches and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.