PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1144167
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1144167
According to Stratistics MRC, the Global Insulin Pump Market is accounted for $5.06 billion in 2022 and is expected to reach $12.03 billion by 2028 growing at a CAGR of 15.5% during the forecast period. Insulin pumps are compact, computerised devices that are configured to provide a diabetic patient predetermined insulin doses. An insulin pump is a portable device that can be attached to the body and constantly supply preset doses of short or rapid acting insulin in the body to treat diabetes. Type 1 diabetes and occasionally type 2 diabetes both require insulin therapy. It functions as a useful substitute for insulin injections.
According to the IDF Diabetes Atlas, in 2021, approximately 537 million adults aged 20-79 years will be living with diabetes. Also, the total number of patients suffering from diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
Recent product approvals along with presence of robust pipeline
The increasing prevalence of these pumps among diabetics in developing and emerging nations causes market participants to focus on R&D of technologically enhanced devices and the development of new products. Several clinical trials that indicate indications of persistent improvement in glucose control in type 2 diabetes patients receiving pump therapy as opposed to those receiving Multiple Daily Injection (MDI) therapy have complemented R&D.
High cost of insulin pumps to limit its adoption
The increased prevalence of type 1 and type 2 diabetes worldwide, as well as the growing need for these pumps to be easier and more effective to use than the MDI, are some of the causes driving the expansion of these pumps. However, it is anticipated that throughout the projection period, market expansion will be constrained by the high cost of insulin pump therapy. Modern medication delivery systems, such pumps, have upended long-standing healthcare dynamics and signalled the beginning of a new age for the sector. Thus, the high cost of insulin pump is limiting the adoption of these pumps in the market.
Recent product approvals
The market participants are concentrating on R&D of technologically sophisticated goods and launching new products in response to the growing adoption of these pumps among diabetic patients in developed and emerging nations. Clinical trials have added to R&D and demonstrated sustained glucose control improvements in type 2 diabetes patients receiving pump therapy compared to those receiving multiple daily injection (MDI) therapy.
Inadequate reimbursement policies
Furthermore, lack of understanding about diabetes treatment alternatives and poor reimbursement regulations in underdeveloped nations are some of the causes behind the restricted adoption of these pumps in these countries. As a result, the expensive price of insulin pumps is preventing their widespread use in the market. Additionally, there has been less global adoption of these products due to increased out-of-pocket costs associated with these pumps and restricted reimbursement in developing nations.
The market grew more slowly than anticipated over the projection period as a result of COVID-19. Delays in diabetes diagnosis and treatment, as well as patient purchases of these pumps over the period, are factors responsible for the market's slow development. Additionally, during the COVID-19 epidemic, the supply of pumps and consumables was disrupted as a result of limitations put in place by the governments of the various nations. For instance, according to the American Diabetes Association, people who use CGM or pumps reported 15% delayed refilling of needed supplies during the pandemic.
The tethered pumps segment is expected to be the largest during the forecast period
The tethered pumps segment is estimated to have a lucrative growth, due to its portability and convenience that allows the patients to carry it in their pockets. Additionally, it can be connected to mobile devices for simple control and blood glucose level monitoring. Because of these advantages, there is now a higher demand for tethered pumps. The reliability of these conventional pumps and the variety of goods on the market are primarily responsible for the segment's huge market size.
The insulin reservoir or cartridges segment is expected to have the highest CAGR during the forecast period
The insulin reservoir or cartridges segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing adoption of tethered pumps. This usually entails inserting an insulin cartridge into the reservoir or drawing insulin from a vial into the reservoir. These reservoirs can store up to 300 units of insulin and can last for at least two to three days without needing to be changed. The aforementioned elements are anticipated to propel the segment's expansion.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the factors such as favorable reimbursement environment in the U.S. for these pumps. Furthermore, the expansion of the insulin pump market in North America has been aided by the existence of multiple major market participants in the area, higher diabetes prevalence, and rising public demand for novel medication delivery technologies. The population's adoption of insulin pumps has been prompted by rising disposable income and health awareness, and the region is expected to maintain its leadership during the forecast period.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to increasing healthcare funding and government initiatives to spread awareness about diabetes. The growing number of diabetes patients and increasing awareness towards glycemic control and advance insulin delivery devices in these regions drives the market growth.
Key players in the market
Some of the key players profiled in the Insulin Pump Market include JingasuDelfu Co., Ltd., Insulet Corporation, Sooil Development, Medtronic, Valeritas, Inc, Cellenovo, Tandem Diabetic Care, Inc., Ypsomed, Hoffmann-La Roche Ltd, Braun Melsungen Abbott Laboratories, Dickinson and Company
In June 2022, Insulet Corporation, a world leader in tubeless insulin pump devices and technology, announced an investment of approximately USD 200 million in its upcoming manufacturing facility in Johor over the next five years. This would produce the company's Omnipod Insulin Management System as part of its ambition to strengthen its worldwide manufacturing capabilities.
In June 2022, Diabeloop, a world leader in therapeutic AI, and SOOIL Development Company, a leader in superior diabetes therapy announced an agreement for worldwide development at the American Diabetes Association Scientific Sessions. The collaboration is anticipated to establish clinical trials for expanding their cooperation and provide access to their goods to as many patients as possible through new innovative products.
In April 2022, Ypsomed announced a collaboration with Abbott and CamDiab to develop an integrated AID (automated insulin delivery) system. The new integrated AID system is being designed to link Abbott's FreeStyle Libre 3 with Ypsomed's MyLife YpsoPump to make a smart, and an automatic procedure for delivering insulin with realistic glucose data.
In January 2020, Tandem Diabetes Care Inc., launched t:slim X2 insulin pump with Control-IQ technology. The system collectively works with Dexcom G6 continuous glucose monitoring (CGM), which helps to deliver automatic correction insulin dose to help prevent fluctuation in blood sugar.
In June 2019, Medtronic and Tidepool entered into a partnership to develop an automated insulin pump system. Medtronic plans to develop a Bluetooth-enabled MiniMed pump that would be compatible with Tidepool Loop which is an open-source, automated insulin delivery app for iPhone and Apple Watch.
In March 2019, Medtronic plc launched MiniMed 670G system. It is the first personalized system, which automatically delivers the insulin dose 24 hours a day, in order to avoid hypoglycaemia and hyperglycaemia. The system consists of SmartGuard Auto Mode and the continuous glucose monitor (CGM) (Guardian Sensor 3).
In October 2018, Medtronic plc received license from Health Canada for the launch of MiniMed 670G system, which stabilizes glucose level 24 hours a day by automatically adjusting the insulin delivery based on patient insulin needs. This system is beneficial for the patients suffering from type-1 diabetes.
End Users Covered:
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options: