Insulin Pump Market: Current Analysis and Forecast (2022-2028)

The global Insulin Pump Market is expected to grow at a significant rate of around 9% during the forecast period. Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin pumps are used for external insulin delivery, providing a convenient option for diabetes treatment. Insulin pumps are observing a significant growth in demand in recent years, owing to an increase in the number of diabetic patients, rising obesity, and a sedentary lifestyle. Furthermore, advancements in human insulin delivery systems, innovations in insulin delivery system techniques, and healthy reimbursement policies, as well as rising awareness among the population about diabetes control and accessibility to insulin delivery systems, are all factors ensuring the market's growth. For instance, as per CDC, from 1999 -2000 through 2017 -March 2020, US obesity prevalence increased from 30.5% to 41.9%. During the same time, the prevalence of severe obesity increased from 4.7% to 9.2%.

Medtronic, F. Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, Ypsomed, Cellenovo, Sooil Development, Valeritas Inc., JingasuDelfu Co. Ltd., Diabeloop SACA. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst product type, pumps category to witness robust CAGR during the forecast period"

Based on product type, the market is segmented into pumps and consumables. pumps category to witness the fastest growth during the forecast period owing to the rising obesity, awareness towards health, and increasing smoking are the major factors for the growth of this segment. As per Elizabeth Gasser, Pair's central methodology official, the overall pump reception among patients with type 1 diabetes increments with the entrance in the U.S. also, global business sectors, hitting around 65% and 20% by 2027, individually.

"Amongst disease indication, the type 1 diabetes to hold a significant share in the market in 2020"

On the basis of disease indication, the market is categorized into type 1 diabetes and type 2 diabetes. Among these, type 1 diabetes to hold a significant growth during the forecast period. This is mainly due to the increasing prevalence of type 1 diabetes worldwide. For example, as per the International Diabetes Federation (IDF), around 1.2 million youngsters and youths have type 1 diabetes in 2021. Since patients with type 1 diabetes are insulin-reliant, the requirement for insulin pumps and other consumables is similarly higher among these patients.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the insulin pump industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rising obesity, technological advancement, product launches, and improvements in its healthcare sector and the implementation of advanced medical products are augmenting the demand for insulin pumps in the region that are expected to drive the market in the region. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The elderly population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. For instance, as per CDC, 1.6 million adults aged 20 years or older, or 5.7% of all US adults have been diagnosed with diabetes.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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