The global insulin pumps market size reached US$ 5.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Insulin pumps are small computerized medical devices that can be clipped on to a belt, pocket or hidden under the clothes. The pump is used to deliver controlled doses of insulin inside the body at regular intervals, depending upon the consumer’s basal and bolus rate, to control the rise in blood glucose levels. It operates through a needle and a flexible catheter that is used to insert insulin directly into the fatty tissue, which is then taped and secured in place. Insulin pumps assist individuals suffering from type 1 and type 2 diabetes by providing them flexibility in food options and eating schedules and reduces the number of injection administrations.
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The increasing prevalence of diabetes across the globe and rising health awareness are the key factors for market growth. Modernization of economies has significantly enhanced the occurrence of several lifestyle diseases, especially diabetes. This is further augmented by changing dietary preferences and dependency on ready-to-eat packaged food containing artificial ingredients and preservatives. Since diabetes can trigger the occurrence of other chronic conditions such as kidney failure, stroke, paralysis and blindness, manufacturers are increasingly emphasizing on creating adaptive and affordable devices. Additionally, due to the development of highly accurate glucose sensors and blood monitoring devices, the demand for efficient insulin pumps has also increased. Furthermore, factors such as rising per capita expenditure on healthcare services and increasing research and development for improving the functioning of insulin pumps have also contributed to market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insulin pumps market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and distribution channel.
Breakup by Product Type:
Insulin Pumps
Tethered Pumps
Disposable/Patch Insulin Pumps
Insulin Pump Supplies and Accessories
Infusion Set Insertion Devices
Insulin Reservoirs/Cartridges
Breakup by Distribution Channel:
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Hospital Pharmacy
Retail Pharmacy
Online Sales
Diabetes Clinics/ Centers
Others
Breakup by Region:
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North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd., Ypsomed, etc.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Product Type, Distribution Channel, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered
Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd. and Ypsomed
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global insulin pumps market was valued at US$ 5.0 Billion in 2022.
We expect the global insulin pumps market to exhibit a CAGR of 6.1% during 2023-2028.
The growing demand for insulin pumps among type 1 and type 2 diabetes patients, to deliver controlled doses of insulin inside the body as well as providing flexibility in food options and eating schedules, is primarily driving the global insulin pumps market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing usage of protective equipment, including insulin pumps to help diabetic patients for managing their blood sugar levels to immune the body from the high risk of the coronavirus infection.
Based on the product type, the global insulin pumps market has been segregated into insulin pumps and insulin pump supplies and accessories, where insulin pumps hold the largest market share.
Based on the distribution channel, the global insulin pumps market can be bifurcated into hospital pharmacy, retail pharmacy, online sales, diabetes clinics/centers, and others. Currently, hospital pharmacy exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global insulin pumps market include Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd., Ypsomed, etc.
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