DUBLIN–(BUSINESS WIRE)–The “Insulin Pump Market – Global Outlook and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global insulin pump market market is projected to reach a value of $6,001.24 million by 2028 from $3,686.82 million in 2022, growing at a CAGR of 8.5%
Technological Advancements Are Revolutionizing the Insulin Delivery
The insulin pump market is constantly evolving with new features with technological advancements like the launch of smarter insulin pumps and more connected devices. Most industry players, such as Medtronic, Tandem Diabetes Care, Insulet Corporation, and others, are continuously evolving in technology advancement and new product deliveries in recent years.
The explosion in research and development and published studies about the closed-loop system with insulin pumps in diabetes management gives new insulin pump market growth opportunities. Several hybrid systems are expected to be commercialized in the future associated with insulin delivery.
In addition to those already available in the market, various systems are expected to be launched. For instance, DBLG1 (Diabeloop, Grenoble, France) received the CE market in European countries for its application in the type 1 diabetes adult patient population. Products like insulin-only iLEt (Beta Bionics, the US) and Omnipod Horizon (Insulet, Billerica, the US) are under clinical trials and are expected to reach the industry in the future.
Increasing Diabetes Prevalence & Expenditure
Under the overall diabetes population, type 1 diabetes patients are highly dependent on the external support of insulin delivery. These major patient populations significantly propel the insulin pump market growth.
In 2021, the estimated prevalence of diabetes among adults 20 – 79 years old increased more than three times, from an estimated 151 million (approximately 4.6% of the global population at the time of 2000) to around 537 million (10.5%) in 2021. Based on that, by 2030, around 643 million population expected to increase. And if the prevalence rate remains the same, it is expected to jump to around 783 million (12.2%) by 2045.
Government Initiatives for Diabetes Care Management
Rising government initiatives for diabetes care management highly drive insulin pump market growth. Responding to the increasing burden of diabetes worldwide delivers a high demand for care.
It positively influenced government initiatives and funding from public and private entities to improve global, regional, and national diabetes health improvements. Based on that, several government and health authorities are making efforts for diabetes care access to comprehensive, equitable, affordable, quality care and medical and technology-based treatments.
Available Reimbursement Policies and Healthcare Insurance for Insulin Pump
The cost of an insulin pump and associated insulin solutions is comparatively higher than other insulin delivery solutions due to the advancement and additional features associated with the products.
However, the available reimbursement policies and healthcare insurance coverage highly support the adoption of insulin pumps. In most countries, these policies favor patients who reduce the cost burden and accelerate the adoption of insulin pumps. These insurances cover the insulin pump and include the insulin pump consumables. This is one of the positive signs that is driving the insulin pump market at a faster rate.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The global insulin pump market by product is segmented into the pump and consumables segment, under which insulin pumps is the major category used in diabetes management and account for a significant 65.85% industry share.
The insulin pump adoption for type 1 diabetes patients is constantly increasing, boosting segmental growth. With the increasing diabetes prevalence and a significant burden on health systems, there is an increasing demand for new technologies in diabetes care delivery.
The advancement in insulin pumps stands as a golden opportunity for diabetes patients as well as healthcare professionals. It not only gives better clinical outcomes in diabetes management but also increases the confidence of patients and medical professionals in self-medication in diabetes care. It reduces hospital visits and associated cost burden and gives freedom from injections and interventions that take time to heal and deliver care. I
nsulin pumps are now available worldwide with advanced features that bring several advantages. In addition, the technology advancement, shifting diabetes patients from alternative methods to pumps used for insulin delivery, and the available reimbursement policies are some other factors accelerating the segmental growth.
INSIGHTS BY DISEASE
The global insulin pump market by patients is segmented into Type 1 diabetes and Type 2 diabetes. Type 1 diabetes dominated the disease segment and was valued at USD 3.33 billion in 2022.
In the type 1 diabetes patient population, an insulin pump plays a vital role, delivering better glycemic control than multiple daily injections. Children are the major targeted population that receives insulin through continuous subcutaneous insulin infusions such as insulin pumps. Also, in the pediatric type 1 diabetes population, insulin pumps showed better glycemic control, which induced a significant demand for insulin pumps.
Further, Type 1 diabetes patients are highly dependent on external insulin delivery support due to the loss of insulin production ability. Most of the insulin-dependent type 1 diabetes patients in developed countries accepted the use of insulin pumps over the other alternative methods and contributed to higher market growth.
INSIGHTS BY END-USERS
The hospitals end-user accounted for 51.82% insulin pump market share and dominated the end-user segment. Hospitals are the major contributor to the adoption of insulin pumps.
The significant patient population is dependent on hospital settings to manage their diabetes. As the prevalence of diabetes increases every day, the demand and popularity of diabetes management devices are increasing, and insulin pumps are becoming a top priority for medical professionals.
The use of insulin pumps has shown tremendous medical outcomes with appropriate insulin delivery in Type 1 & Type 2 diabetes patients. People’s quality of life is improving over the traditional and alternative methods. Such factors increase high insulin pump consumption in hospital settings and contribute to significant segmental growth.
Vendor Landscape
The global insulin pump market is highly concentrated, with a limited number of players. Various innovative products like patch pumps are being introduced into the market, and the adoption rate is comparatively higher.
Tandem Diabetes Care is one of the leading companies in the insulin pump market; estimated that around 750,000 people in the U.S. are currently using an insulin pump. Moreover, the company stated that approximately 450,000 people use insulin pumps in more than 20 countries outside the United States. The company’s insulin pump is widely available in the global market.
Market Dynamics
Market Opportunities & Trends
- New Product Launches and Technological Advances in Diabetes Care
- Increase in Demand for Closed-Loop Technology
- Transition of Patients from Multiple Daily Injections to Insulin Pumps
Market Growth Enablers
- Increase in Prevalence of Diabetes & Expenditure
- Government Initiatives for Diabetes Care Management
- Available Reimbursement Policies and Healthcare Insurance for Insulin Pumps
Market Restraints
- High-Cost Burden of Insulin Pumps
- Available Alternative Solutions for Insulin Pumps
- Increase in Undiagnosed Diabetic Population
Key Company Profiles
- Insulet Corporation
- Medtronic
- Tandem Diabetes Care
Other Prominent Vendors
- CeQur Simplicity
- EOFLOW
- Debiotech SA
- F-Hoffmann-La Roche
- Medzer.com
- MicroPort Scientific
- Novo Nordisk A/S
- SOOIL Developments Co., Ltd.
- Terumo
- ViCentra B.V.
- Ypsomed
- Mannkind
For more information about this report visit https://www.researchandmarkets.com/r/2l6pou
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