CAGR: 16.30%Current Market Size: USD 4.8 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The Global Insulin Pump market is expected to grow from USD 4.8 billion in 2022 to USD 16.06 billion by 2030, at a CAGR of 16.30% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand for insulin pumps among diabetes patients because they are less intrusive and give approximately accurate results.
A small computerized device known as an insulin pump can be clipped onto a belt, pocket or hidden beneath clothing, delivering controlled doses of insulin inside the body at regular intervals, based on a person's basal and bolus rates, to control blood glucose levels. There are also an increasing number of people suffering from type-1 diabetes worldwide, requiring insulin to manage their disease. Insulin pumps are projected to grow during the Projection period, due to the growing awareness of these pumps among diabetic patients and the benefits associated with disease management. Patients who need several insulin injections on a daily basis often use insulin pumps since they are less intrusive. A growing elderly population, an increase in diabetes incidence, and an increase in obesity rates drive the market's expansion. Doctors and consumers alike are turning to electronic insulin pumps with increased awareness about diabetes management and care. Due to the convenience, safety, and accuracy of new-generation pumps, they can provide better results than traditional methods. Future growth prospects are also expected to be generated by technological advancements such as the artificial pancreas and home infusion treatment. In addition to government initiatives to raise awareness of medical policies and diabetes treatment, the market is growing due to increased government initiatives for global awareness.
Sample Request: - Global Insulin Pump Market
Market Dynamics:
Drivers:
Globally, the cases of diabetes are at a peak which is triggering the insulin pump market growth due to the increased demand for insulin pumps among patients. Increasing investments by the market players in research and innovation have led to the development of insulin pumps that are primarily focused on the convenience of the patients, fueling growth in the market. Furthermore, various market players are adopting collaborative strategies such as distribution agreements, partnerships, and collaborations to develop products, which are positively leading to market growth.
Restraints:
The poor state of healthcare in underdeveloped and emerging countries makes diabetes and insulin pump less known which is hampering the growth of the market. Because the consumer is not aware of the product as well as the advantages associated with the product which is affecting the market growth. In 2019, there were 232 million diabetics who were undiagnosed, according to the IDF. This is a significant obstacle to the deployment of insulin pumps.
Opportunities:
Market expansion is driven by the growing elderly population, increasing diabetes incidence, and the prevalence of obesity. Furthermore, companies are developing insulin pumps equipped with advanced technology to improve compliance and interaction with IT devices. In the near future, technological advancements such as the artificial pancreas and home infusion treatment will also generate major growth opportunities. Moreover, Global government initiatives to raise awareness about medicare policies and diabetes management also contribute to market growth.
Challenges:
Diabetes treatment and care using tubeless pumps are associated with high long-term costs in emerging economies hampering the growth of the market. Because for the majority of the patients it is very difficult to manage the expenses associated with the treatment. Moreover, Natural medicine is becoming increasingly popular around the world, and strict product approval regulations also limit the growth of insulin pumps.
Segmentation Analysis:
The global insulin pump market has been segmented based on type, accessories, distribution channel, and region.
By Type
The type segment includes tethered pumps and patch pumps. The tethered pumps segment led the largest share of the insulin pump market with a market share of around 59.2% in 2022. Patients are more likely to adopt tethered insulin pumps because of their portability and convenience. Additionally, tethered pumps have the advantage of being able to be connected to handsets, which allows easy control and blood glucose monitoring.
By Accessories
The accessories segment includes the battery, insulin reservoir and insulin set insertion devices. The non-medical segment led the largest share of the insulin pump market with a market share of around 45.2% in 2022. A majority of the market's revenue share in 2020 is attributed to insulin set insertion devices, which dominated the market by 41.3% in 2020. The high market share of this segment can be attributed to its usage, as insulin pump infusion sets are generally changed every two to three days and are quite expensive.
By Distribution Channel
The distribution channel segment includes online & retail pharmacy, homecare, hospitals & clinics and others. The online & retail pharmacy segment led the largest share of the insulin pump market with a market share of around 34.32% in 2022. Diabetes management devices and solutions are becoming more accessible in retail and pharmaceutical outlets in developing and established nations, thereby driving the growth of the insulin pump market.
Global Insulin Pump Market- Sales Analysis.
The sale of insulin pumps expanded at a CAGR of 9.70% from 2015 to 2021.
Advanced diabetes management devices, including patch pumps, are expected to benefit from the increasing prevalence of diabetes worldwide.
It is expected that increasing awareness of health benefits for diabetic patients and arthritis patients, rapid changes in consumer preferences, an increase in stress levels, and an increase in disposable income will fuel the gel socks market in the Projection period.
Research and innovation investments in the development of drug delivery devices have created an environment that encourages the development of insulin pumps that focus primarily on patient convenience, boosting the growth of the market.
Thus, owing to the aforementioned factors, the global insulin pump market is expected to grow at a CAGR of 16.30% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the insulin pump market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the insulin pump market and held a 37.6% share of the market revenue in 2022.
Global Insulin Pump Market- Country Analysis:
Germany's insulin pump market size was valued at USD 0.372 billion in 2021 and is expected to reach USD 1.25 billion by 2029, at a CAGR of 16.4% from 2023 to 2030.
The presence of numerous key market players, the availability of cutting-edge medical facilities, and the advancement of technology in the country propels the market growth of the country.
China’s insulin pump market size was valued at USD 0.377 billion in 2021 and is expected to reach USD 1.27 billion by 2029, at a CAGR of 16.5% from 2023 to 2030.
The increasing cases of diabetes patients in the country are propelling the growth of the market. Moreover, rising healthcare expenditures by the government and private sector will further enhance the growth of the market.
India's insulin pump market size was valued at USD 0.29 billion in 2021 and is expected to reach USD 0.99 billion by 2029, at a CAGR of 16.6% from 2023 to 2030.
There are a variety of factors driving the market growth in the country, including a rising elderly population, a rise in diabetes incidence, and an increase in obesity rates. Moreover, A growing number of technological advancements in insulin pumps will also contribute to the future growth of the market.
Key Industry Players Analysis:
To increase their market position in the global insulin pump business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
16.30% |
Market Size |
4.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Accessories, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Medzer Ltd, Sooil Development, Valeritas, Inc, Tandem Diabetic Care, Inc, F. Hoffman-La Roche Ltd, Microtech Medical, Medtronic Plc, Eoflow, Vicentra B.V., Terumo Corporation, Cequer SA, Insulet Corporation, Microport Scientific, Ypsomed AG, Sanofi, Braun Melsungen AG, and Becton. |
By Product Type |
|
By Accessories |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Insulin Pump Market by Product Type:
Global Insulin Pump Market by Accessories
Global Insulin Pump Market by Distribution Channel:
Global Insulin Pump Market by Region:
Global insulin pump market is expected to reach USD 16.06 billion by 2030, at a CAGR of 16.06% from 2023 to 2030.
Growing demand for insulin pumps among diabetic patients and rising awareness about advanced insulin pumps drive the growth of the insulin pump market.
North American region will witness more growth in the gel socks market.
Medzer Ltd, Sooil Development, Valeritas, Inc, Tandem Diabetic Care, Inc, F. Hoffman-La Roche Ltd, Microtech Medical, Medtronic Plc, Eoflow, Vicentra B.V., Terumo Corporation, Cequer SA, Insulet Corporation, Microport Scientific, Ypsomed AG, Sanofi, Braun Melsungen AG, Becton among others
Political Factors- Favorable tax laws make it simple for markets like insulin pump market to grow. By reducing operating expenses, insulin pump market will be able to maintain its competitiveness. This will be made possible by government assistance programmes and tax breaks. Additionally, corporate expenses won't be passed on to customers, giving them access to attractive and competitive prices. Markets like insulin pump market will be able to expand as a result of favourable tax laws that encourage corporate growth and development, which will also contribute to the creation of economic value for the nation.
Economical Factors- Favorable tax laws make it simple for market like insulin pump market to grow. By reducing operating expenses, insulin pump market will be able to maintain its competitiveness. This will be made possible by government assistance programmes and tax breaks. Consumers will be able to save money since corporate expenses won't be passed along to them. Businesses and corporations like insulin pump market will find it easier to obtain bank loans if the interest rate is reasonable. The goal of this company financing is expansion and development. Business loans would also play a significant role in the growth and construction of the sector's infrastructure. People might obtain personal loans with moderate interest rates.
Social Factors - insulin pump market will benefit from a bigger proportion of younger people since it will provide the corporation access to a wider customer base. A younger population will also provide insulin pump market with access to human resources and individuals who are more talented and educated, expanding the talent pool. For insulin pump market, the moderate to upper middle class is crucial since they are its present customers and supporters. This organisation promotes insulin pump market as a brand and inspires younger people to become devoted consumers.
Technological Factors - A robust technological infrastructure exists throughout the nation. Technology is advancing and developing at a rapid pace. Market like insulin pump market are increasingly using technology advancements and innovation to boost corporate effectiveness and efficiency. All industries have a high pace of innovation, which makes market like insulin pump market competitive and forward-thinking. Additionally, the upgraded technical infrastructure aids in luring foreign direct investment, which encourages additional growth and improvement. Additionally, the upgraded technical infrastructure aids in luring foreign direct investment, which encourages future growth and improvement.
Environmental Factors - Recycling and environmental sustainability are receiving more attention. More and more consumers are requesting ways to recycle things before disposing of them. Consumption of recycled goods is likewise becoming more and more popular with consumers. insulin pump market has introduced dedicated websites for the disposal of items for recycling. insulin pump market is launching a new product line of recycled goods for customers, joining a number of other firms in doing so.
Legal Factors- Regarding the health and safety of employees at work, there are stringent regulations. Respected groups and institutions conduct routine audits of firms to see whether safety nets, drills, and other preventative measures are being implemented. The safety and health of employees includes not only their physical health but also their emotional and mental wellness. insulin pump market places a high priority on the health and safety of its employees and works tirelessly to make improvements.
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