Insulin Pump Market Size Ascends: Estimated USD 12.40 Billion by 2030, Fueled by a 10.55% CAGR
The global insulin pump market size is projected to reach USD 12.40 billion by 2030 from its value USD 5.56 billion in 2022, at CAGR of 10.55% during forecast period, according to The Brainy Insights. The popularity of insulin pumps over conventional techniques is increasing, along with technical developments, two reasons influencing market growth.
Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5.56 Billion in 2022 insulin pump market will reach USD 12.40 Billion by 2030. Insulin pumps are quite practical for those who need to inject many doses of insulin daily. Since these devices are less invasive, a larger portion of the patient uses them. The rising senior population, rising diabetes incidence, and rising obesity prevalence are mostly responsible for the market’s expansion. Additionally, businesses are creating next-generation insulin pumps with cutting-edge technology to offer improved compliance and integration with IT devices, helping the market expand. In the near future, it is also projected that technological advancements such as home infusion therapy and artificial pancreas will create major growth potential. Growing public knowledge of insulin pumps and their use has also fueled market expansion in developed and developing nations.
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Key Insight of the Insulin Pump Market
Asia-Pacific is anticipated to expand at the highest CAGR of 12.93% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 12.93% over the forecast period. Growing government support for healthcare and programmes to raise diabetes awareness are key drivers of this region’s development. It is a result of its rapid economic development and significant diabetes burden. Furthermore, it is projected that market growth will result from new technology adoption in developing economies.
The patch pumps segment is expected to register the highest CAGR of 13.45% over the projected period in the insulin pump market.
The patch pumps segment is anticipated to grow at the highest CAGR of 13.45% in the insulin pump market. Patch pumps are tiny and can directly adhere to the skin’s surface. The fact that patch pumps don’t require tubing and that their remote control doubles as that of a blood glucose metre is a crucial factor in the market’s rapid expansion. Additionally, pumps have built-in calculators that aid in figuring out the precise amount of insulin patients need. This helps minimise the adverse consequences of insulin overdose and other related factors. Such factors will likely continue to accelerate the market’s expansion during the anticipated period.
Over the projected period, the type 2 diabetes segment is expected to register the highest CAGR of 13.17% in the insulin pump market.
Over the forecasted period, the type 2 diabetes segment is anticipated to grow at the highest CAGR of 13.17% in the insulin pump market. It is because the illness is becoming more prevalent in the world. The market will continue to expand due to the rising number of type 2 diabetics who are insulin-dependent and patients switching from MDIs to other treatment choices like pumps.
The hospital pharmacies segment is expected to register the highest CAGR of 12.84% over the projected period in the insulin pump market.
The hospital pharmacies segment is anticipated to grow at the highest CAGR of 12.84% in the insulin pump market. Most patients choose to buy these devices from pharmacies connected to hospitals, which has led to the expansion of the hospital pharmacy business. Developing reimbursement guidelines for consumables like pumps will also help expand this market.
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Driver: The delivery of insulin is being revolutionised by technology
With technology breakthroughs like the introduction of smarter insulin pumps and more connected devices, the market for insulin pumps is continually changing and adding new features. Most market participants, including Medtronic, Tandem Diabetes Care, Insulet Corporation, and others, have been delivering new products and advancing technology over the past few years. New potential for the expansion of the insulin pump market has been created by the boom in research, development, and published studies about the closed-loop system with insulin pumps in managing diabetes. In the near future, several hybrid systems related to insulin delivery are anticipated to become commercially available. In addition to those already on the market, numerous systems are anticipated to come.
Restraint: High costs
Most patients depend on reimbursements to cover the cost of various illnesses’ treatments. Insulin pumps are expensive and have limited reimbursement alternatives, which discourages individuals from utilising them and may restrain the growth of the global market for insulin pumps. Due to the inadequate state of their healthcare systems, deprived and rising nations lack widespread awareness of diabetes and insulin pumps. This presents a substantial challenge for the market for insulin pumps and may restrain its growth.
Opportunity: Initiatives by the government to manage diabetes
Growing government initiatives for managing diabetes treatment are a major factor in the market growth for insulin pumps. The need for care is great due to the growing prevalence of diabetes worldwide. It helped advance national, regional, and international diabetes health programmes and funding from public and corporate organisations. Several government agencies and health organisations are working to ensure that people with diabetes access comprehensive, equitable, inexpensive, high-quality care and medical and technologically-based treatments.
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Some of the major players operating in the insulin pump market are:
• F Hoffmann-La Roche Ltd.
• Insulet Corporation
• Jiangsu Delfu Co. Ltd.
• Nipro Diagnostic Inc.
• Sooil Development
• Tandem Diabetes Care Inc.
• Valeritas Inc.
• Ypsomed AG
Key Segments cover in the market:
By Product Type:
• Tethered Pumps
• Patch Pumps
By Disease Indication:
• Type 1 Diabetes
• Type 2 Diabetes
By Distribution Channel:
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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