Insulin Pump Market is Estimated to Grow at a CAGR of 15.9% from 2022 to 2028
As stated in our extensive report; the Global Insulin Pump Market accounted for USD 4.2 Billion in the year 2021.
Diabetes patients can receive their prescribed amounts of insulin using small Insulin Pumps and programmed medication delivery systems. Their increasing effectiveness has facilitated the widespread adoption of Insulin Pumps in regularly treating and controlling diabetes by delivering consistent and timely insulin doses to patients. The rising prevalence of diabetes in the population is the main factor driving the need for Insulin Pumps. By 2030, it is predicted that 552 million people will have diabetes worldwide, according to information provided by the International Diabetes Federation. The World Health Organization claims that diabetes is a significant contributor to kidney failure, blindness, and stroke. The prevalence of diabetes is rising among the world’s population as a result of changing consumer lifestyles, shifting dietary patterns, and poor food habits.
The Insulin Pump market is segmented by type, product, accessories and end-use. The market is segmented based on type: patch pumps and tethered pumps. Based on product, the market is segmented as MiniMed (630G, 670G, and VEO), Accu-Chek (combo, insight, and solo), tandem (T: slim X2, G4, T: flex delivery system), omnipod, my life omnipod and others. Based on the accessories, the market is segmented into insulin reservoirs or cartridges, insulin set insertion devices and batteries. Based on end-use, the market is segmented into hospitals & clinics, homecare and laboratories. Region-wise, the Global Insulin Pump Market has been segmented into North America, Europe, North America, Latin America, and Middle East & Africa.
Due to the rapidly rising prevalence of diabetes in the population and improved treatment options, the global market for Insulin Pumps is proliferating. The number of persons worldwide who have diabetes is around 422 million. More than 1.6 million people lose their lives to the illness each year. At the same time, an older population has a higher prevalence of diagnosis and mortality. Middle- and low-income nations are the worst affected, particularly those in Asia, Africa, and Latin America. The number of diabetics is predicted to double by 2040, which would increase the demand for insulin. Around 2.9 million people in Latin America used insulin daily as of 2019, and that number is expected to rise alarmingly in the next years.
Due to lifestyle changes, an increase in the number of obese and overweight people, sedentary lifestyles, increased intake of foods high in fat and carbohydrates, and rising hereditary prevalence of type 2 diabetes, the prevalence of diabetes is significantly rising on the global market. Over 39% of adults worldwide are considered overweight. Over 1.9 billion persons aged 18 and older were overweight in 2016. Over 650 million of these people were obese. In addition to this, a lot of people smoke and consume tobacco. China and India have notably high numbers. It raises the chance of getting diabetes even more.
North America Region to Take Over the Market
During the forecast period, the Insulin Pump market in North America is anticipated to develop at the quickest rate. North America is expected to continue to rule the market for these throughout the forecast period due to the rising prevalence of diabetes. Additionally, the market is expected to grow as a result of the presence of significant industry players in the region, the rising obesity rate, the availability of state-of-the-art medical facilities, the high consumption of fast food, technological advancements, and consumers’ sedentary lifestyles. The United States and Canada are the region’s two largest contributors.
Due to the presence of multiple significant market players, the accessibility of state-of-the-art medical facilities, and technological advancements, Europe is anticipated to occupy the second-largest share of the global Insulin Pump market during the projected decade. The UK, Spain, Italy, Germany, and France are some of the national marketplaces in the area.
Rising diabetic population will have a favorable impact on the overall Insulin Pump market.
Some of the key players in the Global Insulin Pump Market include- Medtronic PLC (Ireland), Hoffmann-La Roche Ltd. (Switzerland), Tandem Diabetic Care Inc. (US), Insulet Corporation (US), Ypsomed Holdings (Switzerland), Cellenovo Ltd. (UK), Sooil Development (South Korea), Valeritas Inc. (US), JingasuDelfu Co. Ltd. (China) and others.