The global insulin pumps market was worth US$ 5.5 Billion in the year 2022 and is expected to reach US$ 14.8 Billion by the year 2032 at a CAGR of 10.3% between 2022 and 2032.
Insulin pumps come across as compact, computerized devices programmed and designed for delivering pre-determined insulin doses to one battling diabetes. Smart technologies like AI have penetrated the healthcare IT landscape and are creating ripples on this count. Such pumps are asked for, especially by the type 2 diabetic population. This is fuelled by the fact that Medtechdive has stated that the penetration of type 2 insulin pumps all over is close to 5% as of now and is expected to increase by close to 15% by the year 2027.
Patch pumps drive maximum revenue as they are smaller in size and could be directly attached to skin. The major advantage is that there isn’t any tubing in patch pumps. Also, it could be remote-controlled.
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Future Market Insights has walked through these facets with insights in its latest market study entitled ‘Insulin Pumps market’. It has its indigenous team of analysts and consultants to deploy a 360-degree view in its primary, secondary, and tertiary modes of research.
“With diabetic population increasingly adopting insulin pumps, the global insulin pumps market is likely to grow on an unprecedented note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Insulin Pumps Market
- North America holds the largest market share with the US witnessing an inflow of conducive Medicare reimbursement policy.
- Europe holds the second-largest market share with the UK leading from the front. This could be credited to rising geriatric population herein.
- The Asia-Pacific is expected to grow at the fastest rate in the insulin pumps market going forward with increase in healthcare funding coupled with governments’ initiatives regarding spreading awareness regarding diabetes.
Competitive Arena
- Medtronic, in September 2020, did announce that the US FDA had approved their MiniMedTM 770G hybrid closed loop system. This exclusive insulin administration system is abreast with SmartGuard Technology, which could be modified for the youngsters even as small as 2 years old.
- Tandem Diabetes Care, in June 2020, announced that it had collaborated with Abbott for developing and commercializing integrated diabetes care solutions. The objective would that be of combining the latter’s continuous glucose monitoring technology with former’s insulin delivery devices for exercising better control over diabetic blood sugar.
- Insulet Corporation, in September 2020, mentioned that its ‘Omnipod DASH Insulin Management System’ would be made available in Austria, Switzerland, Israel, France, Belgium, and Germany in the upcoming period. Those already exposed to product include Norway, Denmark, Sweden, and Finland.
- Medtronics, in June 2019, announced entering into partnership with Tidepool for developing an interoperable automated insulin pump system called MiniMed pump. It would be serving as an accessory of Tidepool Loop; specifically designed for communicating with Apple devices.
- Hoffmann-La Roche Ltd., in May 2021, tabled mySugr Pump Control under ‘mySugr app’; which lets patients exercise control over insulin pump on direct basis through smartphone for importing and viewing status of data.
- Tandem Diabetes Care, Inc., in February 2022, did receive clearance from the US FDA for mobile bolus feature letting t:slim X2 users control bolus of insulin via t:connect mobile app using personal smartphone.
- Diabeloop, in June 2022, announced entering into agreement with the American Diabetes Association Scientific Sessions for establishing clinical trials with innovative products.
- Ypsomed, in April 2022, announced that it had collaborated with CamDiab and Abbott for developing an integrated AID (Automated Insulin Delivery) system. The major objective is that of linking MyLife YpsoPump from Ypsomed and FreeStyle Libre 3 from Abbott for making a smart and automatic procedure to deliver insulin with real-time glucose data.
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What does the Report state?
- The research study is based on type (patch pumps and tethered pumps), by product type (Tandem, Accu-Chek, MiniMed, Omnipod, My Life Omnipod, and other product types), by accessories (insulin reservoir or cartridges, insulin set insertion devices, and battery), and by end-user (homecare, hospitals& clinics, and laboratories).
- With growing incidences of diabetes all across, the global insulin pumps market is expected to go great guns in the forecast period.
Market Segments Covered in Insulin Pump Industry Analysis
By Type:
- Patch Pumps
- Tethered Pumps
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By Product Type:
- Tandem
- Accu-Chek
- MiniMed
- Omnipod
- My Life Omnipod
- Other Product Types
By Accessories:
- Insulin reservoir or cartridges
- Insulin set insertion devices
- Battery
By End-User:
- Homecare
- Hospitals & clinics
- Laboratories
About FMI:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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