The future looks bright for the Insulin Pumps Market, driven by a growing diabetic population and continuous advancements in pump technology. According to a recent analysis by Future Market Insights (FMI), the market is poised for a stellar 10.3% Compound Annual Growth Rate (CAGR) between 2022 and 2032. This translates to a remarkable market value of US$14.8 billion by 2032, a significant increase from the US$5.5 billion valuation in 2022. This exciting growth highlights the increasing demand for effective diabetes management solutions.
A major driver behind this surge is the alarming increase in the incidence of diabetes, attributed to factors such as age, obesity, and an unhealthy lifestyle. The report highlights that obesity, a primary cause of diabetes, is leading to a rise in the prevalence of diabetes-related ocular illnesses. Shockingly, in 2017, global estimates revealed approximately 22.9 million new cases of diabetes, with a reported prevalence of around 476 million individuals. Tragically, 1.37 million fatalities were recorded due to diabetes, and 1.37 million disability-adjusted life-years (DALYs) were associated with this health challenge.
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Obesity and being overweight are risk factors that are increasing the occurrence of type II diabetes. As a result, risk factors such as smoking, being overweight, being obese, and having high cholesterol are likely to increase the prevalence of type II diabetes.
Insulin Pumps Market Competitive Landscape
Over the projected period, rising emphasis on innovations and investments among public and private entities is expected to strengthen competition in the market. In addition, product commercialization and partnership tactics are expected to be profitable in the upcoming years.
The key vendors in the Global Insulin Pumps Industry are Cellenovo, Sooil Development, Valeritas, Inc., JingasuDelfu Co., Ltd., Medtronic plc, Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, and Ypsomed.
Some of the recent developments in the Insulin Pumps Market:
- In June 2019, Medtronic announced a partnership with Tidepool to develop an interoperable automated insulin pump system. The Medtronic MiniMed pump will serve as one of Tidepool Loop’s accessories, designed to communicate with Apple devices.
- In September 2020, Insulet Corporation stated that its Omnipod DASH Insulin Management System would be widely available in Israel, Switzerland, Austria, Germany, Belgium, and France in the coming weeks. Denmark, Norway, Finland, and Sweden have already been exposed to this product.
- In June 2020, Tandem Diabetes Care and Abbott announced a collaboration to develop and commercialize integrated diabetes care solutions. These products will combine Abbott’s continuous glucose monitoring technology with Tandem’s ground-breaking insulin delivery devices to better diabetic blood sugar control.
- In September 2020, Medtronic announced that their MiniMedTM 770G hybrid closed loop system has received FDA clearance in the United States. This unique insulin administration system, which is equipped with the company’s SmartGuard technology, can be connected to a smartphone and can be modified for youngsters as young as two years old.
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Top 9 Key Companies Profiled in the Insulin Pumps Market
- Medtronic plc
- Hoffmann-La Roche Ltd
- Tandem Diabetic Care, Inc.
- Insulet Corporation
- Ypsomed
- Cellenovo
- Sooil Development
- Valeritas, Inc
- JingasuDelfu Co., Ltd.
Segments Covered in Insulin Pumps Market Analysis
By Type:
- Patch Pumps
- Tethered Pumps
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
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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