The global insulin pumps market, valued at USD 5.5 billion in 2022, is poised for remarkable growth, with an anticipated compound annual growth rate (CAGR) of 10.3% from 2022 to 2032, according to a recent report by Future Market Insights. By the end of the forecast period, the market is expected to reach USD 14.8 billion, underscoring the rapid advancements and increasing adoption of insulin pump technologies.
The report highlights a significant surge in demand for tethered insulin pumps, which is projected to generate an absolute dollar opportunity of USD 6.7 billion between 2022 and 2032. This robust growth is attributed to several factors, including technological innovations and a shift from traditional insulin delivery methods to more sophisticated solutions.
Insulin pumps are becoming increasingly popular due to their less intrusive nature compared to multiple daily injections, offering a more convenient alternative for patients requiring frequent insulin administration. The escalating prevalence of diabetes, particularly among the aging population, coupled with rising obesity rates, is significantly contributing to the market’s expansion.
In addition to growing market demand, the development of next-generation insulin pumps featuring advanced technologies is enhancing patient compliance and interaction with IT devices. Innovations such as the artificial pancreas and home infusion systems are expected to play a pivotal role in driving future growth within the market.
“The continuous evolution of insulin pump technology and its integration with digital solutions are transforming the landscape of diabetes management,” said a Future Market Insights. “The market’s robust growth trajectory reflects the increasing demand for more effective and user-friendly insulin delivery systems.”
As the insulin pumps market evolves, advancements in technology and rising patient preference for these devices are set to shape the future of diabetes care, presenting new opportunities for both market players and patients alike.
Key Takeaways: Global Insulin Pumps Market
- The global insulin pumps market is experiencing rapid growth, driven by technological advancements and increased adoption.
- The market is projected to reach USD 14.8 billion by 2032, with a CAGR of 10.3%.
- The United States dominates the North American market, with a projected value of USD 3.6 billion by 2032.
- The UK and Japan are also expected to see significant market growth, with projected valuations of USD 775 million and USD 781 million, respectively.
- The increasing number of hospital admissions and favorable reimbursement policies in the US are driving market growth.
- Technological advancements and improved patient outcomes are contributing to the overall expansion of the market.
Insulin Pumps Trends: Find Out More in Our Comprehensive Report Filled with Key Insights!
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 Pump market 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 Insulin Pump market are:
- 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 exposure 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, and can be connected to a smartphone and can be modified for youngsters as young as two years old.
Market Segments Covered in Insulin Pump Industry 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
By End-User:
- Homecare
- Hospitals & clinics
- Laboratories
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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