Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Insulin Pump Market - Global Outlook and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global insulin pump market size is expected to grow at a CAGR of 8.46% 2022-2028
Market Drivers and Opportunities
Technological Advancements Are Revolutionizing the Insulin Delivery
The insulin pump market is constantly evolving with new features with technological advancements like the launch of smarter insulin pumps and more connected devices. Most industry players, such as Medtronic, Tandem Diabetes Care, Insulet Corporation, and others, are continuously evolving in technology advancement and new product deliveries in recent years.
The explosion in research and development and published studies about the closed-loop system with insulin pumps in diabetes management gives new insulin pump market growth opportunities. Several hybrid systems are expected to be commercialized in the future associated with insulin delivery.
In addition to those already available in the market, various systems are expected to be launched. For instance, DBLG1 (Diabeloop, Grenoble, France) received the CE market in European countries for its application in the type 1 diabetes adult patient population. Products like insulin-only iLEt (Beta Bionics, the US) and Omnipod Horizon (Insulet, Billerica, the US) are under clinical trials and are expected to reach the industry in the future.
Increasing Diabetes Prevalence & Expenditure
Under the overall diabetes population, type 1 diabetes patients are highly dependent on the external support of insulin delivery. These major patient populations significantly propel the insulin pump market growth.
In 2021, the estimated prevalence of diabetes among adults 20 - 79 years old increased more than three times, from an estimated 151 million (approximately 4.6% of the global population at the time of 2000) to around 537 million (10.5%) in 2021. Based on that, by 2030, around 643 million population expected to increase. And if the prevalence rate remains the same, it is expected to jump to around 783 million (12.2%) by 2045.
Government Initiatives for Diabetes Care Management
Rising government initiatives for diabetes care management highly drive insulin pump market growth. Responding to the increasing burden of diabetes worldwide delivers a high demand for care. It positively influenced government initiatives and funding from public and private entities to improve global, regional, and national diabetes health improvements.
Based on that, several government and health authorities are making efforts for diabetes care access to comprehensive, equitable, affordable, quality care and medical and technology-based treatments.
Available Reimbursement Policies and Healthcare Insurance for Insulin Pump
The cost of an insulin pump and associated insulin solutions is comparatively higher than other insulin delivery solutions due to the advancement and additional features associated with the products.
However, the available reimbursement policies and healthcare insurance coverage highly support the adoption of insulin pumps. In most countries, these policies favor patients who reduce the cost burden and accelerate the adoption of insulin pumps. These insurances cover the insulin pump and include the insulin pump consumables. This is one of the positive signs that is driving the insulin pump market at a faster rate.
Vendor Landscape
The global insulin pump market is highly concentrated, with a limited number of players. Various innovative products like patch pumps are being introduced into the market, and the adoption rate is comparatively higher.
Tandem Diabetes Care is one of the leading companies in the insulin pump market; estimated that around 750,000 people in the U.S. are currently using an insulin pump. Moreover, the company stated that approximately 450,000 people use insulin pumps in more than 20 countries outside the United States. The company's insulin pump is widely available in the global market.
Key Company Profiles
- Insulet Corporation
- Medtronic
- Tandem Diabetes Care
Other Prominent Vendors
- CeQur Simplicity
- EOFLOW
- Debiotech SA
- F-Hoffmann-La Roche
- Medzer.com
- MicroPort Scientific
- Novo Nordisk A/S
- SOOIL Developments Co., Ltd.
- Terumo
- ViCentra B.V.
- Ypsomed
- Mannkind
Key Questions Answered:
1. How big is the global insulin pump market?
2. What is the growth rate of the insulin pump market?
3. Who are the key players in the global insulin pump market?
4. What are the growing trends in the insulin pump market?
5. Which region holds the most significant global insulin pump market share?
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 279 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3686.82 Million |
| Forecasted Market Value (USD) by 2028 | $6001.24 Million |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Product
4.3.2 Market Segmentation by Patient Group
4.3.3 Market Segmentation by End-User
4.3.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Overview
7 Market at a Glance
8 Introduction
8.1 Overview
9 Market Opportunities & Trends
9.1 New Product Launches and Technological Advances in Diabetes Care
9.2 Increase in Demand for Closed-Loop Technology
9.3 Transition of Patients from Multiple Daily Injections to Insulin Pumps
10 Market Growth Enablers
10.1 Increase in Prevalence of Diabetes & Expenditure
10.2 Government Initiatives for Diabetes Care Management
10.3 Available Reimbursement Policies and Healthcare Insurance for Insulin Pumps
11 Market Restraints
11.1 High-Cost Burden of Insulin Pumps
11.2 Available Alternative Solutions for Insulin Pumps
11.3 Increase in Undiagnosed Diabetic Population
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Insights by Patient Group
12.2.2 Insights by Product
12.2.3 Insights by End-User
12.2.4 Insights by Geography
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Product
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Pump
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Tethered Pump
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Patch Pump
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Consumables
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
14 Patient Group
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Type 1 Diabetes
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 Type 2 Diabetes
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 End-User
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Hospitals
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4 Home Healthcare Settings
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Others
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Market by Geography
16 Geography
17 North America
18 Europe
19 APAC
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
26 Quantitative Summary
27 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/qdcse3
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