The Insulin Pumps Market revenue were estimated at US$ 5.5 Billion in 2022 and is anticipated to grow at a CAGR of 10.3% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 14.8 Billion. The demand for tethered pumps is projected to garner an absolute dollar opportunity of US$ 9.7 Billion during 2022 to 2032.
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One of the reasons driving market expansion is an increase in the incidence of diabetes owing to age, obesity, and an unhealthy lifestyle. Obesity is a primary cause of diabetes, which leads to a rise in the prevalence of diabetes-related ocular illnesses. In 2017, the worldwide incidence of diabetes was estimated to be about 22.9 million, the prevalence was reported to be around 476 million, 1.37 million fatalities were recorded owing to diabetes, and 1.37 million disability-adjusted life-years (DALYs) were reported to be related to diabetes. According to the WHO, over 1.9 billion individuals were overweight in 2017, with around 650 million people classed as obese.
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.
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.
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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 OMillionipod 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.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Insulin Pump market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
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, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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