According to a newly released analysis by Future Market Insights, the global insulin pump market is set for substantial growth, with its valuation projected to surge from US$ 5 billion in 2021 to US$ 14.7 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 10.3%. This growth trajectory is significantly higher than the market’s historical growth, driven by factors such as the aging population, rising incidence of diabetes, and an increase in overweight and obesity rates worldwide.
The growing prevalence of type 1 and type 2 diabetes is one of the primary factors fueling the demand for insulin pumps. As more patients seek effective, convenient, and precise insulin delivery methods, insulin pumps are becoming a preferred choice for managing blood sugar levels. These devices offer a more flexible approach to insulin administration, allowing for better glycemic control compared to traditional insulin injections.
Technological advancements in insulin pump design, including the integration of continuous glucose monitoring (CGM) systems and smart insulin delivery features, are driving market growth. Modern insulin pumps now offer automated insulin dosing and real-time glucose monitoring, reducing the burden on patients and enhancing treatment outcomes. This innovation is expected to increase the adoption of insulin pumps globally.
The report highlights an absolute dollar opportunity of US$ 9.7 billion in the insulin pump market, underscoring the vast potential for growth. As the global population ages and lifestyle-related health issues like obesity and metabolic syndrome rise, demand for advanced diabetes management solutions is expected to remain strong. The market is also seeing support from government initiatives aimed at increasing awareness of diabetes and promoting the use of advanced medical devices.
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Key Takeaways:
- The global insulin pump market is expected to grow from US$ 5 billion in 2021 to US$ 14.7 billion by 2032, with a CAGR of 10.3%.
- Aging populations and rising diabetes prevalence are key drivers of market growth.
- The market presents an absolute dollar opportunity of US$ 9.7 billion from 2022 to 2032.
- Technological advancements such as automated insulin dosing and continuous glucose monitoring (CGM) are transforming diabetes management.
- Government initiatives to promote diabetes awareness and advanced medical device adoption are expected to fuel sustained market growth.
Regional Insights
- North America: Expected to hold a significant share of the market due to high healthcare expenditure and advanced medical technologies.
- Europe and Asia-Pacific: Anticipated to show substantial growth driven by rising awareness about diabetes management and increasing healthcare investments.
Key Companies Profiled
- Medtronic plc
- Hoffmann-La Roche Ltd
- Tandem Diabetic Care, Inc.
- Insulet Corporation
- Ypsomed
- Cellenovo
- Sooil Development
- Valeritas, Inc
- JingasuDelfu Co., Ltd.
Competitive Analysis
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 the 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 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.
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
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
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Author By:
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 faced by clients 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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