DUBLIN, March 3, 2023 /PRNewswire/ — 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 & 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.
INSIGHTS BY PRODUCT
- The global insulin pump market by product is segmented into the pump and consumables segment, under which insulin pumps is the major category used in diabetes management and account for a significant 65.85% industry share. The insulin pump adoption for type 1 diabetes patients is constantly increasing, boosting segmental growth. With the increasing diabetes prevalence and a significant burden on health systems, there is an increasing demand for new technologies in diabetes care delivery.
- The advancement in insulin pumps stands as a golden opportunity for diabetes patients as well as healthcare professionals. It not only gives better clinical outcomes in diabetes management but also increases the confidence of patients and medical professionals in self-medication in diabetes care. It reduces hospital visits and associated cost burden and gives freedom from injections and interventions that take time to heal and deliver care. Insulin pumps are now available worldwide with advanced features that bring several advantages. In addition, the technology advancement, shifting diabetes patients from alternative methods to pumps used for insulin delivery, and the available reimbursement policies are some other factors accelerating the segmental growth.
Segmentation By Products
- Tethered Pump
- Patch Pump
INSIGHTS BY DISEASE
The global insulin pump market by patients is segmented into Type 1 diabetes and Type 2 diabetes. Type 1 diabetes dominated the disease segment and was valued at USD 3.33 billion in 2022. In the type 1 diabetes patient population, an insulin pump plays a vital role, delivering better glycemic control than multiple daily injections. Children are the major targeted population that receives insulin through continuous subcutaneous insulin infusions such as insulin pumps. Also, in the pediatric type 1 diabetes population, insulin pumps showed better glycemic control, which induced a significant demand for insulin pumps. Further, Type 1 diabetes patients are highly dependent on external insulin delivery support due to the loss of insulin production ability. Most of the insulin-dependent type 1 diabetes patients in developed countries accepted the use of insulin pumps over the other alternative methods and contributed to higher market growth.
Segmentation By Disease
- Type 1 Diabetes
- Type 2 Diabetes
INSIGHTS BY END-USERS
The hospitals end-user accounted for 51.82% insulin pump market share and dominated the end-user segment. Hospitals are the major contributor to the adoption of insulin pumps. The significant patient population is dependent on hospital settings to manage their diabetes. As the prevalence of diabetes increases every day, the demand and popularity of diabetes management devices are increasing, and insulin pumps are becoming a top priority for medical professionals. The use of insulin pumps has shown tremendous medical outcomes with appropriate insulin delivery in Type 1 & Type 2 diabetes patients. People’s quality of life is improving over the traditional and alternative methods. Such factors increase high insulin pump consumption in hospital settings and contribute to significant segmental growth.
Segmentation By End-Users
- Home Healthcare Settings
- North America dominates the global insulin pump market with the higher use of insulin pumps in various demographics suffering from diabetes. The substantial diabetes management burden and higher expenditure in the region accelerate the highest insulin pump adoption. One in three Type 1 diabetes patient population uses insulin pumps in the US only, accounting for more than 30% of Type 1 diabetes patients using insulin pumps in the country. In terms of research and development, advancement in insulin pumps, higher expenditure on diabetes care and management, and government initiatives are some factors that fuel the industry growth in the region.
- The insulin pump market in Europe was valued at USD 1.17 billion in 2022. In Europe, domestic and international market players initiated innovative clinical research in insulin pump therapy when the adoption of insulin pumps was limited in the last decades. The increasing prevalence of Type 1 diabetes among European countries is the key factor fueling the acceptance of insulin pumps. Also, the increasing expenditure for diabetes management in Germany, France, the UK, Italy, Spain, and the Netherlands delivers lucrative market growth opportunities.
Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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
- Tandem Diabetes Care
Other Prominent Vendors
- CeQur Simplicity
- Debiotech SA
- F-Hoffmann-La Roche
- MicroPort Scientific
- Novo Nordisk A/S
- SOOIL Developments Co., Ltd.
- ViCentra B.V.
KEY QUESTION 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?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
7 Market at a Glance
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
14 Patient Group
17 North America
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
26 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/vum2z
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Originally published at https://www.prnewswire.com/news-releases/insulin-pump-market—global-outlook-and-forecast-2023-2028-new-product-launches-and-technological-advances-in-diabetes-care-present-opportunities-301762368.html