Insulin Pump Market - By Product [Devices (Tubed/tethered, Tubeless), Accessories (Battery, Insulin Reservoir or Cartridges, Insulin Set Insertion Devices)], End-use (Home Care, Hospitals & Clinics) – Global Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationInsulin Pump Market - By Product [Devices (Tubed/tethered, Tubeless), Accessories (Battery, Insulin Reservoir or Cartridges, Insulin Set Insertion Devices)], End-use (Home Care, Hospitals & Clinics) – Global Forecast, 2024 – 2032
Insulin Pump Market Size
Insulin Pump Market size was valued at over USD 5.2 billion in 2023 and is expected to witness 12.4% CAGR from 2024 to 2032, led by increasing collaborations with technology firms, research institutions, and healthcare providers to enhance device innovation. These partnerships are focused on integrating AI, improving patient data management, and developing advanced monitoring systems.
Furthermore, the expansion of these collaborations is leading to the inclusion of more personalized treatment options and real-time data analytics. These ventures are setting the stage for significant improvements in patient outcomes and the overall user experience. For instance, in May 2024, Xeris Biopharma Holdings and Beta Bionics collaborated to develop the world's first dual-hormone pump. This innovative device enables to manage both low and high blood sugar levels more effectively.
The prevalence of diabetes is increasing globally and leading to the higher demand for advanced management tools. To that end, insulin pumps have grown popular as they are evolving to offer better glucose control, convenience, and integration with other diabetes technologies. These devices are streamlining the process of insulin delivery by providing continuous subcutaneous infusion, further helping patients to maintain stable blood glucose levels.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Insulin Pump Market Size in 2023 | USD 5.2 Billion |
| Forecast Period | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR | 12.4% |
| 2024 – 2032 Value Projection | USD 15 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 120 |
| Tables, Charts & Figures | 255 |
| Segments covered | Product, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Moreover, insulin pumps are incorporated with more advanced features, including AI and real-time monitoring to further enhance the quality of life for people with diabetes. For instance, the International Diabetes Federation reported that the prevalence of diabetes globally is expected to rise to 783 million by 2045. This growing target population will boost the product demand.
However, the high cost of insulin pump therapy is limiting its accessibility and exacerbating the risk of hypoglycemia and hyperglycemia. Manufacturers are working on reducing production costs and improving insurance coverage to address these barriers. However, advancements in technology and healthcare policies will continue to mitigate these challenges for ensuring more equitable access to the therapies.
Insulin Pump Market Trends
Technological advancements in insulin pumps are transforming diabetes management. Engineers are developing smaller, more discreet pumps with improved accuracy and connectivity features. These pumps are used for continuously monitoring glucose levels and adjusting insulin delivery in real-time for providing users with greater control and flexibility. In addition, researchers are integrating cutting-edge technologies into insulin pump systems for enabling predictive algorithms to anticipate glucose fluctuations and prevent hypoglycemia or hyperglycemia before they occur. This ongoing innovation will enhance the quality of life for individuals living with diabetes by offering more personalized and proactive treatment solutions.
For instance, in May 2023, the FDA cleared a new insulin pump along with algorithm-based software for facilitating enhanced automatic insulin delivery. This development marked a significant step forward in diabetes management to offer improved precision and convenience for patients.
Insulin Pump Market Analysis
In the years to come, the devices segment of the market for diabetes management is set to skyrocket, with estimates projecting a whopping USD 12.5 billion in size by 2032. Insulin pumps, in particular, are seeing some serious upgrades to meet the ever-changing needs of folks with diabetes. Companies are packing these pumps with cutting-edge features like real-time glucose monitoring and smartphone hookups, making them a dream for anyone looking for a better, more convenient way to manage their condition. They're even using awesome tech like machine learning and super-tiny sensors to fine-tune insulin delivery to match each person's unique needs. This means better blood sugar control, fewer complications, and a real game-changer for diabetes care around the globe. It's like giving people with diabetes a personalized superhero sidekick that keeps their health in check!
Diabetes management is getting a boost from insulin pumps that can be used at home. These handy devices are becoming more popular because they give patients more control over their blood sugar levels. Instead of relying on injections, people with diabetes can now use these pumps to deliver insulin steadily throughout the day. But that's not all. These pumps also come with cool features like continuous glucose monitoring and remote monitoring. This means that patients can track their blood sugar levels in real-time and share that data with their doctor remotely. With advancements in technology like telemedicine and wearable devices, these pumps are becoming even more seamless to use. Patients can now easily manage their diabetes without interrupting their daily routines. They can even go to work or exercise without worrying about their blood sugar levels getting out of hand. This evolution in home diabetes management empowers patients to take charge of their health and live life to the fullest. By making diabetes management easier and more convenient, insulin pumps are improving the quality of life for people with diabetes.
North America insulin pump market is predicted to record over USD 6 billion by 2032 due to the rising geriatric population and supportive reimbursement policies. Healthcare providers are increasingly recommending insulin pump therapy for elderly patients across the region. Reimbursement policies are being updated to cover a larger portion of pump costs for making these devices more accessible to patients. Furthermore, the increasing development of more advanced and user-friendly insulin pump technologies tailored to meet the unique needs of elderly diabetes patients will favor the regional industry growth.
Insulin Pump Market Share
These players are innovating their products and services to stay competitive. They are expanding their global reach through strategic partnerships and acquisitions. In addition, these companies are diversifying their offerings and exploring emerging markets to sustain growth and meet the evolving patient needs.
Insulin Pump Market Companies
Some of the major insulin pump industry contenders are
- Debiotech S.A.
- F. Hoffmann La
- Insulet Corporation
- Lenomed Medical
- Nipro Corporation
- Medtronic plc
- Roche AG
- MicroPort
- Scientific Corporation
- Tandem Diabetic Care Inc.
- Terumo Corporation
- ViCentra B.V.
- Ypsomed
Insulin Pump Industry News
- In January 2024, Abbott and Tandem Diabetes Care, Inc. unveiled the compatibility of the tX2 insulin pump with Control-IQ technology with Abbott's latest continuous glucose monitoring (CGM) tech, the FreeStyle Libre 2 Plus sensor. This marked the debut of a hybrid closed-loop system for FreeStyle Libre users in the U.S. for predicting and averting high and low blood sugar levels.
- In April 2023, Medtronic plc announced the FDA approval of the MiniMed 780G system with the Guardian 4 sensor, featuring SmartGuard technology for eliminating the need for fingersticks. This innovation automatically administers insulin to counter instances of bolus neglect or carbohydrate overestimation.
Insulin pump market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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Market, By Product
- Devices
- Tubed/tethered
- Tubeless
- Accessories
- Battery
- Insulin reservoir or cartridges
- Insulin set insertion devices
Market, By End-use
- Home care
- Hospitals & clinics
- Other end-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East and Africa
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