Insulin Pump Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

Insulin Pump Market Overview:

During the forecast period, the market's growth was slowed down as a result of COVID-19. Delays in diabetes diagnosis and treatment as well as patient delays in purchasing these pumps during the time are factors contributing to the market's slower growth. Additionally, during the COVID-19 epidemic, the supply of pumps and consumables was disrupted as a result of limitations put in place by the governments of the various nations.

 

For instance, the American Diabetes Association reports that individuals who use pumps or CGMs experienced delays in receiving necessary supplies during the pandemic. Due to the rising rate of disease detection and public awareness, CGM and closed-loop pumps reported increase of 15% to 20% in 2021. The revenue generated in 2020 was significantly lower than it was in 2019. as an example. In 2020, Medtronic reported a -1.0 percent reduction in the revenue from its diabetes sector. The business expected a 1.9 percent increase in revenue from its diabetes sector in 2021.

 

The desire for innovative therapeutic options for the management of the disease is being driven by the rising prevalence of diabetes worldwide as well as the rising rates of diabetes diagnosis and treatment. The advantages of using these pumps over insulin pens, multiple daily injections (MDIs), and other methods are promoting their use on the international market. Consequently, the elevated demand for these pumps in 2021 assisted businesses in producing more revenues.

 

 

To get more Insights: Request Free Sample Report

 

Insulin Pump Market Dynamics:

Approximately 90–95% of people with diabetes worldwide have type 2 diabetes. Additionally, there is a desire for improved diabetes management strategies due to the rising incidence of type 2 diabetes diagnoses and treatments. Demand for these pumps is also being driven by the growing number of type 2 diabetic patients who are insulin-dependent and by the transition of patients from MDI to painless & alternative treatments. Smart technologies, like Al, have quickly impacted the healthcare IT sector and are currently steadily progressing in the management of diabetes. Medical device businesses can actively develop and introduce automated medication administration systems for type 2 diabetes, including pumps with Al capabilities.

 

There is a demand for technologically sophisticated pumps due to the type 2 diabetes population's growing use of these pumps. For instance, according to MedTech dive, the global adoption rate of type 2 insulin pumps is now about 5%, with an expected 15% growth by 2027.

 

 

Both in industrialized and emerging nations, the prevalence of diabetes is rising quickly. Obesity and a sedentary lifestyle are only two of the many factors contributing to the rising prevalence of diabetes. The IDF Diabetes Atlas predicts that 537 million persons between the ages of 20 and 79 will have diabetes by 2021. Additionally, it is anticipated that there would be 643 million people worldwide with diabetes by 2030 and 783 million by 2045.

 

Additionally, as people age, their risk of acquiring diabetes rises. As a result, age-related diseases such diabetes, glaucoma, hypertension, and cataracts are more common due to the growing elderly population. For instance, the Endocrine Society estimates that by 2022, 33.0 percent of persons who are 65 years of age or older would have diabetes.

 

The market participants are concentrating on R&D of technologically sophisticated goods and launching new products in response to the growing adoption of these pumps among diabetic patients in developed and emerging nations. Several clinical trials that indicate indications of persistent improvement in glucose control in type 2 diabetes patients receiving pump therapy as opposed to those receiving Multiple Daily Injection (MDI) therapy have complemented R&D.

 

Tandem Diabetes Care, Inc. is one company that focuses on creating delivery device solutions to cater to the needs of persons with type 1 and type 2 diabetes. Some of the products Tandem Diabetes Care, Inc. is developing include Mobi, Eslim X3, and Mobe Tubeless.

 

Some of the factors contributing to the expansion of these pumps include the rising prevalence of type 1 and type 2 diabetes worldwide and the growing demand for these pumps' ease of use and effectiveness compared to MDIs. However, it is anticipated that throughout the projection period, market expansion will be constrained by the high cost of insulin pump therapy. Modern medication delivery systems, such pumps, have upended long-standing healthcare dynamics and signaled the beginning of a new age in the sector.

 

For instance, insulin pump therapy is reportedly more expensive for diabetic patients than many daily injections, costing about 30% more, according to an article published by Mdedge. As a result, pump therapy is more expensive than daily numerous injections.

 

Additional expenditures for consumables like sensors, batteries, and other items are included in the price of these pumps. For instance, the OEM pricing of these pumps in the U.S. is around USD 3,839.6 per year, while the cost of consumables is approximately USD 1,067.0 per year (OEM price). The prices may also change according on the brand, pump size, and other factors.

 

Additionally, inadequate payment rules in poor countries and a lack of knowledge about diabetes treatment alternatives are some of the reasons for the limited uptake of insulin pumps in developing nations. As a result, the market adoption of these pumps is being constrained by their high price. Additionally, there has been less global adoption of these products due to increased out-of-pocket costs associated with these pumps and restricted reimbursement in developing nations.

 

Insulin Pump Market Segment Analysis:

By Product Type, the Insulin Pump Market is segmented into Pumps and Consumables. Due to the benefits of pumps over several daily injections, continuous glucose monitors, and other devices, the pumps segment captured the largest share of the market. As a result, the use of these pumps is spreading quickly in wealthy nations. The use of pumps among patients with type diabetes worldwide rises with market penetration in the United States and abroad, reaching roughly 65 percent and 20 percent by 2030, respectively, according to Elizabeth Gasser, chief strategy officer of Tandem. Due to the fact that these pumps are becoming more widely used internationally and as a result, the need for consumables, the consumables segment is anticipated to expand significantly during the projected period. Consumables are becoming more widely used around the world due to a number of variables, including their relatively cheaper cost, ease of availability, and shorter replacement cycles for items like infusion sets, batteries, and insulin vials compared to pumps.

 

By Disease Indication, the Insulin Pump Market is segmented into Type 1 Diabetes and Type 2 Diabetes. Due to the rising prevalence of type 1 diabetes worldwide, the type 1 diabetes segment dominated the market in 2023. For instance, the International Diabetes Federation (DF) estimates that around 1.2 million children and teenagers will develop type 1 diabetes worldwide in 2021. Type 1 diabetes patients have a considerably larger demand for an insulin pump and other consumables because they are insulin-dependent. Due to the rising prevalence of Type 2 diabetes around the world, the share of the type 2 diabetes sector is also anticipated to grow gradually during the forecast period. Additionally, the industry is being supported by the rise in the number of people with type 2 diabetes who require insulin as well as the patients switching from MDs to alternative treatments like pumps.

 

 

Insulin Pump Market Regional Insights:

In 2023, the North American market was worth USD 2.35 billion. Due to variables including the excellent reimbursement environment for these pumps in the U.S., the area was dominant. For instance, just 20% of the cost of a tubeless or tubed pump is required from the patient under Medicare Parts A & B, respectively. Additionally, the existence of medical device businesses in the area, such Tandem and Insulet, will aid the market's expansion.

 

The market in Europe will primarily be fueled by the increased incidence of diabetes. The World Health Organization (WHO) estimates that 60 million people in Europe have diabetes, and that the disease causes over 3.4 million fatalities each year throughout the continent. The demand for these pumps and other diabetes care tools in the area is projected to increase as a result. 

 

Due to the increased prevalence of chronic diseases like diabetes, mostly as a result of the adoption of lifestyle modifications, which also contribute to the growth of this market, Asia Pacific is predicted to expand at a considerably high growth rate. Growing geriatric populations and increased urbanization, which result in sedentary lifestyle in the region, are additional factors contributing to the rising prevalence of type 2 diabetes internationally.

 

For instance, the Japan Times reports that an estimated 36.4 million people in Japan are 65 years of age or older, an increase of 220,000 over the previous year. Modern insulin delivery systems are becoming more and more in demand. This has motivated academics to spend more money on research and development (R&D) in order to produce smart devices that may give patients individualized outcomes, thereby increasing their quality of life. The market in Latin America is expanding as a result of the region's rising diabetes awareness, accessibility to these pumps and consumables, and rising healthcare spending.

 

The report aims to provide industry stakeholders with a comprehensive analysis of the Insulin Pump market. The report includes the most dominant trends in the Insulin Pump market and how these trends affect new business investment and market development during the forecast period. The report also helps to understand the dynamics of the Insulin Pump market and the competitive structure of the market by examining market leaders, market followers, and regional players.

 

Qualitative and quantitative data provided in the Insulin Pump Market Report will drive market-influencing factors and industry and market growth, which market segments and regions are expected to grow at a faster rate. The forecast period is designed to help you understand the critical areas of opportunity to do. The report also includes the competitive landscape of key industry players, as well as recent developments in the Insulin Pump market. The report looks at factors such as company size, market share, market growth, sales, production, and profits of key players in the Insulin Pump market.

 

 

The document affords Porter's Five Force Model, which facilitates designing the enterprise techniques withinside the marketplace. The Report facilitates in figuring out what number of competitors are existing, who they are, and the way their product exceptional is withinside the Global Insulin Pump marketplace. The Report additionally analyses if the Global Insulin Pump marketplace is straightforward for a brand-new participant to benefit a foothold withinside the marketplace, do they input or go out the marketplace often if the marketplace is ruled via way of means of some Players, etc.

 

The document additionally consists of a PESTEL Analysis, which aids withinside the improvement of enterprise techniques. Political variables assist in identifying how an awful lot a central authority can have an impact on the Global Insulin Pump marketplace. Economic variables useful resource withinside the evaluation of monetary overall performance drivers which have an effect at the Global Insulin Pump marketplace. Understanding the effect of the encircling surroundings and the have an impact on of environmental issues at the Global Insulin Pump marketplace is aided via way of means of felony factors.

 

Insulin Pump Market Scope:

Insulin Pump Market
Market Size in 2023	USD4.90 Bn.
Market Size in 2030	USD 14.42 Bn.
CAGR (2024-2030)	16%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Type Pumps Consumables
	by Disease Indication Type 1 Diabetes Type 2 Diabetes
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Insulin Pump Market Key Players:

• Medtronic PLC (Ireland)
• Hoffmann-La Roche Ltd (Switzerland)
• Tandem Diabetic Care, Inc. (U.S.)
• Insulet Corporation (U.S.)
• Ypsomed (Switzerland)
• Cellnovo (U.K.)
• Sooil Development (South Korea)
• Valeritas, Inc (U.S.)
• Jingasu Delfu Co., Ltd. (China)