Insulin Pumps Market Research Report

Insulin Pumps Market Size:

The global insulin pumps market size reached US$ 5.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032. The market is driven by the increasing number of people with diabetes, the rising incomes of individuals, the growing awareness about the benefits of the product, and the growing spending on healthcare.

Insulin Pumps Market Analysis:

• Major Market Drivers: The increasing prevalence of diabetes and the growing preference for insulin pump therapy are major market drivers.
• Key Market Trends: Technological advancements in insulin pump devices and rising awareness about the benefits of continuous glucose monitoring integration are insulin pumps market trends.
• Geographical Trends: Growing adoption of insulin pumps in emerging economies and increasing investment in healthcare infrastructure are some of the geographical trends.
• Competitive Landscape: The market is witnessing intensifying competition among key players, leading to product innovations and insulin pumps market recent developments. For instance, Tandem Diabetes Care announced that it has kicked off the U.S. commercial launch of its Mobi insulin patch pump.
• Challenges and Opportunities: Challenges include regulatory hurdles and reimbursement issues, while insulin pumps market opportunities lie in expanding market penetration and developing advanced insulin pump solutions.
   

Insulin Pumps Market Trends:

Increasing preference for insulin pump therapy

The insulin pumps market analysis shows remarkable growth due to the spike in the usage of insulin pumps. This positive outlook has outdated the traditional method of insulin injection and further improves the quality of life of the individuals. The insulin pumps offer several advantages that have resulted in their growth. The first factor is that insulin pumps offer flexibility and durability, and customizable features as well to cater to the needs and requirements of the public. They enable the patients to keep a check on their diabetic level, reduce the risk of hypoglycemia, and overall improve the living standard of the individuals. Insulin pumps reduce the usage of insulin injections, offering a subtle way of delivering insulin. The patients no longer have to carry the insulin injections with them. Moreover, the integration of continuous glucose monitoring and smartphone devices enabled patients to easily regulate and monitor their glucose levels, improve treatment accuracy, and provide the best solutions. People tend to often use insulin pumps owing to the ongoing awareness in the market. Overall, the insulin pumps have effectively changed the lives of the diabetic patients.

Increasing number of people with diabetes

The insulin pumps provide remedies for treating diabetes and maintaining overall body health. This device regulates glucose levels, reduces the risk of high blood sugar levels, and improves individuals' living standards. Patients often use insulin pumps due to their best features, like durability, flexibility, and convenience. Additionally, the collaboration of the glucose monitoring system with smartphone devices has further enhanced their utility. According to IMARC Group, the insulin pumps market 2021 value reached US$ 2.29 Billion in the United States. As patients are becoming aware of insulin pumps, there is an increased product uptake among consumers, which has positively impacted their growth in the market. As of the current year, the market in the United States is set to experience steady growth at a CAGR rate of 4.0% during 2024-2032. Therefore, government bodies of developed as well as developing countries have come up with several initiatives to improve diabetes management efficiently and has substantially increased diabetes care by promoting the technology of insulin pumps. The market players are continuously investing in research and development to manufacture user-friendly insulin pumps and upgrade them to meet consumer needs.

Rising awareness and education

The insulin pumps market overview shows that the market is driven largely by increased awareness and education regarding diabetes management and treatment options. Since people’s knowledge about diabetes, as well as its complications, is on the rise, it has come to be known that keeping a healthy blood sugar level can make a difference in the outcomes of patients. Education programs offered by health care providers, favorable initiatives from patient advocacy organizations, and marketing campaigns by industry bodies regarding insulin pumps help in debunking perceptions surrounding them, which is encouraging their uptake. Healthcare professionals and patients are now better informed about how effective an insulin pump would be for their blood-sugar control, reducing hypoglycemia risk and making life better for people with diabetes.  Hence, by increasing patients’ knowledge base on diabetes self-care decision-making process through raising awareness and education, there is, therefore, greater acceptance of insulin pump therapy that leads to growth of the market.

Insulin Pumps Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

• Insulin Pumps 
  • Tethered Pumps
  • Disposable/Patch Insulin Pumps
• Insulin Pump Supplies and Accessories
  • Infusion Set Insertion Devices
  • Insulin Reservoirs/Cartridges
     

Insulin pumps account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes insulin pumps (tethered pumps and disposable/patch insulin pumps) and insulin pump supplies and accessories (infusion set insertion devices and insulin reservoirs/cartridges). According to the report, insulin pumps (tethered pumps and disposable/patch insulin pumps) represented the largest segment.

Insulin pumps market growth is driven by the advent of different types of insulin pumps. Tethered pumps use a catheter that is connected to an external device for continuous subcutaneous infusion of insulin. Conversely, disposable or patch insulin pumps are small wearable devices that stick directly onto the skin, thereby offering discrete and convenient ways of administrating insulin without tubes or external equipment. The expansion of the range of options when it comes to the insulin pump enables diabetic individuals to select their desired ones, hence increasing their adoption rate within society while also expanding its reach. Also, increased awareness among patients and healthcare providers, plus technological advancements in the design and functionality of these pumps, has led to a high insulin pumps market demand.

Breakup by Distribution Channel:

• Hospital Pharmacy
• Retail Pharmacy
• Online Sales
• Diabetes Clinics/ Centers
• Others
   

Hospital pharmacy holds the largest share of the industry

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes hospital pharmacy, retail pharmacy, online sales, diabetes clinics/ centers, and others. According to the report, hospital pharmacy accounted for the largest insulin pumps market share.

The market is majorly driven by hospital pharmacies that play a critical role in ensuring proper integration and implementation of this equipment in inpatient treatment pathways. Hospital pharmacists, as major stakeholders in drug management, work closely with healthcare teams to evaluate patients’ needs, optimize therapy plans, and guarantee secure and efficient medication administration. In addition to medical supply procurement, stocking, educating patients as well as follow-up monitoring of the outcomes of the therapies applied through insulin pump support programs by hospital pharmacies. Meanwhile, such aspects are also highlighted in increasing patient acceptance, including training patients on how to use insulin pumps.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

North America leads the market, accounting for the largest insulin pumps market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. According to the report, North America accounted for the largest market share.

A high incidence rate of diabetes, especially type 1 diabetes, leading to a demand for an insulin pump therapy as an effective treatment option is among other factors driving North America’s insulin pumps market statistics. In 2021, 38.4 million Americans had diabetes. Additionally, favorable insurance policies towards reimbursement are coupled with increasing health provision professionals’ knowledge about benefits linked to insulin pumps thereby steering their adoption over time into this area. Moreover, technological advancements in insulin pump technology contribute to growth in insulin pumps market price.

Leading Key Players in the Insulin Pumps Industry:

The key players are taking strategic initiatives to increase their product lines, improve technological innovations, and grow their businesses. These companies are investing in the development of advanced insulin pump technologies to raise insulin pumps market revenue. They are also engaging in marketing activities to raise awareness. They are also taking customer feedback to improve product use and ensure patient satisfaction. The key players are trying hard to spread awareness about the benefits of the pump. They are fostering a culture of innovation and collaboration. They are taking all the efforts to drive insulin pumps market outlook.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• EOFlow Co. Ltd.
• Insulet Corp.
• Medtronic plc
• MicroPort Scientific Corporation.
• Microtech Medical
• Roche Diabetes Care Limited
• Sooil Development Co. Ltd.
• Tandem Diabetes Care Inc.
• Terumo Europe NV (Terumo Corporation)
• Ypsomed
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

• May 26, 2023: Medtronic plc announced that it has agreed to acquire EOFlow Co. Ltd., a global producer of insulin delivery devices.
• February 7, 2024: Insulet Corp announced that it had received CE mark approval for the Abbott FreeStyle Libre 2 Plus sensor with Insulet’s Omnipod 5 Automated Insulin Delivery System.
• March 27, 2024: Medtronic plc announced that the FDA has approved the Evolut™ FX+ transcatheter aortic valve replacement (TAVR) system.

Insulin Pumps Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the insulin pumps market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global insulin pumps market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the insulin pumps industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.