The Global Insulin Pump Market size is expected to reach $9.5 billion by 2030, rising at a market growth of 9.9% CAGR during the forecast period.
Asia-Pacific region widely utilizes Insulin Pumps as a sizable portion of the world's population resides in Asia Pacific, and the region's consumers are changing their eating habits, leading to an increase in the number of diabetics. Hence, Asia Pacific captured $1,090.5 million revenue in the market in 2022. Additionally, it is anticipated that in the near future, rising consumer healthcare spending, increased retail pharmacy penetration, and rising health awareness in the region will fuel the expansion of the market in Asia Pacific.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2023, Diabeloop SA entered into a partnership with Novo Nordisk to integrate its 4penTM with Novo Nordisk’s reusable and connected insulin pens. The integration of the two offerings would bring better-automated solutions to diabetic patients. Additionally, In June, 2022, SOOIL Developments Co., Ltd partnered with Diabeloop, to integrate their offerings. The interoperability between the offerings would provide customers with better diabetes management solutions.
Based on the Analysis presented in the KBV Cardinal matrix; F. Hoffmann-La Roche Ltd. is the forerunner in the Market. In January, 2021, F. Hoffmann-La Roche Ltd. entered into a partnership with Montméd Inc. to provide a SiteSmart pen needle system to Canadian customers. The partnership aids Roche in its goal of improving diabetes management. Companies such as Medtronic PLC, Aetna, Inc., Insulet Corporation are some of the key innovators in the Market.
The COVID-19 outbreak hindered the market expansion for insulin pumps. Delays in diabetes diagnosis and treatment, as well as in patients' purchases of these pumps at this time, were contributing factors. Additionally, during the COVID-19 pandemic, restrictions put in place by several governments resulted in interruptions in the delivery of pumps and supplies. For example, the American Diabetes Association reports that 15% of diabetics who use pumps or CGMs delayed replenishing their supplies during the pandemic. Due to rising disease awareness & diagnosis, CGM and closed-loop pump sales showed a 20% increase in 2021. The revenue margins of the market participants significantly decreased in 2020.
Both in developed and emerging nations, diabetes is becoming more common. This is a result of several elements, such as obesity and a sedentary lifestyle. Facts and numbers on diabetes indicate how much of a hardship it is for people, families, and nations worldwide. 10.5% of adults (20–79 years) have diabetes, according to the IDF Diabetes Atlas (2021), and nearly half are completely ignorant that they have the disease. According to IDF predictions, 783 million adults, or one in eight, would have diabetes by 2045, a 46% rise. Type 2 diabetes, caused by socioeconomic, demographic, environmental, and hereditary variables, affects more than 90% of diabetics. During the forecast period, the market is expected to rise due to diabetic patients being more aware of these pumps and the advantages of disease management.
The market players are urged to focus on research and development of technologically improved products and introduce new items to the market as the penetration of these pumps among diabetics in emerging nations rises. These R&D initiatives have been supported by numerous clinical studies that demonstrate sustained improvement in glucose control in type 2 diabetic individuals receiving pump therapy as opposed to those receiving MDI therapy. As a result, the market is predicted to grow in the upcoming years.
During the anticipated term, market growth is expected to be constrained by the high cost of insulin pumps. The dynamics of conventional healthcare have been upended by these contemporary drug delivery systems, which have also changed the healthcare sector. For instance, a study conducted by the American Diabetes Association in April 2019 found that insulin pump therapy for diabetic patients is more expensive than MDI therapy, with a price difference of about 43.5%. Also, the greater out-of-pocket costs related to these pumps have discouraged patients from using them.
On the basis of product, the market is bifurcated into pumps and consumables. In 2022, the pumps segment witnessed the largest revenue share in the market. The segment's expansion results from the diabetic population's rising use of them in industrialized nations. Compared to several continuous glucose monitors, daily injections, and other technologies, these goods provide several advantages. The adoption of pumps among patients with type 1 diabetes is expected to grow as they gain traction in both the domestic and international markets, according to senior Tandem executives.
By pumps type, the market is divided into patch, tethered and others. The tethered held the highest revenue share in the market in 2022. The segment's significant market size is primarily attributable to the classic pumps' dependability and the wide range of products available. Due to their portability and convenience, that allow people to carry them in their pockets, tethered insulin pumps have grown in popularity. It may also be easily controlled and used to monitor blood glucose levels via mobile devices. These benefits have led to a rise in the demand for tethered pumps.
By diabetes indication, the market is fragmented into Type 1 Diabetes, and Type 2 Diabetes. The Type 2 Diabetes segment garnered a significant revenue share in the market in 2022. Due to the rising prevalence of this condition worldwide, it is also anticipated that the type 2 diabetes segment will grow gradually throughout the course of the projected period. The market's expansion will also be aided by the rising number of type 2 diabetics who are insulin-dependent and by the patients switching from MDIs to pumps and another alternative treatment alternative.
By distribution channel, the market is bifurcated into retail & online pharmacy and hospital pharmacy. In 2022 the retail & online pharmacy segment held the highest revenue share in the market. The retail & online pharmacy segment, which had a sizable portion of the market, led because diabetic management devices &solutions were more readily available in retail & pharmaceutical outlets in developed and developing countries. The growing use of the internet also contributes to the market expansion in this niche.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.5 Billion |
| Market size forecast in 2030 | USD 9.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 9.9% from 2023 to 2030 |
| Number of Pages | 224 |
| Number of Table | 415 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Disease Indication, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is aided by multiple major market participants in the region, higher diabetes prevalence, and rising public demand for novel medication delivery technologies. The population's adoption of insulin pumps has been prompted by rising disposable income and health awareness, and the region is expected to maintain its leadership during the forecast period.
Free Valuable Insights: Global Insulin Pump Market size to reach USD 9.5 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Insulet Corporation, Ypsomed AG, Aetna, Inc. (CVS Pharmacy, Inc.), SOOIL Developments Co., Ltd, Diabeloop SA, Jiangsu Delfu Medical Device Co.,Ltd, and APEX Medical Corporation
By Product
By Disease Indication
By Distribution Channel
By Geography
The Market size is projected to reach USD 9.5 billion by 2030.
Growing incidence of diabetes globally are driving the Market in coming years, however, Insulin pumps are generally expensive restraints the growth of the Market.
Medtronic PLC, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Insulet Corporation, Ypsomed AG, Aetna, Inc. (CVS Pharmacy, Inc.), SOOIL Developments Co., Ltd, Diabeloop SA, Jiangsu Delfu Medical Device Co.,Ltd, and APEX Medical Corporation
The expected CAGR of this Market is 9.9% from 2023 to 2030.
The Type 1 Diabetes segment is generating the highest revenue share in the Global Insulin Pump Market by Disease Indication in 2022, achieving a market value of $8 billion by 2030.
The North America market dominated the Global Insulin Pump Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.6 Billion by 2030.
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