The Insulin Pumps Market is projected to grow at a rate of 9.30% in terms of value, from 2020 to reach USD 10.25 Billion by 2028.
The Insulin Pumps Market is projected to grow at a rate of 9.30% in terms of value, from 2020 to reach USD 10.25 Billion by 2028. The high demand of insulin pumps in the global market is attributed to the increasing prevalence of diabetes. The factors contributing to the growing number of diabetic patients globally include a growing number of obese as well as geriatric population, changes in lifestyles, and sufficient healthcare services. Advancements in technology and favorable government policies have also fueled the growth of this market.
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It has been projected that 400,000 patients with type-1 diabetes in the U.S. are making use of insulin pumps. A study by T1D Exchange Clinic Registry showed that 60.0% of the 16,061 pediatric and adult patients with type-1 diabetes used an insulin pump. The number of insulin pump users is anticipated to grow, as this technology advancement have considerably enhanced the diabetes management for children and adults by providing better glycemic control, reducing severe hypoglycemic episodes, and better life-quality. As CSII gain popularity, the need to manage the care of inpatients under insulin pump therapy would increase amongst health care providers.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019: approximate 463 million adults (20-79 years) were living with diabetes, and by 2045, this is expected to rise to 700 million. A growing number of diabetic patients are propelling the demand for insulin.
Technological advancements in the insulin pumps have led to improved reliability and functionality. CSII (continuous subcutaneous insulin infusion) technology has observed several advancements, comprising the incorporation of continuous glucose monitoring (CGM) with the insulin pump. At present, these pumps with the integration of AI are capable of controlling the algorithm that analyzes the blood glucose level and automatically delivers the insulin to the individual using it.
The market in Asia Pacific is estimated to witness an increasing demand in the forecast period owing to growing awareness pertaining to medical treatments and care, rising health care sector, and an increase in R&D activities. Further, a rapid increase in the diabetic population and increasing adoption of insulin administration are driving the market demand in the region.
Companies considered and profiled in this market study:
Animus Corporation, Asante, Insulet Corporation, Nipro Diagnostic Inc., Cellnovo Ltd., Ypsomed Group, Medtronics Inc., Tandem Diabetes Care Inc., Roche, and Valeritas, among others.
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Further key findings from the report suggest
- By product, traditional insulin pumps dominated the market share in 2020 and is likely to experience a growth rate of 8.9% in the forecast period. The growth of these type of pumps is primarily owing to their better reliability and high availability of the product.
- By accessories, the insulin set insertion device held the largest market share in 2020 and is estimated to witness a growth rate of 9.2% in the forecast period. The market dominance of this insulin pump accessory is attributed to its high usage frequency.
- By end-users, hospitals & clinics dominated the market in 2020 and are projected to have a CAGR of 9.0% in the forecast period. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare facilities, increasing government funding, and rising private sector investments in the healthcare sector.
- North America dominated the market in 2020 and is anticipated to grow at a rate of 8.9% in the period 2019-2028. Rapid technological advancements, increasing prevalence of diabetes, and new product launches by market players, among others, are causative of the high market demand in the region.
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For the purpose of this report, Reports and Data have segmented the global insulin pumps market on the basis of product type, accessories, end-user, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Traditional Insulin Pump
- Disposable Insulin Pump
Accessories Outlook (Revenue, USD Million; 2018-2028)
- Insulin Set Insertion Devices
- Insulin Cartridges
- Battery
End-User Outlook (Revenue, USD Million; 2018-2028)
- Hospitals & Clinics
- Laboratories
- Homecare settings
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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