Insulin Pump Market Size, Share & Trends Analysis Report 2021-2028
Insulin Pump Industry Overview
The global insulin pump market size to be valued at USD 8.3 Billion By 2028 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% during the forecast period. The factors influencing market growth include technological advancements and the rising adoption of insulin pumps over traditional methods. Insulin pumps are very convenient for people who require multiple insulin injections on a daily basis. These devices are less invasive and hence, are largely adopted by the patient pool. The growth of the market is majorly attributed to the increasing geriatric population, growing incidence of diabetes, and the rising prevalence of obesity. Moreover, companies are developing new generation insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the growth of the market. Technological developments, including artificial pancreas and home infusion therapy are also anticipated to create significant growth opportunities in the near future. Furthermore, increasing awareness about insulin pumps and their use has also led to market growth in both developed and developing countries.
An increase in the incidence of diabetes due to aging, obesity, and an unhealthy lifestyle is one of the factors contributing to the growth of the market. Obesity is a major factor causing diabetes leading to the increased incidences of diabetes-associated ophthalmic disorders. In 2017, the global incidence of diabetes was reported for around 22.9 million, the prevalence accounted for around 476.0 million, around 1.37 million deaths were reported due to diabetes, and disability-adjusted life-years (DALYs) associated with diabetes were reported to around 1.37 million. According to the WHO, in 2017, over 1.9 billion adults were overweight, of which, around 650 million people were classified as obese. Risk factors, such as obesity and overweight, are leading to an increase in the incidence of type II diabetes. Therefore, risk factors such as smoking, overweight, obesity, and high cholesterol are expected to boost the prevalence of type II diabetes.
Gather more insights about the market drivers, restrains and growth of the Global Insulin Pump market
Diabetes is a clinical condition where the inability of the pancreas to produce insulin causes decreased glucose levels in the body. The rapidly changing lifestyle such as the consumption of alcohol and smoking are contributing to the rise in the number of diabetes patients, worldwide. Moreover, the growing prevalence of obesity across the globe is another factor contributing to the high prevalence of diabetes. Type 1 diabetes (T1D) requires continuous monitoring of blood glucose coupled with multiple injections of insulin, thereby increasing the scope for the growth of pumps and other insulin delivery devices and glucose monitors.
An insulin pump is a machine that enables insulin to be delivered either manually or automatically. These pumps can be programmed to deliver a specific set of doses and can also deliver a larger set of doses of insulin whenever required, such as before a meal. Patients can connect these devices to their smartphones to calibrate blood glucose readings. People with diabetes face many daily challenges such as knowing what to eat, understanding medical advice, and the impact of food and activity on sugar.
With the increase in awareness regarding diabetes management and care, electronic insulin pumps are being favored by both doctors and consumers. This can be attributed to the fact that new-generation pumps are convenient, safe, and provide accurate results compared to traditional methods. The anytime-anywhere nature of digital technology enables patients to address their health issues by connecting with the healthcare team and sharing data. The aforementioned factors are expected to propel the growth of the market. Furthermore, the increasing number of initiatives being undertaken by governments and nonprofit organizations to increase awareness about diabetes is expected to boost the adoption of insulin pumps used for the treatment.
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Insulin Pump Market Segmentation
Grand View Research has segmented the global insulin pump market on the basis of type, product, accessories, end-use, and region:
Insulin Pumps Type Outlook (Revenue, USD Million, 2016 - 2028)
- Patch Pumps
- Tethered Pumps
Insulin Pumps Product Outlook (Revenue, USD Million, 2016 - 2028)
- MiniMed (630G, 670G, and VEO)
- Accu-Chek (Combo, Insight, and Solo)
- Tandem (T: slim X2, G4, T: flex Delivery System)
- Omnipod
- My Life Omnipod
- Others
Insulin Pumps Accessories Outlook (Revenue, USD Million, 2016 - 2028)
- Insulin reservoir or cartridges
- Insulin set insertion devices
- Battery
Insulin Pumps End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals & clinics
- Homecare
- Laboratories
Insulin Pumps Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Insulin Pump market include
- Medtronic plc
- Hoffmann-La Roche Ltd.
- Tandem Diabetic Care, Inc.
- Insulet Corporation
- Ypsomed
- Cellenovo
- Sooil Development
- Valeritas, Inc.
- JingasuDelfu Co., Ltd.
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