Newly-released Insulin Pump market analysis report by Future Market Insights shows that global sales of the Insulin Pump market in 2021 were held at USD 5 billion. With 10.3%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. The absolute dollar opportunity for the Insulin Pump market is projected at USD 9.7 billion, due to an aging population, an increase in diabetes incidence, and a surge in the prevalence of overweight and obesity.
| Attribute | Details |
|---|---|
| Global Insulin Pumps Market (2022) | USD 5.5 billion |
| Global Insulin Pumps Market (2032) | USD 14.8 billion |
| Global Insulin Pumps Market CAGR (2022 to 2032) | 10.3% |
| The USA Insulin Pumps Market (2022) | 8.5% |
| Key Companies Profiled | 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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As per the Insulin Pump market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Insulin Pump markets increased at around 9.6% CAGR, wherein, the region North America held a significant share in the global market.
The dominance of chronic diseases like chronic respiratory diseases, mental illnesses, cancer, and diabetes surged the demand for Insulin pumps. Apart from this, by 2030, The WHO (World Health Organization) estimated that the global population aged 60 years and over will increase to 1.4 billion. The growing age of the elderly population is also a key factor in driving the market for Insulin pumps. Owing to this, the Insulin Pump market is projected to grow at a CAGR of 9.8% over the coming 10 years.
Technological developments and the increasing use of insulin pumps over older techniques which is affecting insulin market growth. Insulin pumps are useful for patients who need several insulin injections on a daily basis. Because these devices are less intrusive, they are widely used by patients. The growing elderly population, rising diabetes incidence, and obesity rates prevalence are factors driving market expansion. Additionally, firms are creating next-generation insulin pumps with advanced technology to improve compliance and interaction with IT devices, which is adding to market growth. Technological advancements such as the artificial pancreas and home infusion treatment are also expected to generate major growth prospects in the near future.
One of the reasons driving market expansion is an increase in the incidence of diabetes owing to age, obesity, and an unhealthy lifestyle. Obesity is a primary cause of diabetes, which leads to a rise in the prevalence of diabetes-related ocular illnesses. In 2017, the worldwide incidence of diabetes was estimated to be about 22.9 million, the prevalence was reported to be around 476 million, 1.37 million fatalities were recorded owing to diabetes, and 1.37 million disability-adjusted life-years (DALYs) were reported to be related to diabetes. According to the WHO, over 1.9 billion individuals were overweight in 2017, with around 650 million people classed as obese.
Obesity and being overweight are risk factors that are increasing the occurrence of type II diabetes. As a result, risk factors such as smoking, being overweight, being obese, and having high cholesterol are likely to increase the prevalence of type II diabetes.
With over 14.8% and 13.1% projected growth rates in China and Japan respectively, the Insulin Pump market revenue is expected to grow at the fastest pace in the Asia Pacific, from 2022 to 2032. Some of the key companies having manufacturing units in all major locations in APAC have started to expand their production units to different locations of APAC to increase the fast distribution of their products. While this implies to a shift in the diversification of global locations, it promises a significant opportunity for the Insulin Pump market.
Technology advancements, increased investment, improved reimbursement scenarios, and an increase in medical tourism are all aspects that are expected to drive market expansion. Furthermore, in the approaching years, the demand in the Asia Pacific is predicted to be boosted by a growing aging population combined with an increasing burden of chronic diseases. According to a UNFPA report, the aging population in the APAC is increasing at an unprecedented rate, and by 2050, one in every four persons in the region would be over 60 years old, bringing the total population to close to 1.3 billion.
USA dominated the North America Insulin Pump market and is poised to reach USD 3.6 billion by 2032. The growing number of hospital admission and ease of Medicare reimbursement policy favors market growth. The market in The USA is projected to garner an absolute dollar opportunity of USD 2 billion from 2022 to 2032.
The market in The United Kingdom is expected to grow from USD 269 million to reach a valuation of USD 775 million, growing at a CAGR of 11.1% from 2022 to 2032. The market in the country is projected to garner an absolute dollar opportunity of USD 506 million from 2022 to 2032.
The market in Japan is likely to reach USD 781 million by 2032, growing at a CAGR of 13% from 2022 to 2032. The market in the country is projected to garner an absolute dollar opportunity of USD 553 million.
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In 2021, the tethered pumps category led the market, accounting for 78.5% of the total revenue. During the projection period, the category is predicted to grow at a CAGR of 13.4%. Flexible tubing connects the pump to the cannula in tethered pumps. The segment's enormous market size is mostly due to the dependability of these classic pumps and the variety of devices available on the market.
Over the projected period, rising emphasis on innovations and investments among public and private entities is expected to strengthen competition in the market. In addition, product commercialization and partnership tactics are expected to be profitable in the upcoming years.
The key vendors in the global Insulin Pump market are Cellenovo, Sooil Development, Valeritas, Inc, JingasuDelfu Co., Ltd., Medtronic plc, Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, and Ypsomed.
Some of the recent developments in the Insulin Pump market are:
The global Insulin Pump market is worth more than USD 5.5 billion at present.
The value of the Insulin Pump market is projected to increase at a CAGR of around 10.3% from 2022 to 2032.
The value of the Insulin Pump market increased at a CAGR of around 9.6% from 2017 to 2021.
The top 5 countries driving demand for the Insulin Pump market are the USA, China, Germany, The United Kingdom, and Japan.
The value of the Insulin Pump market is projected to increase at a CAGR of around 8.7% from 2022 to 2032 in North America.
The USA market for Insulin pumps is projected to expand at a CAGR of around 8.5% from 2022 to 2032.
The major product is MiniMed (630G, 670G, and VEO) that will be accounted for a growth at 10.4% CAGR during forecast period.
The major companies are Medtronic plc, Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, and Ypsomed.
| Estimated Size, 2024 | USD 4,932.2 million |
|---|---|
| Projected Size, 2034 | USD 8,345.4 million |
| Value-based CAGR (2024 to 2034) | 5.2% |
| Market Size, 2023 | USD 447 million |
|---|---|
| Market Size, 2033 | USD 729.1 million |
| Value-based CAGR from 2023 to 2033 | 5% |
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