United States – March 28, 2022 —
The global market for insulin pumps is estimated to acquire USD 11.5 Billion by the end of 2028. The report further predicts the insulin pump market to thrive at a healthy CAGR of over 15.5% during the assessment era, says Market Research Future (MRFR).
Insulin pumps are widely used to control insulin in diabetic patients at particular intervals. It is placed on the patient’s body to administer the insulin via a catheter positioned under the skin. The global market for insulin pumps has witnessed a massive surge in the growth rate in the last few years. The growth of the market is mainly accredited to its user-friendly nature. Furthermore, factors such as the growing adoption of a sedentary lifestyle, increasing consumption of junk food, and easy use are also likely to boost the demand for these pump worldwide. On the other hand, unfavourable insurance policies and a rise in insulin costs are anticipated to restrict the market’s growth.
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Insulin Pump Market Segment Analysis
The global insulin pump market has been segregated into various segments based on type, end-user, application, accessories, and region.
Based on type, the global market for insulin pumps is divided into disposable and traditional insulin pumps.
The insulin pump market is bifurcated into infusion set insertion devices, insulin reservoirs, and infusion sets based on accessories.
The global market is split into Type II diabetes and Type I diabetes based on application.
The global market for insulin pumps is divided into laboratories, hospitals & clinics, and home care based on end-user.
Insulin Pump Market Regional Analysis
The global insulin pumps market is studied across five major regions: North America, Europe, South America, Asia-Pacific, and the Middle East & Africa.
As per the MRFR analysis, the North American region will lead the global insulin pumps market over the forecasted era. The regional market’s growth is primarily attributed to the availability of top-class healthcare infrastructure. Furthermore, the factors such as the rapid adoption of new products & treatments and advanced medical facilities across the region are also projected to boost the demand for insulin pumps over the assessment era. In addition to that, some other factors like high purchasing power, availability of products, availability of skilled health professionals, and many top players operating from this region are likely to impact the regional market’s growth positively.
The insulin pump market for the Asia-Pacific region is likely to register the highest growth over the forecasted era. The regional market’s growth is mainly attributed to the increasing healthcare expenditure. Furthermore, the factors such as the ongoing improvement in the healthcare sector, growing support from the government, expanding geriatric populace, and growing incidence of chronic illness are also estimated to influence the regional market’s growth positively over the coming years.
The European regional insulin pump market is likely to account for substantial growth over the forecasted era. The regional market’s growth is mainly credited to the growing investments in ongoing research and product development. Furthermore, the leading health professionals and manufacturing companies implementing changes to offer the most efficient solutions to the market are also projected to positively impact the regional market’s growth over the coming years.
Insulin Pump Market Competitive Analysis
The global market for insulin pumps has an incredibly competitive landscape. The growing trends such as the rising number of players trying to enter the market and increasing initiatives to innovate products are likely to raise the market concentration. The global insulin pumps market has prominent leaders such as Sanofi, Medtronics, Abbott Laboratories, Dickinson and Company, Becton, Braun Melsungen AG, Hoffmann-La Roche AG, Insulet Corporation, and several others.
Recent Developments
- Ypsomed, a prominent supplier of a full variety of technologies and services for dependable and user-friendly injection systems, has announced a partnership with the developer of CamAPS FX, CamDiab Ltd. CamAPS FX is an app designed to manage glucose levels through insulin pumps using an adaptive, hybrid closed-loop approach.
- EOFlow, a two-part wearable artificial pancreas (AP) solution, has announced that it has made the first shipment of EOPatch, the world’s second wearable insulin pump, to the European market.
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