The global insulin pump market size is anticipated to become USD 6.93 billion by 2026, advancing at a healthy CAGR of 9.6% during this period, according to a report by Grand View Research, Inc. Key growth drivers of the industry include the rapid technological advancements by manufacturers, and the growing adoption of pumps over traditional methods by end-users. Insulin pumps are highly convenient for people who require multiple injections of insulin daily, enabling insulin to be delivered into the body either manually or automatically. An added advantage is that they can be programmed to deliver a specific set of doses as per the requirement or recommendation of doctors. These pumps come in the size of smartphones or card decks, and can worn on the outside of the body, with various accessories being available to enable this.
The
continued growth in the incidences of diabetes around the globe have massively
aided in the surging popularity of insulin pumps. As per data by the
American Diabetes Association, in 2018, 34.2 million US citizens had diabetes,
with 1.6 million suffering from Type 1 diabetes. Furthermore, 1.5 million
Americans are diagnosed with diabetes every year, which points towards
sustained demand for insulin pumps in the coming years. Additionally, a
study published in ‘Diabetes Care’ in September 2019 stated that the usage rate
of insulin pumps among patients grew from 1% to 53% between 1995 and 2017,
with younger patients showing higher adoption rates. The development of
advanced technology pumps in recent years, along with preference by doctors as
well as consumers to use electronic insulin pumps, have aided in strong
developments in the insulin pumps market. Furthermore, various initiatives by
governments around the globe to spread awareness and control prevalence of
diabetes are also driving the industry growth.
The
global insulin pump market can be broadly segmented on the basis of pump type,
accessories, product, and end-use. The pump can be either patch or tethered.
Based on product, the market is classified into MiniMed, Accu-Chek, Tandem, and
Omnipod, among others. With regards to accessories, the market includes insulin
reservoir/cartridges, insulin set insertion devices, and batteries. The major
end-use segments include homecare, laboratories, and hospitals and clinics. Major
industry players involved in offering advanced products include Medtronic Inc.,
F Hoffmann-La Roche, Insulet Corporation, Ypsomed, Tandem Diabetes Care, Sooil
Development, Cellenovo, and Valeritas Inc., along with many regional and local
players.
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Insulin Pump
Market Report Highlights
1 Increased
healthcare funding and efforts of various related institutes and bodies have
helped the market to thrive; for instance, the International Diabetes
Federation (IDF) provides expertise and supports diabetes awareness campaigns
through a network of stakeholders and partners
2 North
America led the global insulin pump market in 2018, owing to favorable
reimbursement policies, local presence of key players, and supportive
government initiatives
3 Asia
Pacific and Europe are anticipated to garner significant market share over the
forecast period, on account of rapid improvements in healthcare infrastructure
as well as introduction of innovative products by market players
4 The
tethered pumps segment dominated the market in 2018; however, patch pumps
segment is expected to witness the fastest CAGR over the forecast period, owing
to their small size and can be easily attached to the skin surface
5 By
accessories, the insulin set insertion devices segment held the largest market
share in 2018 and is expected to expand at a CAGR of 9.6% over the forecast
period, as they require to be changed every 2-3 days, thus causing continuous
demand
6 By
end use, homecare segment is expected to expand at the fastest CAGR during the
forecast period owing to the increasing focus on providing at-home treatment to
the patients as most of diabetes patients belong to the age group of 45 years
and above
7 According to a research by
the American Diabetes Association, the COVID-19 pandemic led to a number of
challenges for diabetic patients, with 1 out of 5 people stating that they had
to forego the usage of their diabetes management tools such as insulin pumps,
owing to financial constraints
8 With
regards to product, Medtronic’s MiniMed insulin pumps dominated the global
demand in 2018, on account of the strong market presence of the company, along
with the launch of MiniMed 670G system, which is the world’s first hybrid
closed loop system
9 In
September 2020, Medtronic announced FDA approval for the MiniMed 770G system,
which improves on the MiniMed 670G system by providing smartphone connectivity
and expanded age indication to ages 2 and above
10 Further, in February 2020, Abbott undertook a partnership
with Insulet for integrating the former’s glucose sensing technology with
Insulet’s Omnipod Horizon Automated Insulin Delivery (AID) System for providing
personalized automated insulin delivery and care to diabetic patients
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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 Pump Type
Outlook (Revenue, USD Million, 2015 - 2026)
· Patch
Pumps
· Tethered
Pumps
Insulin Pump
Product Outlook (Revenue, USD Million, 2015 - 2026)
· 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 Pump
Accessories Outlook (Revenue, USD Million, 2015 - 2026)
· Insulin
reservoir or cartridges
· Insulin
set insertion devices
· Battery
Insulin Pump End
Use Outlook (Revenue, USD Million, 2015 - 2026)
· Hospitals
and clinics
· Homecare
· Laboratories
Insulin Pump
Regional Outlook (Revenue, USD Million, 2015 - 2026)
· North
America
o
U.S.
o
Canada
· Europe
o
Germany
o
U.K.
o
France
o
Italy
o
Spain
· Asia
Pacific
o
Japan
o
China
o
India
o
Australia
o
South Korea
· Latin
America
o
Brazil
o
Mexico
o
Argentina
o
Colombia
· Middle
East & Africa
o
South Africa
o
Saudi Arabia
o
UAE
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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