The global market for insulin pumps is projected to grow at a CAGR of 14% during the forecast period of 2022 to 2030. The progress of technology and an increasing preference for using insulin pumps rather than more conventional approaches are two of the factors that are driving the market's expansion. People who require many injections of insulin on a daily basis can find a great deal of convenience in the use of insulin pumps. Because they are less invasive, patients prefer using these devices, which has led to their widespread use. The increasing elderly population, the rising incidence of diabetes, and the rising prevalence of obesity are the three primary factors that are primarily responsible for the expansion of the market. In addition, firms are creating new generations of insulin pumps with sophisticated technological capabilities to enable better compliance and integration with information technology devices, which is contributing to the expansion of the market. It is projected that improvements in technology, such as the artificial pancreas and home infusion therapy, will also generate major growth prospects in the not-too-distant future. In addition, an increase in people's awareness of insulin pumps and how to use them has also contributed to the expansion of the market in both developed and developing nations.
Growing Prevalence of Diabetes
Diabetes is a clinical disorder in which decreasing glucose levels in the body are caused by the inability of the pancreas to make insulin. This insufficiency produces diabetes. The rapidly shifting lifestyles of people around the world, including the increased prevalence of unhealthy behaviors like drinking alcohol and smoking, are a primary factor in the expansion of the diabetic patient population. In addition, the growing obesity epidemic that is sweeping the world is another cause that is adding to the alarmingly high rate of diabetes cases. Because people with type 1 diabetes (T1D) need to continuously monitor their blood glucose levels in addition to receiving several injections of insulin, the market for insulin pumps and other insulin delivery systems as well as glucose monitors is expected to continue to expand.
According to the Atlas of the International Diabetes Foundation (IDF), diabetes will be the cause of death for approximately 6.7 million people in the year 2021. Additionally, the IDF Atlas projects that the total number of diabetic patients will increase by 51% by the year 2045. Because of the rapidly growing prevalence of diabetes in the community as well as an increased awareness of how the disease can be treated, the market for insulin pumps is expanding at a rapid pace all over the world. According to the projections provided by the International Diabetes Federation (IDF), there were 537 million individuals living with diabetes around the globe in the year 2021. It is anticipated that this number would increase to 783 million by the year 2045. Diabetes can lead to a number of serious complications, including kidney failure, stroke, and even blindness, as stated by the World Health Organization. The global market for insulin pumps is expanding at a rapid rate due to a number of causes, some of which include rising expenditures associated with medical treatment, improved availability of healthcare facilities, and an increase in the prevalence of technologically advanced insulin pumps. The altering lifestyles of people, the changing patterns of consumption, and unhealthy eating habits are contributing to the rise in the number of cases of diabetes among the population of world.
Emerging Innovative Trends Proving to be Convenient and Safe to Expand the Market Growth
Electronic insulin pumps are gaining popularity among patients and medical professionals alike as a means of managing diabetes and providing care for those affected by the condition. This can be ascribed to the fact that, in comparison to conventional methods, pumps from the newer generation are more convenient, safer, and deliver more precise results. Patients are able to address their health concerns by engaging with the healthcare team and sharing data because digital technology may be accessed whenever and wherever it is needed. It is anticipated that the factors discussed above will contribute to the expansion of the market. In addition, the growing number of programs that are being carried out by governments and non-profit organizations in an effort to raise awareness about diabetes is anticipated to promote the adoption of insulin pumps that are used in the treatment of the condition.
Increase Investment to Result in Increasing Innovation
The increasing investments made by market participants in the research and innovation of drug delivery devices have encouraged the development of insulin pumps that primarily focus on the convenience of the patients, which in turn is propelling the market expansion. In addition, the incorporation of advanced technology such as artificial intelligence into the field of medicine is driving patients to embrace automated insulin pumps at a faster rate. In addition, the increasing number of product approvals and various development tactics used by market participants such as partnerships, distribution agreements, and collaborations are positively affecting the growth of the worldwide insulin pump market.
Increasing Awareness Levels
The expansion of government programs aimed at raising awareness around the world regarding healthcare policies and the treatment of diabetes is another factor contributing to the market's expansion. In addition, there has been an increase in the cost that is associated with healthcare, as well as an increase in the desire for improved tubeless insulin pumps that are both unobtrusive and user-friendly. It is anticipated that this will propel the expansion of the market throughout the period under consideration.
High Cost Restraining the Adoption of Innovating Devices
It is anticipated that the high long-term expenses associated with tubeless insulin pumps will serve as a barrier to market expansion. The relatively high costs of diabetes treatment and care over the long term that are associated with employing tubeless pumps are one factor that slows the adoption rate of these devices in developing economies. In some nations, the reimbursement system is so unfavorable that it makes the treatment costly for most people. It is anticipated that factors such as these will operate as a barrier to the expansion of the market. Other key constraints that hinder the growth of the insulin pump market include the increasing popularity of naturopathy across the world and the enforcement of tight standards for product clearance. Both of these factors are contributing to the market's stagnation.
Tethered Pump to Dominating the Market, Patch Pump to Remain as the Growth Leader
In 2021, the tethered pumps sector was the most profitable and held the largest market share, accounting for 70% of the total revenue. During the time of the forecast, it is anticipated that the segment will see a CAGR of 9.5% during the forecast period. The cannula and the pump are separated by a length of flexible tubing in tethered pumps. The dependability of these classic pumps and the abundance of items now on the market are the two primary factors that are primarily responsible for the substantial growth of this market segment.
During the time of the forecast, it is anticipated that the segment of patch pumps will see a robust CAGR of approximately 11%. Patch pumps are very compact and are designed to adhere directly to the skin's surface. The high growth rate of the market is mostly attributable to its benefits, such as the fact that there is no tubing in patch pumps and that its remote control may also function as a blood glucose meter. In addition, the high growth rate of the market is primarily attributable to its advantages. In addition to this, insulin pumps are equipped with calculators that can assist patients in estimating the precise amount of insulin that they require. This contributes to the reduction of insulin overdose as well as the other symptoms that are related to it. During the period covered by this analysis, the expansion of the market is projected to be bolstered by these factors. The cost of a patch pump can range anywhere from $2,000 to $8,000 per unit, with additional supplies costing somewhere between $1,000 and $2,000 on an annual basis. In spite of the fact that these pumps have extended lifetimes (of four to eight years), which do in fact translate to a lower annual price, the fact of the matter is that the high upfront cost is a huge barrier to customers. Despite their capacity to reduce the dangers of hyperglycemia, their high cost hinders insurance companies from covering them for patients outside of certain categories. Pump advancements would need to either provide patients with significant improvements in their quality of life or significantly reduce unit costs in order to encourage patient uptake.
Type 1 Diabetes Segment Contributes the Largest Revenues, and Type 2 Fuel the Growth
The type 1 diabetes segment was the most dominant disease indication in 2021 as a result of the increasing prevalence of type 1 diabetes around the world. For instance, the International Diabetes Federation (IDF) projects that there will be 1.2 million new cases of type 1 diabetes diagnosed in children and adolescents around the world in the year 2021. Because people with type 1 diabetes are dependent on insulin, there is a significantly higher need for insulin pumps and other consumables. This demand is significantly higher. As a consequence of the growing incidence of type 2 diabetes all over the world, it is anticipated that the proportion of the market devoted to treating type 2 diabetes will likewise expand noticeably over the course of the period under consideration. It is anticipated that the market will expand as a consequence of the growing prevalence of type 2 diabetics who are insulin-dependent as well as the patients' shift away from MDIs and toward other treatment options such as pumps.
MiniMed Dominated the Product Segment, Tandem Pumps to Grow the Most
Due to the strong acceptance rate and the continued development of technology, the MiniMed insulin pumps division of Medtronic's business was able to secure the biggest revenue share in the market by the year 2021, which was approximately 50.0%. The significant footprint and regional presence of Medtronic as well as the launch of its MiniMed 670G system, which was the world's first hybrid closed-loop system, are the primary factors driving the expansion of the MiniMed product range.
During the period covered by the forecast, it is anticipated that the tandem pump segment will demonstrate the greatest CAGR, which is 11.2%. The product has garnered widespread praise for its space-saving design, which allows it to contain about 300 individual insulin pump units despite its more compact size. Additionally, it has been designed to be user-friendly and convenient for patient use; as a result, it is anticipated to fuel the expansion of the market.
Insulin Set Insertion Devices Dominated in terms Of Revenues, Reservoirs or Cartridges Are Growth Leaders
In 2021, the insulin set insertion devices segment was the most dominant and held the largest market share, accounting for 40% of total revenue. The biggest market share of this sector may largely be ascribed to its use, such as the fact that in general, infusion sets of insulin pumps are changed every two to three days, in addition to the high cost of infusion sets.
During the period covered by this estimate, the insulin reservoir or cartridges market is anticipated to experience a significant growth rate with a compound annual growth rate of 9.01%. The rising popularity of tethered pumps is the primary factor behind the expansion of this market segment. In most cases, this entails either drawing insulin from a vial into the reservoir or putting insulin from a cartridge into the reservoir. These reservoirs have the capability of storing up to 300 units of insulin, and they can go for at least two to three days without requiring a replacement. It is anticipated that the aforementioned factors will be the primary drivers of the expansion of the segment.
Hospitals Constituted the Largest End User
In 2021, the hospital segment held the largest market share, at 45%, based on the kind of end customer it served. This can be attributable to the increased number of hospitals that have been established all over the world. The expansion of this sector has been propelled by the rise in the number of highly trained medical experts who are able to offer diabetic patients support in successfully healing their condition. It is anticipated that the rising investments made by governments and corporations in the technological improvements of hospitals will continue to fuel the expansion of the hospital segment in the not-too-distant future. On the settings, it is anticipated that the homecare industry would expand at a compound annual growth rate of 9.5% during the forecast period. The rising cost of medical care, improved awareness regarding the availability of insulin pumps, and the easy availability of insulin pumps through both online and offline retail pharmacies are all factors that are significantly contributing to the expansion of the homecare market segment.
Retail & Online Pharmacy Segment Dominated in Terms of Revenues
As a result of an increase in the availability of diabetes management devices and solutions in retail and pharmaceutical outlets in developing and established nations, the retail & online pharmacy segment led the market with a sizeable share in 2021. The vast majority of customers prefer to purchase these items from pharmacies that are affiliated with hospitals, which has contributed to the growth of the market for hospital pharmacies. The growth of reimbursement programs for consumables like pumps is another aspect that contributes to this issue.
North America Remains as the Global Leader, APAC to Lead the Growth
Due to the presence of major players in the insulin pump industry in North America, this region dominated the market for insulin pumps and captured the largest revenue share of approximately 45% in the year 2021. In addition, factors such as the expanding prevalence of obesity, the high costs of treatment, the rapid advancement of technology, and the introduction of new products are anticipated to drive the market in the region. Over the course of the forecast period, it is anticipated that Europe will acquire a substantial portion of the market as a result of the rise in the elderly population, which is more likely to suffer from diabetes. In addition, advancements made in the region's healthcare industry as well as the introduction of cutting-edge medical technologies are contributing to an increase in the need for insulin pumps. It is anticipated that the Asia Pacific will be a very lucrative region for the insulin pump market. A significant number of reasons, including an increase in funding for healthcare and steps taken by the government to raise awareness about diabetes, are contributing to this region's growth. Because of its rapidly expanding economy and sizeable diabetic population, China is projected to take the lead in the APAC region during the forecast period. Additionally, it is projected that the implementation of cutting-edge technology in countries that are still in the process of developing will propel market growth.
New Product Development, Innovation, and Price Range Are Key Competing Factors
The global market for insulin pumps is fairly consolidated, with a small number of large and medium-sized industry competitors accounting for a significant amount of total market revenue. Medtronic, the market leader, continues to maintain a dominant position because it offers a comprehensive range of insulin pumps and supplies for the management of diabetes. The increasing number of product approvals issued by regulatory bodies is another factor that contributes to the expansion of the company. Exxon Mobil Corporation, China National Petroleum Corporation, Sasol, and Evonik Industries are some of the major players in this market. These market participants are implementing strategies, such as investments, collaborations, acquisitions, and mergers, in an effort to increase their market share and compete more effectively with one another. Additionally, companies are investing in research and development for new and improved products. In addition to that, one of their key priorities is to keep their prices affordable.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Insulin Pump market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
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