According to an industry report by Fact.MR, a supplier of market research and competitive intelligence, the global market for insulin pumps is presently valued at US$6.18 billion and is expected to grow quickly from 2022 to 2032 at a CAGR of 8%.
Since insulin patch pumps are more discrete, more portable, and easier to use than conventional insulin pumps, they are an efficient means of delivering insulin to the body. Additionally, the cost of insulin patch pumps is lower than that of conventional insulin pumps, which eventually increases demand.
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Market Titans
- Debiotech S.A.
- F. Hoffmann-La Roche Ltd.
- Insulet Corp.
- Medtronic Plc.
- Sooil Development Co. Ltd.
- Tandem Diabetes Care Inc.
- Valeritas Inc.
- Ypsomed Holding AG
Growth Drivers:
The insulin pumps market can garner substantial traction in the ensuing years, as a result of the sharp rise in diabetes cases worldwide combined with the emergence of Highly advanced types of insulin highly advanced types of insulin are of an increasing demand. The mounting awareness regarding diabetes, awareness of the benefits of home infusion as well as the capability of automation research and development of artificial pancreas along with the increase in programs of awareness dissemination by major companies will boost this line of work. A large number of people are increasingly adopting unhealthy habits, including excessive amounts of alcohol.
The escalating demand for insulin pumps is also the result of the rapidly burgeoning elderly population. With advancing age, immunity levels go down as well, which also gives way to the development of diabetes. The expanding older patient pool and their mounting preference for self-administration at home could be a significant growth inducer in the years ahead.
Furthermore, in view of the development of extremely accurate and innovative glucose sensors as well as blood monitoring devices, need for advanced insulin pumps has been surging as well. Additionally, rising healthcare expenditure along with the mounting number of research and development activities focused on enhancing the functioning and quality of insulin pumps further contribute to the business growth.
Market Structure
By Type:
- Tethered Pumps
- Patch Pumps
By Accessory:
- Infusion Set Insertion Devices
- Insulin Reservoirs / Cartridges
- Batteries
By End User:
- Hospitals & Clinics
- Laboratories
- Homecare
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Insulin Pump Market Regional Insights
North America has taken the lead from the world leader in the market for insulin pumps with its huge medical industry and the advancement of new treatments and products. The continent would continue to lead the world in the upcoming years.
As a result of rising healthcare spending and a rapidly expanding healthcare industry, it is anticipated that Asia-Pacific would be the fastest-growing region in the global insulin pumps market. The healthcare industry is flourishing thanks to the government’s increased investment. The growth of the APAC market will benefit greatly from these two factors. Increases in incidence due to an aging population are also expected to play a significant role in propelling the market forward throughout the forecast period.
It is expected that Europe will account for a sizable chunk of the global insulin pump industry in the near future. Companies should raise their spending on R&D in order to stimulate market expansion. The healthcare industry and related industries are undergoing transformations to bring the best effective products to consumers. It is expected that the insulin pump market would grow significantly in the United Kingdom and Germany.
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