Insulin Pump Market

Global Insulin Pump Market Size (2024 to 2029)

As per our analysis report, the global insulin pump market is estimated to grow to USD 13128.79 million by 2029 from USD 6071.21 million in 2024, projecting a compound annual growth rate (CAGR) of 16.68% during the forecast period.

An insulin pump is primarily used to inject small insulin doses into the human body to treat diabetes. The need for insulin pumps is growing rapidly worldwide, along with the growing patient population suffering from diabetes. Insulin management in the body is essential for people who have diabetes. The insulin dosages can be administered using insulin pumps; likewise, the sugar levels in the body can be controlled. In the recent past, the market has experienced technologically well-developed insulin pumps. These devices have smart features such as a programmable metabolic rate that assists patients in maintaining the right level of the dosage form.

MARKET DRIVERS

Growing diabetes management care is one of the key factors propelling the insulin pump market growth. The population suffering from diabetes worldwide is growing rapidly.

As per the data published by the IDF Diabetes Atlas, 537 million adults worldwide had diabetes in 2021, and this number is expected to rise to 643 million by 2030. The incidence of diabetes is more in developing and underdeveloped countries compared to developed countries. Approximately three in every four people have diabetes in low- and middle-income countries. People who have diabetes are required to have good control of their disease management to avoid meeting with risky situations. In recent past years, the awareness among people regarding the advantages of insulin pumps and the importance of diabetes management has grown significantly, which is driving the market growth. Insulin pumps are believed as a better option than traditional insulin injections. They are convenient and easy to use, due to which the adoption and demand levels for insulin pumps are increasing and boosting the market growth.

The rising adoption of insulin pumps is another major factor fuelling the market's growth rate. Furthermore, factors such as the development of the artificial pancreas and home infusion therapy promote this market's growth rate. Moreover, professional and consumer information programs provided by insulin infusion pump manufacturers are encouraging the adoption of insulin-delivering devices and ultimately driving the growth of this market. Additionally, increasing home healthcare infusion therapy, a growing aging population, and rising demand for personalized medicine are lavishing the market's growth rate. Increasing support from the government through investments in healthcare centers and changes in the policies favoring the public to spur growth opportunities for the market. Growing incidences of cardiovascular diseases, eye disorders, and others are escalating the global insulin pump market's growth.

MARKET RESTRAINTS

There have been a few drawbacks related to the use of insulin pumps. There is a need to enter information into the pump for the entire day. Also, the levels of blood sugar have to be checked frequently to make sure that the pump is working correctly, failing, which might lead to a life-threatening condition called diabetic ketoacidosis. Along with the need to change the infusion set every few days, training is required to learn the mechanism and application of an insulin pump to commit to using it safely. These factors lead to restraining the growth of the market. Furthermore, various concerns associated with insulin delivery devices, such as skin infections and the high cost of insulin analogs and pumps, hamper this market's growth. Further, the high cost of pump supplies makes it expensive to be adopted by people in middle and low-income countries, which further acts as an obstacle to the growth of the insulin pump market.

Besides, the need for more skilled professionals for appropriately handling insulin pumps further restrains this market's expansion to a certain extent. Moreover, research on aerosolized insulin for inhalation, oral insulin, and insulin-producing stem cell implantation is going on, and positive results will hinder the market's growth. In addition, it requires frequent visits with the healthcare team for a full day of outpatient training, a willingness to count carbohydrates, and a risk of skin infection or allergic reaction, which further restraints the market growth. Also, the insulin pump shows that a medical device is visible; several risks due to pump or site malfunction, and they require parental monitoring for quite a long time. Thus, these factors are foreseen to restrain the global insulin pump market growth over the forecast period.

Impact of COVID-19 on the insulin pump market

Amid the COVID-19 pandemic outbreak and the looming economic recession, the insulin pump market is expected to showcase a healthy CAGR in the coming years. During the COVID-19 outbreak, most companies were looking for an online platform, e-pharmacy, and emergency medical shops to provide insulin pumps to customers. COVID-19 disease has negatively impacted the medical devices industry, including insulin pumps, during the initial days of the COVID-19 pandemic. To curb the spread of the virus, governments have taken several measures, such as shutting down manufacturing units, travel bans, social distancing, and lockdowns, which have resulted in the reduced demand for insulin pumps. However, in some countries, governments have taken addressing the needs of diabetic patients and CVD patients and given some reservations. In this situation, some companies stand out in supplying insulin pumps to the diabetes population using online shopping for essential accessories. Recently, Medtronic and Tandem have been the companies that step up with coronavirus outbreaks with the online platform's help. However, considering the reduced impact of the COVID-19 pandemic, the insulin pump market is anticipated to showcase a healthy CAGR during the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Insulin Pump Market By Pump Type

The disposable insulin pump segment accounted for the major share of the global insulin pump market in 2023. The segmental domination is anticipated to continue during the forecast period owing to the rising prevalence to reduce infections.

The traditional Insulin pump is projected to showcase healthy growth during the forecast period. Traditional insulin pumps have a reservoir and mechanism action with an infusion kit. The insulin path pumps deliver insulin directly into the body's skin. Traditional pumps offer flexibility, adjustable insulin delivery, privacy, improved blood sugar, fewer injections, and continuous insulin delivery.

Global Insulin Pump Market By End User

The hospital segment is expected to continue its dominance over the forecast period, associated with skilled professionals' availability, increasing government expenditure, and rising private sector investment in the healthcare sector. In addition, the high-profit margin of hospitals, the provision of improved treatment through the adoption of advanced solutions, and the offering of treatments to patients at lower prices due to products bought at a discounted price are other factors driving the market growth under this segment.

The home care segment is anticipated to grow at the fastest CAGR of 10.1% during the forecast period. The sector's growth is attributed to the increasing awareness about insulin pump use and the vast adoption of these products at home due to their usability. Furthermore, the growing use of patch pumps, compact and portable, is also expected to boost the market growth during the forecast timeframe.

The laboratories segment is anticipated to grow profitable over the forecast period. This is attributed to good quality facilities provided by labs and the presence of trained lab specialists. In addition, it helps in treating both types of diabetes, type 1, where the body produces insufficient insulin, and type 2, where the body is unable to absorb and use the insulin available.

REGIONAL ANALYSIS

Regionally, North America held the largest share of the global market in 2023, and the regional domination of the global market is anticipated to register a promising CAGR during the forecast period owing to the presence of significant market players, increasing prevalence of diabetes, increasing adoption of technological advancements, and an increasing number of product launches. In 2023, the U.S. insulin pump market held the major share of the North American market, followed by Canada.

The Europe insulin pump market is expected to hold a substantial share of the global market over the forecast period owing to the growing aging population prone to diabetes. In addition, an increasing number of improvements in the healthcare system of various European countries and the implementation of advanced medical products augment the regional market growth. With the adoption of the latest technologies and innovative devices in favor of the patient's health condition, the European insulin pump market is anticipated to hold promising occupancy in the global market during the forecast period. Furthermore, increasing awareness of the availability of the Insulin pump among the European population is likely to outshine the demand for insulin pumps and drive the growth rate of the European market.

The APAC insulin pump market is considered the hot spot for insulin pumps, and the market in this region is anticipated to showcase the fastest CAGR during the forecast period. The growing investments from governmental and non-governmental organizations to promote awareness of diabetes in the APAC countries and the increasing number of initiatives from the governments of APAC countries in favor of insulin pumps are expected to aid the regional market growth. China occupied the largest share of the APAC market in 2023 and is expected to witness a healthy CAGR in the coming years owing to the increasing patient population suffering from diabetes. In addition, the rapid adoption of technological developments in the manufacturing of effective insulin pumps in the developing countries of the APAC region is expected to support market growth in the Asia-Pacific region. Furthermore, the growing aging population in the APAC countries and increasing manufacturing activities of insulin pumps are estimated to promote the growth rate of the APAC insulin pump market.

During the forecast period, the Latin American insulin pump market is predicted to showcase a steady CAGR owing to the rising diabetic population, increasing adoption of insulin pumps, an increasing number of products entering the market, and rising adoption of sedentary lifestyles.

The MEA insulin pump market had a moderate global market share in 2023 and is expected to grow at a sluggish CAGR during the forecast period. Factors such as an increasing number of developments in the healthcare system among the MEA countries, a growing aging population, and the rising prevalence of diabetes are favoring the insulin pump market growth in the MEA region. In addition, growing awareness regarding the benefits of insulin pumps among people and healthcare providers in the MEA countries, growing incidence of obesity, and increasing number of initiatives from the governments of MEA to make these devices more affordable and accessible are propelling the MEA market growth.

KEY MANUFACTURERS IN THIS MARKET

Notable companies playing a dominant role in the global insulin pump market profiled in this report are Animus Corporation (U.S.), Asante (U.S.), Cellnovo Ltd. (U.K.), Insulet Corporation (U.S.), Medtronics, Inc. (U.S.), Nipro Diagnostic, Inc. (Japan), Ypsomed (Switzerland), Roche (Switzerland), Soil Development Co., Ltd. (Korea) and Tandem Diabetes Care, Inc. (U.S.).

RECENT MARKET HAPPENINGS

• In January 2023, Insulet, a U.S.-based company that manufactures Omnipod insulin pumps, had a data breach and compromised data of 29,000 users. The US Department of Health and Human Services has begun investigating the cause of this happening.
• In January 2023, Tandem Diabetes Care, a U.S.-based medical device manufacturer, finished the acquisition of AMF Medical, a manufacturer of insulin pumps.
• In Nov 2022, Medtech Giant launched the extended infusion set, which can be utilized for up to seven days. This production from Convatec Infusion Care and Medtronic hopes to represent up to 25% cost savings.
• In January 2020, Tandem Diabetes launched a new version of their t: slim X2 pump product with an IQ-technology control due to the advanced modification in the healthcare sector.
• In February 2020, Insulet partnered with Abbott and developed an Omnipod system, which delivers insulin for 72 hours in a single time. Also, consumers can use the app on their smartphones to deliver doses of fast-acting insulin.

DETAILED SEGMENTATION OF THE GLOBAL INSULIN PUMP MARKET INCLUDED IN THIS REPORT

This research report on the global insulin pump market has been segmented based on the type, end-user, and region.

By Pump Type

• Traditional
• Disposable

By End User

• Hospitals & Clinics
• Homecare
• Laboratories
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa