The U.S. insulin pump market size is estimated to grow at a remarkable CAGR of 18.2% from 2023 to 2028.
An insulin pump fixed to the body occasionally releases insulin and maintains the blood sugar level based on the basal and bolus rates of the body.
The growing patient count suffering from diabetes in the U.S. is majorly driving the U.S. insulin pump market growth. As per the data published by the Centers for Disease Control and Prevention (CDC), an estimated 34.2 million people have diabetes in the United States.; therefore, with the substantial diabetic population, the need for an insulin pump is high. When body cells fail to utilize sugar for fuel, the blood sugar level increases and causes type 2 diabetes. Type 2 diabetes is increasing faster in the United States due to genetic transmission, lack of exercise, obesity, unhealthy food habits, etc. According to research by the Centers for Disease Control and Prevention, 90% to 95% of diabetic patients have type 2 diabetes. In addition, every state in America has 20% obese people, which accelerates the risk of diabetes. Moreover, the CDC has analyzed that 90% of people in the United States follow an unhealthy diet, and 25% do not exercise. Therefore, the U. S insulin pump market is expected to grow during the forecast period.
The cost of the insulin pump in the United States ranges from $4500 and $6500 and varies according to the brand, size, feature, etc. Moreover, batteries, sensors, and other parts need yearly replacement, which costs more than $1500 and raises the expense of insulin pumps. In addition, insurance policies need to take insulin pumps into account. However, people with insurance also find them to be expensive. Hence, the high cost of insulin pumps restricts the market's growth during the forecast period.
This research report on the U.S. insulin pump market has been segmented & sub-segmented into the following categories:
By Pump Type:
By End User:
As far as the U.S census bureau is concerned, the senior population in the United States consists of 56 million adults. The body of aging people becomes insulin resistant due to obesity, lack of exercise, etc. therefore, they develop type 2 diabetes in their old age. Moreover, it is found that 33% of the senior population has diabetes. The states of California, Florida, and Maine of the United States have the largest senior population; hence, it also reflects the diabetic population of the states. Since insulin pump gratifies the needs of diabetic patients of the senior population, it is widely used by them. Therefore, California, Florida, and Maine, with the largest aging population, might hold a significant share of the insulin pump market.
According to Statista's analysis of the disposable personal income of the United States, by the end of 2022, the disposable personal income has increased by 0.3%. Knoema's survey on disposable personal income in the United States shows that Columbia is the top region with the highest disposable income per capita of $80,328. The increase in disposable personal income is one of the reasons that contributed to the growth of the insulin pump market in the United States.
Type 1 diabetes is an autoimmune disease that damages the cells in the pancreas that produce insulin. This type of diabetes mainly occurs among children between the ages of 4 and 7. One in every 400 children is more likely to be affected by type 1 diabetes. According to the world population review analysis, the state of Utah in the United States has the largest population of children and the highest birth rate of 14.9%. Therefore, type 1 diabetes is more likely to affect children in the Utah region of the United States, increasing the demand for insulin pumps and the market's growth rate.
KEY MARKET PLAYERS:
A few of the noteworthy manufacturers dominating the insulin pump market in the United States 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), Sooil Development Co., Ltd. (Korea) and Tandem Diabetes Care, Inc. (U.S.).
Medtronic, Tandem Diabetes Care, Insulet Corporation, Roche, and Animas Corporation are some of the notable companies in the U.S. insulin pump market.
The U.S. insulin pump market is a multi-billion dollar market.
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