Insulin Pump Market Size Worth $8.3 Billion by 2028: Grand View Research, Inc.

SAN FRANCISCO, July 19, 2022 /PRNewswire/ -- The global insulin pump market is expected to expand at a compound annual growth rate (CAGR) of 8.7% during the forecast period, reaching a value of USD 8.3 billion by 2028, according to a new report by Grand View Research. The growth is mainly due to the increasing prevalence of diabetes, which is one of the leading causes of chronic illness worldwide. Increasing awareness about diabetes and its treatments is also contributing to the market growth. Additionally, the growing demand for artificial intelligence (AI) in healthcare is boosting the market growth prospects for insulin pumps. AI applications are being used to improve patient management and prevent complications related to diabetes care. This is particularly beneficial for patients who use insulin pumps since it helps them stay on track with their medication regimen, reduces errors made while using the pump, and enhances communication between patients and caregivers.

Key Industry Insights & Findings from the report:

• Based on the pump type, the patch pump segment is expected to expand at a healthy CAGR during the forecast period. This is due to the patch pumps' benefits, such as the absence of tubing and the ability of the remote control.
• Based on the product type, the tandem pump segment is anticipated to have a CAGR of 11.2% during the forecast period. This is since the device is well-liked for its more compact size and smaller design.
• Based on the end-use, the homecare segment is anticipated to experience the fastest CAGR of 9.17% during the projection period. This is due to the consumers' growing awareness of the use of insulin pumps at home and their high acceptance of their simplicity.
• Based on geography, the insulin pump market is anticipated to flourish throughout the Asia Pacific during the forecast period. Government support for healthcare and programs promoting diabetes awareness are key development drivers in this region.

Read 165-page market research report, "Insulin Pump Market Size, Share & Trends Analysis Report, By Type (Patch, Tethered), By Accessories (Insulin Reservoir Or Cartridges, Insulin Set Insertion Devices, Battery), By End-use, By Region, And Segment Forecasts, 2021 - 2028, published by Grand View Research.

Insulin Pump Market Growth & Trends

Some other major trends that are expected to drive the market growth include increased adoption by commercial organizations and increased focus on lifestyle changes by consumers. These trends are likely to contribute significantly to market growth over the next few years. However, the key factors restraining the market's growth are saturation of the installed base, regulatory challenges related to the long-term use of insulin pumps, and high price tags associated with some products. Furthermore, strict regulations for product approval, and the popularity of naturopathy around the globe, are significant obstacles to market growth.

The COVID-19 pandemic has affected the global insulin pump market. This is due to the delay in the diagnosis and treatment of diabetes and the delay in the purchase of pumps by the patients during the pandemic. Furthermore, there were restrictions imposed by the governments of different countries during the COVID-19 pandemic, resulting in a disruption in the supply of pumps and consumables. For instance, according to the American Diabetes Association, 15% of people who use CGM or pumps reported a delay in filling their prescriptions during the pandemic. Also, the revenue earned in 2020 was low for market participants. For instance, in 2020, Medtronic reported a fall of -1.0% in the revenues from its diabetes sector.

Insulin Pump Market Segmentation

Grand View Research has segmented the global insulin pump market based on type, product, accessories, end-use, and region

Insulin Pump Market - Type Outlook (Revenue, USD Million, 2016 - 2028)

• Patch Pumps
• Tethered Pumps

Product Outlook (Revenue, USD Million, 2016 - 2028)

• 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

Accessories Outlook (Revenue, USD Million, 2016 - 2028)

• Insulin reservoir or cartridges
• Insulin set insertion devices
• Battery

End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals & clinics
• Homecare
• Laboratories

Insulin Pump Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014-2025)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Middle East & Africa
• Saudi Arabia
• South Africa
• UAE

List of Key Players in the Insulin Pump Market

• Medtronic plc
• Hoffmann-La Roche Ltd.
• Tandem Diabetic Care, Inc.
• Insulet Corporation
• Ypsomed
• Cellenovo
• Sooil Development
• Valeritas, Inc.
• JingasuDelfu Co., Ltd.

Check out more related studies published by Grand View Research:

• Diabetes Devices Market - The global diabetes devices market size is expected to reach USD 54.16 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 8.2% from 2022 to 2030. The market is primarily driven by factors such as the increasing incidence of diabetes, coupled with technological advancements and innovative product launches.
• Intravenous Infusion Pumps Market - The global intravenous infusion pumps market size is expected to reach USD 9.9 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 8.2% during the forecast period. The introduction and development of Specialty and Smart pumps are imparting crucial growth to the overall infusion pump market. Smart infusion pumps are considered an advancement that will give a boost to the market as it constitutes Error Reduction Software and Customized Drug Libraries.
• Insulin Delivery Devices Market - The global insulin delivery devices market size is expected to reach USD 27.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. Obesity, sedentary lifestyles, and unhealthy food habits, primarily in the young population, lead to the occurrence of diabetes. In addition, the growing diabetic geriatric population is another factor supporting the growth of this vertical. According to the United Nations, Department of Economic and Social Affairs, around 901 million individuals were aged 60 or over in 2015 and this number is projected to increase to 1.4 billion by 2030. Thus, the enlarging elderly population is expected to boost the demand for insulin delivery devices.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, US
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.