Insulin Pump Market Size Anticipated to Reach USD 13.6 billion by 2035

Rising Prevalence of Diabetes to Drive Insulin Pump Market Growth; Value to Cross USD 13.6 billion by 2035

According to a recently published report by Roots Analysis, the ongoing advancements in the diabetes care domain, involving integration with artificial intelligence and machine learning have enabled precise insulin delivery to patients

Insulin Pump Market Overview

The insulin pump market size is expected to reach USD 13.6 billion by 2035, growing at a CAGR of 8.5% during the forecast period till 2035. 

Insulin pumps are self-mediation devices designed to deliver insulin into the body of diabetes patients through the subcutaneous route. These pumps have gained significant traction in the healthcare domain, owing to the various advantages offered by them, including precise and flexible insulin dosing (throughout day and night), convenient usage and enhanced medication adherence. Moreover, insulin pumps have emerged as a promising alternative to the conventional insulin injections, as they address various limitations (associated with the latter), including risks associated with dosing errors, microbial contamination, needlestick injuries and bruising. In addition, the ongoing technological advancements in insulin pumps domain, including continuous glucose monitoring systems and smartphone connectivity, allows real-time glucose tracking and remote insulin management; notably, the advanced insulin pumps have been integrated with safety features, such as adjustable basal and bolus doses, and audio / visual error alerts, further enhancing their efficacy and user safety.

Browse 80+ figures and 120+ market data tables spread across 150+ pages and detailed Table of Content on “Global Insulin Pump Market by Type of Pump (Tethered Pumps and Patch Pumps), Degree of Automation (Manual Pumps and Automated / Smart Pumps), Type of Battery (Replaceable Batteries and Rechargeable Batteries), Type of Diabetes Targeted (Type 1 Diabetes and Type 2 Diabetes), Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies and Other Pharmacies) and Geography (North America, Europe, Asia, Latin America and, Middle East and North Africa)”
here: https://www.rootsanalysis.com/reports/insulin-pump-market.html

Market Drivers

Several factors are propelling the insulin pump market growth. One of the key factors driving the future growth of insulin pumps market is the rising prevalence of diabetes (specifically Type 1) across the world. Further, there has been a fundamental shift towards self-medication devices, driven by patient preference and convenience; notably, self-administration of insulin using a pump reduces healthcare costs (for patients) by moving treatment from hospitals to home settings. In addition, the rising awareness and education among patients regarding diabetes management options is likely to promote the adoption of insulin pumps.

Market Restraints

While the market is experiencing substantial growth, there are certain restraints that can hinder the insulin pump market growth. One of the primary restraints in this domain is high cost of modern insulin pumps, which have advanced features that are capable of gathering blood glucose data regularly. Further, certain patients might encounter technical difficulties in operating these devices, potentially resulting in adverse effects. Moreover, considering the critical nature of the medical applications of insulin pumps, coupled with stringent regulatory processes, the market entry for new products is delayed.

Growth Factors

Despite the aforementioned challenges, various factors continue to drive the insulin pump market growth. One notable factor is the positive outcome of clinical trials evaluating insulin pumps and constant efforts of the players in this domain to integrate smart sensors, artificial intelligence and machine learning in their products (enhancing connectivity and safety). In addition, the increased investments in R&D by manufacturers is fostering innovation in the market leading to the development of more user-friendly medical device for better diabetes management.

Insulin Pump Market Segments

Based on type of pump, the market is segmented into tethered pumps and patch pumps

• The patch pumps segment is likely to capture the largest revenue share of close to 60% in the insulin pump market. 
• The patch pumps segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 10% during the forecast period.

Based on the type of battery, the market is segmented into replaceable batteries and rechargeable batteries

• The replaceable batteries segment is likely to capture the largest revenue share of 55% in the insulin pump market.
• The rechargeable batteries segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 9% during the forecast period.

Based on the type of diabetes targeted, the market is segmented into Type 1 Diabetes and Type 2 Diabetes

• The Type 1 Diabetes segment is likely to capture the largest revenue share of close to 55% in the insulin pump market.
• The Type 1 Diabetes segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of 10% during the forecast period.

Based on the distribution channel, the market is segmented into retail pharmacies, hospital pharmacies, online pharmacies and other pharmacies

• The retail pharmacies segment is likely to capture the largest revenue share of over 50% in the insulin pump market.
• The online pharmacies segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 9% during the forecast period.

Based on the degree of automation, the market is segmented into manual pumps and automated / smart pumps

• The automated / smart pumps segment is likely to capture the largest revenue share of over 50% in the insulin pump market.
• The automated / smart pumps segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 10% during the forecast period.

Based on Geography, the market is segmented North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America

• North America is likely to dominate the insulin pump market, by capturing the largest revenue share of over 65%.
• In Asia, the insulin pump market is likely to demonstrate considerable growth (CAGR) of around 12% during the forecast period.

Key Companies Profiled

The insulin pump market report also includes profiles of key players (listed below) that manufacture insulin pump:

• Beta Bionics
• CeQur
• EOFlow
• Insulet
• MannKind
• Medtronic
• Medtrum Technologies
• MicroPort
• MicroTech Medical
• Roche
• SOOIL Development
• Tandem Diabetes Care
• Terumo
• ViCentra
• Ypsomed

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https://www.rootsanalysis.com/reports/insulin-pump-market/request-sample.html

About Roots Analysis

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Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com