ID: MRFR/MED/1106-CR | 104 Pages | Published By Kinjoll Dey on February 2021
Insulin Pumps Market is expected to register a CAGR of 15.5% and acquire the market value of USD 11.5 Billion by 2028
The insulin Pumps Market is expected to reach USD 11.5 Billion by 2028, at CAGR of 15.5% asserts Market Research Future (MRFR). Insulin pumps are used to control insulin in diabetic patients at specific intervals. Insulin pumps are attached to the patient’s body, and insulin is administered via a catheter placed under the skin. The pumps deliver a dose of insulin to control and sustain blood glucose levels.
The insulin pump market is expected to witness a rise due to its user-friendly nature. The ease to use, increasing consumption of junk food, and the growing adoption of a sedentary lifestyle are projected to be other salient causes that can augment insulin pump sales.
The outbreak of COVID-19 is likely to bring a negative impact on the insulin pumps market since the lockdown had resulted in a temporary shutdown of every manufacturing unit. However, the growing assistance from various governments can result in underpinning the market growth in the coming period.Fresenius Kabi, a pharmaceutical company, has begun implementing a new strategy to strengthen its intravenous drug offerings by purchasing Ivenix, a provider of smart infusion pumps, for $240 million. Ivenix, based in Massachusetts, has developed an infusion system that aims to eliminate medical errors by using a digital, high-volume pump, together with related administration hardware, software, and analytics tools. The businesses seek to gain a larger share of the $5 billion hospital infusion market that Ivenix estimates they can enter by combining their products with those of Fresenius Kabi. In terms of biologics pipeline, manufacturing capacity, and business style, this acquisition is a perfect fit.
As per the International Diabetes Federation (IDF), about 384 million people had diabetes in 2013. The number is expected to reach 592 million by 2035. The rising number of people diagnosed with diabetes is projected to surge exponentially, and the most significant percentage increase is expected to be in the demographic with ages above 60. Thus, if the current trends in diabetes occurrence rates continue linearly over the next 50 years, future changes in the size and demographic characteristics of the global population would result in a sharp rise in the number of people affected with diabetes. With surging diabetic patients, the requirement for insulin devices is expected to be rise tremendously, thereby leading to the growing consumption of insulin pumps at a global front.
Growing Prevalence of Diabetes to Boost the Industry
Diabetes is a chronic disease, and its global prevalence is rising tremendously. As of today, it is one of the foremost causes of death and has an increased risk of developing several serious health ailments. The increasing awareness about the disease is likely to surge the diagnosis rate of type 1 diabetes that can augment the market. In addition, the expanding geriatric population is expected to drive the industry in the future.
Growing Development Activities to Offer Opportunity to Expand the Market
The increasing development activities, the growing cases of obesity, and the rising initiatives taken by the government to strengthen the market can provide various opportunities to market growth of insulin pump.
Expenses Associated with Insulin to Hinder Market
The rise in insulin cost with unfavorable insurance policies is predicted to hamper the market of insulin pump expansion in the assessment period.Getting FDA clearance is a significant obstacle for major players. In August 2022, for example, the FDA issued similar warning letters to two infusion pump manufacturers for, among other things, failing to follow up on product complaints, resolve device problems, and take necessary corrective efforts.
Rising belief in Naturopathy can hinder the Market Growth
The growing inclination towards naturopathy is a significant factor that can restrict the market growth of insulin pumps in the coming period. The imposition of strict rules and regulations for product approval is another considerable hurdle that can control market expansion.The Novum IQ syringe infusion pump (SYR) with Dose IQ Safety Software from Baxter International Inc. has been given 510(k) approval by the U.S. Food and Drug Administration (FDA), marking the company's newest advances in infusion therapy. Through Baxter's IQ Enterprise Connectivity Suite, the Novum IQ SYR may be fully integrated with hospital EMRs. Through this, Baxter's decades-long expertise in infusion therapy is combined with cutting-edge digital health solutions, strengthening the company's already robust safeguards against potentially fatal medication mix-ups. The Novum IQ SYR provides a fully-integrated technological user experience, including improved safety features, cutting-edge connectivity, adaptable anesthetic care settings, and a comprehensive selection of sets optimized for precision. It has a backlit keyboard, a guided syringe loading mechanism, and colored visual banners to indicate enteral delivery. Anesthesiologists and doctors working with newborns and young children can also rely on this product to aid in the delivery of safe and precise infusions to their most fragile patients.
Cumulative Growth Analysis
The market of insulin pump is predicted to display a substantial rise during the projection tenure. The on-going technical development of the product with favorable reimbursements policies by insurance companies is likely to aid in underpinning the market growth of insulin pumps.
Traditional Insulin to Procure the Largest Share
The insulin pump market, based on type, is bifurcated into traditional insulin pump and disposable insulin pump. The segment is projected to acquire the market value of 4587.5 million by 2028.
Infusion Pump Accessories to be driven due to the Prevalence of Diabetes
The insulin pumps market, based on accessories, is segmented into infusion sets, insulin reservoirs, and infusion set insertion devices. The infusion sets segment is further segmented into plastic cannula and steel cannula.
Type I Diabetes Segment to Lead the Global Market
The insulin pumps market, based on application, is bifurcated into Type I diabetes and Type 2 diabetes. The high prevalence of type I diabetes is expected to fuel the demand for insulin therapy, thereby benefitting the market.
Home Care Segment to Witness the Fastest Growth during the Forecast Period
The insulin pumps market, based on end-user, is segmented into home care, hospital & clinics, and laboratories. The hospital & clinics segment accounted for the largest market share of 45.2% in 2021 and is expected to reach USD 3,908.8 million by 2028, from USD 2,188.2 million in 2021. However, the home care segment is anticipated to witness the maximum CAGR of 8.9% during the forecast period.DATA-mine study was released to back up D-mine pump, a product of EVER Pharma, a fully integrated specialty pharmaceuticals firm specializing in neurology, critical care, and more. Following the commercial success of the D-mine Pump, a micro infusion device intended to give precise continuous subcutaneous drug delivery for PD patients, the product family was expanded to incorporate a thorough data history readout.
North America is expected to acquire the Maximum Market Share Owing to Rising Healthcare Expenditure
As per the insulin pump market analysis conducted by MRFR, North America is a pioneer in healthcare and the largest market of insulin pumps. Due to the availability of top-class healthcare infrastructure, advanced medical facilities, and the rapid adoption of new products and treatments, the North American insulin pump market is growing continuously. Many top players are operating from this region, which is leading to innovation and new product developments. Some other factors, such as the availability of skilled health professionals, availability of products, and high purchasing power, also boost the growth of the market. In 2021, North America held the largest share and was the highest revenue generator in the market for insulin pumps.
Due to the increasing healthcare expenditure and rapidly developing healthcare sector, Asia-Pacific is expected to be the fastest-growing region for market of insulin pump. The growing support from the government and the on-going improvement in the healthcare sector are some salient factors that can underpin the expansion of the APAC market. Furthermore, the growing incidence owing to the expanding geriatric populace is another crucial cause that can grow the market in the projection period.
Europe is expected to acquire a significant market share in the insulin pump market. Increasing investments in on-going research and product development are the crucial factor in driving market growth. Health professionals and manufacturing companies are adopting changes to provide the most efficient solutions to the market. The UK and Germany are likely to make significant participation in augmenting the insulin pump market size.
Growing Innovation in Products to Increase Competition among Key Players
The increasing initiatives to innovate product and the rising number of players trying to enter the market is likely to strengthen the competitiveness of the global market in the coming period. In addition, the expansion of the market by exploring the untapped market opportunities is likely to increase the number of insulin pump competitors.
December 2020: Roche, a Swiss multinational healthcare company, and Diabeloop, a French healthcare renowned company, announced their partnership to advance the management of insulin pump therapy.
The market of insulin pumps is expected to witness considerable growth during the forecast periow owing to the rising awareness of diabetes and the growing prevalence of the disease among the expanding populace.
|Market Size||USD 11.5 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Accessories, Application and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Insulet Corporation, Dickinson and Company, Hoffmann-La Roche AG, Abbott Laboratories, Braun Melsungen AG, Medtronics, Becton, Sanofi|
|Key Market Opportunities||Development Activities|
|Key Market Drivers||
The insulin pumps market is projected to reach a valuation of USD 11.5 Billion by 2028.
The insulin pumps market is projected to grow at approximately 15.5% CAGR during forecast period (2021-2028).
Huge advancements in pumping solutions.
North America holds the largest share in the insulin pumps market followed by Europe and Asia Pacific, respectively.
Becton Dickinson (USA), Abbott Laboratories (USA), Braun Melsungen AG (Germany), Insulet Corporation (USA), F. Hoffmann-La Roche AG (Switzerland), Medtronics (Ireland), and Sanofi (France), are some of the major players operating in the insulin pumps market.