Insulin Pumps Market: Current and Future Trends 2021-2028
The Insulin Pumps Market report presents the industry sales and revenue by companies, regions, type and application and forecast to 2028. This report also studies the market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porter’s Five Forces Analysis.
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An insulin pump is a medically designed medical device mainly used for the secretion of insulin into the body in the course of continuous subcutaneous insulin delivery, also called continuous subcutaneous insulin infusion. Insulin is produced by the pancreas and its role is to convert glucose in our diet into energy. Without adequate amounts of insulin, the blood sugar levels in our body are decreased leading to various complications like obesity and diabetes. This can be prevented with the help of insulin pumps. There are two types of insulin pumps, namely, direct insulin pumps and patch pumps. In the former, insulin is pumped directly under the skin whereas, in the latter, it is given through an intramuscular injection. While the former requires a needle to be inserted under the skin, the latter is achieved with a patch. Patch insulin pumps are generally preferred over direct pumps because they cause less or no side effects, especially if they are taken properly.
Key Market Drivers:
The increasing incidence of diabetes in the world is the main factor that is expected to augment the growth of the global insulin pump market. For instance, according to World Health Organization, around 422 million individuals in the world suffer from diabetes. The majority of these cases are in the low and middle-income nations and around 1.6 million deaths globally are directly related to diabetes annually. Both the prevalence of diabetes and the number of cases have been rapidly increasing over the last 10 years.
Moreover, increasing product launches by key market players, keeping in mind the rapidly increasing cases of diabetes in the world, is expected to propel the growth of the market. For instance, in January 2020, Tandem Diabetes Care Inc. introduced the t:slim X2 insulin pump, which has a Control-IQ technology.
During the COVID-19 pandemic, the SARs-CoV-2 enhanced several other issues in the human body, such as diabetes. For instance, according to the Ohio State University Wexner Medical Center, a global analysis which was published in the journal named Diabetes, Obesity, and Metabolism, in November 2020 stated that around 14.4% of individuals who were hospitalized with severe symptoms of COVID-19, developed diabetes afterward. Owing to such factors, there have been increasing requirements for insulin pumps in the world.
Key Takeaways:
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The global insulin pump market size was measured at around 3.30 billion in 2018 and is estimated to increase at a CAGR of 9.6% during the market forecast period i.e., 2018-2026, owing to the cumulative incidence of diabetes in developing nations such as India. For instance, according to International Diabetes Federation (IDF), in 2020 around 77 million individuals in India were suffering from diabetes.
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North America is expected to hold a major share of the global insulin pump market, owing to the increasing occurrence of diabetes among the U.S. population For instance, according to the U.S. Centers for Disease Control and Prevention, in 2020 the incidence and prevalence of diabetes in the US include 34.2 million Americans, which is just over 1 in every 10 individuals and around 988 million U.S. adults are suffering from pre-diabetes.
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The Asia Pacific is expected to witness significant growth in the global insulin pump market, owing to the dominance of diabetes in the region. For instance, according to International Diabetes Federation (IDF), in 2020 around 88 million individuals in the Southeast Asia region were suffering from diabetes.
Top Key Players Include In Insulin Pumps Market: Medtronics, Braun Melsungen Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation, and Hoffmann-La Roche AG.
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