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The Global Insulin Pump Market size is estimated to grow at a CAGR of 16.25% between 2022 and 2027. The market size is forecast to increase by USD 5,465.96 million. The growth of the market depends on several factors, including the rising global burden of diabetes, favorable government initiatives for diabetes treatments, and the availability of diabetes self-management education programs
This insulin pump market report extensively covers market segmentation by type (tethered pumps and patch pumps), distribution channel (offline and online), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising global burden of diabetes is the key driver for the growth of the global insulin pump market. Diabetes is a chronic disease that occurs in all age groups. when the body cannot use insulin effectively or when the pancreas does not produce enough insulin diabetes disease occurs. Increased blood sugar can result in severe damage or complications, which may become life-threatening to the individual if left untreated. Adults between the ages of 20 and 79 who had diabetes were estimated to be around 463 million, and by 2045, it is predicted that this number will reach 700 million. In low- and middle-income nations, 79% of adults with diabetes reside.
Furthermore, the growing incidence of type 1 and type-2 diabetes will significantly increase healthcare costs. The average health expenditure for diabetes is approximately 9% of the total health expenditure. As per the CDC, the average annual medical expenditure for people diagnosed with diabetes is USD 7,900 in the US. In addition, as per the CDC statistics, around 23.1 million adults aged 65 years or older have pre-diabetes in the US. moreover, diabetic prevalence is high in countries with a higher population base, like China and India, and also in Europe. Hence, the increasing incidence of diabetes is likely to increase the adoption of insulin pumps, which will further drive the growth of the regional insulin pump market during the forecast period.
The increase in awareness programs for diabetes is the primary trend in the global insulin pump market. Vendors are organizing summits to spread awareness about diabetes as well as generate insights for product development. For example, the European Foundation for the Study of Diabetes (EFSD) in Europe, aims at creating and spreading awareness of type-1 diabetes among people.
Additionally, there are several country-specific organizations that are striving to raise awareness of type-1 diabetes. For example, the Juvenile Diabetes Research Foundation (JDRF) is fighting type-1 diabetes by funding research, to support networks for patients with type-1 diabetes. Various initiatives taken to rising awareness of diabetes management in the region will also accelerate the growth of the market. These factors provide various tools and daily routine activities for diabetes prevention, management, and control. Hence, an increase in awareness programs for diabetes is one of the emerging trends which is expected to drive the growth of the global insulin pump market during the forecast period.
High costs associated with insulin pumps are the major challenge for the global insulin pump market. Owing to the high costs associated with insulin pumps impact the adoption of this technology for individuals with diabetes. Insulin pumps are complex in nature and medical devices involve not only the initial cost of the device but also ongoing expenses for supplies such as infusion sets, reservoirs, and batteries. For example, there are numerous pumps available, and their prices without insurance range between USD 4,500 and USD 6,500. Consumable costs, such as those for batteries, cannulas, reservoirs, and tubing, are significant additional expenses and can range from USD 1,250 to USD 2,501 annually.
In addition, the cost of insulin pump therapy is not limited to the device itself, it also includes regular supply purchases and potential maintenance or replacement costs. Affordability challenges have a major impact on patient access to insulin pump therapy. Furthermore, the affordability challenge is not limited to the device cost alone. Insulin pumps require periodic supplies, such as infusion sets and reservoirs, which require change regularly. These ongoing expenses can accumulate over time. Hence, the high costs of insulin pumps can become a major challenge for the growth of the global insulin pump market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Insulin Pump Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers insulin pumps such as FreeStyle Libre 3.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the tethered pumps segment will be significant during the forecast period. Insulin pumps are flexible tubes running from the pump to the cannula, small and thin tube that goes through the skin. They pump themselves because they have controls and they are portable and can be worn under or outside of clothing. It can also be slipped into a pocket. For instance, Accu-Cek Spirit Combo is part of a system that also includes a smartphone that doubles as a blood test meter and bolus calculator, hence the name Combo System. Similarly, Animas Vibe is also made to reduce some of the inconveniences associated with using an insulin pump. Its direct integration with the Dexcom G4 Platinum CGM.
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The tethered pumps segment shows a gradual increase in the market share of USD 2,083.04 million in 2017 and continue to grow by 2021. Medtronic MiniMed Paradigm Veo is an example of a tethered pump which have features such as the Low Glucose Suspend by far the most notable advancement. Low Glucose Suspend means that if the Paradigm Veo is used with Medtronic's Enlite CGM sensors, the pump will automatically stop delivering insulin if your glucose levels fall too low until they have returned to normal.
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North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The insulin pump market in North America is growing steadily due to the increase in technological advances in the healthcare sector and a high incidence of type 1 and type-2 diabetes. According to studies by the Centers for Disease Control and Prevention (CDC), in 2022, there are more than 130 million adults in the US who have diabetes or prediabetes. Type-2 diabetes accounted for around 90%-95% of all diabetes cases in the US. Factors such as increasing age and obesity will contribute to rising the chances of diabetes.
Furthermore, the US is the major contributor in generating revenue to the market, with a high incidence of the diabetic population, sophisticated healthcare infrastructure, and growing technological advances. Countries like Canada and Mexico follow the US and are among the major revenue generators in North America. The availability of technically advanced products, such as automated insulin delivery systems, is likely to spur the demand in the insulin pump market in these countries during the forecast period.
The outbreak of COVID-19 affected all countries in North America, especially the US, in 2020. It also had a slight negative impact on the insulin pump market in North America. However, by the second half of 2020, due to the lifting of the lockdown and the onset of vaccination drives the restrictions across North America were somewhat relaxed by regional governments. Which raises the resumption of business activities offering essential services. The relaxation of such restrictions will encourage people to go for health checkups and treatments, which will drive the growth of the insulin pump market in North America during the forecast period.
The insulin pump market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the insulin pump market as a part of the healthcare market within the global healthcare equipment and services market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Insulin Pump Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.25% |
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Market growth 2023-2027 |
USD 5,465.96 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
15.15 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 48% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, B.Braun SE, Beta Bionics Inc., ConvaTec Group Plc, Dexcom Inc., Eli Lilly and Co., Eoflow Co. Ltd., F. Hoffmann La Roche Ltd., Insulet Corp., Johnson and Johnson Services Inc., MannKind Corp., Medtronic Plc, Nipro Corp., Nova Biomedical Corp., Novo Nordisk AS, Senseonics Holdings Inc., SOOIL Development Co. Ltd., Tandem Diabetes Care Inc., Ypsomed AG, and CeQur SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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