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The Insulin Pump Market size is estimated to grow by USD 9.43 billion, at a CAGR of 21.81% between 2023 and 2028. Market growth hinges on several factors, such as the increasing global prevalence of diabetes, favorable government initiatives aimed at improving diabetes treatment, and the availability of educational programs for self-management of diabetes. These factors collectively drive the demand for diabetes care products and services. Governments worldwide are implementing policies and programs to address the rising prevalence of diabetes, leading to increased investment in diabetes management solutions. Additionally, the availability of self-management education programs empowers individuals to effectively manage their condition, further fueling market growth. As a result, the market is expected to witness significant expansion in the coming years. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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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 showed a gradual increase in the market share of USD 2.38 billion in 2018. 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 58% 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 were more than 130 million adults in the US who had diabetes or prediabetes. Type-2 diabetes accounted for around 90%-95% of all 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 market is driven by the increasing adoption of computerized devices for diabetes management. These devices cater to the needs of diabetic persons by providing portable insulin delivery. Integration of Artificial Intelligence (AI) and Machine Learning (ML) enables precise sugar monitoring and ensures a continuous flow of insulin. Closed-loop pumps are gaining popularity, offering automated insulin delivery based on real-time glucose levels. Factors such as a sedentary lifestyle and a growing geriatric population contribute to the market growth. Additionally, advancements like AI-enabled pumps and the penetration of insulin pumps in retail and hospital pharmacies drive market expansion.
The rising global burden of diabetes is the key driver for the growth of the market. This 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, highlighting the importance of accessible and affordable retail pharmacy services for diagnosis and management, particularly in populations with sedentary lifestyles. 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 is likely to increase the adoption of insulin pumps, which will further drive the growth of the market during the forecast period.
The increase in awareness programs for diabetes is the primary trend in the market. Companies 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, several country-specific organizations 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 raise awareness 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 is one of the emerging trends that is expected to drive the growth of the market during the forecast period.
High costs associated with insulin pumps are the major challenge for the market. Owing to the high costs associated with insulin pumps impact the adoption of this technology for individuals. 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 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 Market Customer Landscape
Companies 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is influenced by factors such as the increasing prevalence of diabetes, particularly Type II diabetes, driven by Unhealthy lifestyle and aging populations in developed nations. This has led to a rise in Diabetic person seeking effective treatment options like portable insulin delivery devices. The market is witnessing a shift towards Closed loop pumps and AI enabled pumps, offering automated and accurate insulin delivery. Medicare policies supporting reimbursement for insulin pumps, along with advancements like tubeless insulin pumps and smartphone integration, are further driving market growth. Additionally, the market is expanding due to the increasing adoption of home infusion treatment and the convenience of automatic insulin administration compared to manual administration methods.
Moreover, the market is witnessing significant growth driven by the rising prevalence of obesity and diabetes worldwide. These pumps offer a more convenient and effective alternative to traditional insulin injections. Advanced features are enhancing blood glucose monitoring and insulin delivery accuracy. They are particularly beneficial for individuals with cataract, glaucoma, and hypertension. The market is also driven by the increasing adoption of smartphones for managing diabetes and the growing demand for automatic administration devices. Hospitals, clinics, and homecare settings are major users, with ongoing clinical trials aiming to further improve these devices. The prevalence of obesity is a significant disease indication, leading to increased utilization of hospital pharmacy services and the integration of IT devices for more effective management.
Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.81% |
Market growth 2024-2028 |
USD 9.43 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.76 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 58% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, B.Braun SE, Beta Bionics Inc., CeQur SA, 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., and Ypsomed Holding AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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