Insulin Pump Market Revenue To Cross USD 15.3 Bn by 2030

The global Insulin Pump market size is expected to be worth around US$ 15.3 billion by 2030, according to a new report by Vision Research Reports.

The global Insulin Pump market size was valued at US$ 5.6 billion in 2020 and is anticipated to grow at a CAGR of 9.7% during forecast period 2021 to 2030.

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Insulin Pump Market Growth Factors

The factors influencing market growth include technological advancements and the rising adoption of insulin pumps over traditional methods. Insulin pumps are very convenient for people who require multiple insulin injections on a daily basis. These devices are less invasive and hence, are largely adopted by the patient pool. The growth of the market is majorly attributed to the increasing geriatric population, growing incidence of diabetes, and the rising prevalence of obesity. Moreover, companies are developing new generation insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the growth of the market.

With the increase in awareness regarding diabetes management and care, electronic insulin pumps are being favored by both doctors and consumers. This can be attributed to the fact that new-generation pumps are convenient, safe, and provide accurate results compared to traditional methods. The anytime-anywhere nature of digital technology enables patients to address their health issues by connecting with the healthcare team and sharing data. The aforementioned factors are expected to propel the growth of the market.

Insulin Pump Market Report Coverage

By Type Analysis

The tethered pumps segment dominated the market and accounted for the largest revenue share of 78.5% in 2020. The segment is expected to witness a CAGR of 9.5% during the forecast period. Tethered pumps have flexible tubing between the pump and the cannula.

The patch pump segment is expected to witness a robust CAGR of around 10.0% during the forecast period. Patch pumps are small in size and can be directly attached to the surface of the skin. The high growth rate of the market is majorly attributed to its benefit such as there is no tubing in patch pumps and its remote control may also serve as a blood glucose meter.

By Product Analysis

Medtronic’s MiniMed insulin pumps segment dominated the market and captured the largest revenue share of around 51.0% in 2020 owing to the high adoption rate and advancement in technology.

The tandem pump segment is expected to exhibit the highest CAGR of 12.2% during the forecast period. The product is widely accepted for its smaller design, compact size structure, yet capacity to hold around 300 units of insulin pumps.

By Accessories Analysis

The insulin set insertion devices segment dominated the market and accounted for the largest revenue share of 42.3% in 2020. The highest market share of this segment is majorly attributed to its use such as in general infusion sets of insulin pumps are changed every two to three days and also the high cost of infusion sets.

The insulin reservoir or cartridges segment is expected to witness a substantial growth rate of CAGR of 10.01% during the forecast period. The growth of the segment is driven by the increasing adoption of tethered pumps. This typically involves loading a cartridge of insulin into the reservoir or drawing insulin from a vial into the reservoir.

By End-use Analysis

The hospitals and clinics segment dominated the market and accounted for the largest revenue share of 45.8% in 2020 and is expected to maintain its dominance over the forecast period. The large share of the segment is attributed to the availability of skilled healthcare professionals, increasing government funding, and rising private sector investment in the healthcare sector.

The homecare segment is expected to witness the fastest CAGR of 11.17% during the forecast period. The growth of the sector is attributed to the increasing awareness about insulin pumps use and high adoption of these products at home due to their ease of use.

By Regional Analysis

North America dominated the insulin pump market and captured the largest revenue share of around 46.1% in 2020 owing to the presence of major players in insulin pumps. Furthermore, the increasing prevalence of obesity, high treatment costs, technological advancement, and product launches are also expected to drive the market in the region.

Europe is also expected to capture a significant market share over the forecast period, due to an increase in the geriatric population, which is prone to diabetes. Moreover, improvements in its healthcare sector and the implementation of advanced medical products are augmenting the demand for insulin pumps in the region.

Asia Pacific is projected to be a lucrative region for the insulin pumps market. Increasing healthcare funding and government initiatives to spread awareness about diabetes are major factors aiding growth in this region.

China is expected to lead the APAC region in 2020 owing to its economic growth and large diabetes population. Furthermore, the adoption of new technology in developing economies is also anticipated to boost the market.

Read also @ Medical Spa Market Size to Record 15.3% CAGR Through 2030

Major Key Players Covered in The Insulin Pump Market Report include

• Medtronic plc
• Hoffmann-La Roche Ltd
• Tandem Diabetic Care, Inc.
• Insulet Corporation
• Ypsomed
• Cellenovo
• Sooil Development
• Valeritas, Inc
• JingasuDelfu Co., Ltd.

Insulin Pump Market Segmentation

• By Type
  • Patch Pumps
  • Tethered Pumps
• By Product
  • MiniMed (630G, 670G, and VEO)
  • Accu-Chek (Combo, Insight, and Solo)
  • Tandem (T: slim X2, G4, T: flex Delivery System)
  • Omnipod
  • My Life Omnipod
  • Others
• By Accessories
  • Insulin reservoir or cartridges
  • Insulin set insertion devices
  • Battery
• By End-use
  • Hospitals & clinics
  • Homecare
  • Laboratories
• Regional
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE