Insulin Pump Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Insulin Pump market size is expected to be worth around US$ 7.93billion by 2028, according to a new report by Vision Research Reports.

The global Insulin Pump market size was valued at US$ 4.30 billion in 2020 and is anticipated to grow at a CAGR of 10.6% during forecast period 2021 to 2028.

Growth Factors

Insulin pumps enable insulin to be delivered into the body either manually or automatically. They can be programmed to deliver a specific set of doses as per the requirement. Patients can connect these devices to their smart phones to calibrate blood glucose reading. This factor is expected to drive the product demand.

Technological advancements and new product launches are expected to fuel the market growth during the forecast period. For instance, Medtronic’s MiniMed 670G system is the world’s first hybrid closed loop system that acts like an artificial pancreas. The system provides automated insulin delivery as per the Continuous Glucose Monitoring (CGM) readings of the patient.

Rising efforts of the governments and healthcare organizations to control the prevalence of diabetes is expected to bode well for the market growth. For instance, the International Diabetes Federation (IDF) provides the required expertise and supports diabetes awareness campaigns through a network of stakeholders and partners. Increasing healthcare funding is also anticipated to propel the growth of the market. Additionally, the market is expected to witness a shift from the traditional tethered pumps to patch pumps driven by their compact size and ease of use.

Report Highlights

By type, the market has been segmented into patch and tethered insulin pumps. Tethered pumps segment accounted for the largest market size and is expected to expand at a CAGR of 10.2% during the forecast period. These devices have a flexible tubing between the pump and the cannula. The segment growth is majorly attributed to reliability of these traditional pumps and the high products availability.

Patch pump segment is expected to expand at a robust CAGR of over 11.9% during the forecast period. Patch pumps are small in size and can be directly attached to the surface of the skin. Features such as lack of may also serve as a blood glucose meter. Moreover, integration of calculators helps determine the exact dosage of insulin required by patients and avoid overdose. These factors are likely to boost the market growth during the forecast period.

By accessories, market has been segmented into insulin reservoir/cartridges, insertion devices set, and batteries. The insertion devices segment held the dominant market share in 2020, attributed to its use as in general infusion set and high cost of infusion sets. Moreover, these devices need to be changed in every two to three days, thereby driving the demand for the product.

Reservoir or cartridges segment is expected to witness substantial CAGR of 10.9% during the forecast period. The growth is driven by increasing adoption of tethered pumps. This typically involves loading a cartridge into the reservoir or drawing insulin from vial into the reservoir. These reservoirs have a capacity of holding up to 300 units of insulin lasting for at least 2 to 3 days. These factors are expected to drive the growth of the segment in the forthcoming years.

By end use, the market is segmented into hospitals and clinics, homecare, and laboratories. The hospital segment is expected to maintain its dominance over the forecast period, attributed to the availability of skilled healthcare professionals, increasing government funding, and rising private sector investment in the healthcare sector.

Homecare segment is expected to expand at the fastest CAGR of 10.1% 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. Moreover, increasing usage of patch pumps which are small in size and are easy to carry is also expected to propel the market during the forecast period.

Based on products, the insulin pump market has been segmented into MiniMed (Medtronic Plc), Accu-Chek (F. Hoffmann-La Roche Ltd), t: slim (Tandem Diabetes Care), OmniPod (Insulet Corporation), Mylife OmniPod (Ypsomed AG), and others. Medtronic MiniMed’ s insulin pumps contributed to the majority of sales in the market owing to high adoption and technological advancements. The growth of MiniMed product line is primarily driven by a strong foothold and regional presence of Medtronic and the launch of its MiniMed 670G system - the world’s first hybrid closed loop system.

Key Players

Medtronic plc; Hoffmann-La Roche AG; Ypsomed AG; Insulet Corporation

Market Segmentation

  • Type Outlook

    • Patch Pump

    • Tethered Pump

  • Product Outlook

    • 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

  • Accessories Outlook 

    • Insulin Reservoir or Cartridges

    • Insulin Set Insertion Devices

    • Battery

  • End Use Outlook

    • Hospitals and Clinics

    • Homecare

    • Laboratories

  • Regional Outlook

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Insulin Pump market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Insulin Pump market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Insulin Pump market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Insulin Pump market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Insulin Pump market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Insulin Pump capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Insulin Pump by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Insulin Pump market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Insulin Pump market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Insulin Pump market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Insulin Pump industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Insulin Pump market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Insulin Pump market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Insulin Pump market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Insulin Pump market. These factors have benefited the growth of the global market for Insulin Pump. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Insulin Pump. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Insulin Pump are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Featured Research Reports

  • Featured Research Reports

    Long Term Care Devices Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

    Read more...
  • Featured Research Reports

    Fractional Flow Reserve Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

    Read more...
  • Featured Research Reports

    Manual Resuscitators Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

    Read more...
  • Featured Research Reports

    Veterinary Imaging Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

    Read more...
  • Featured Research Reports

    Fetal And Neonatal Care Equipment Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

    Read more...