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.
|Market Size||US$ 15.3 billion by 2030|
|Growth Rate||CAGR of 9.7% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Product, Accessories, end-use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Medtronic plc; Hoffmann-La Roche Ltd.; Tandem Diabetic Care, Inc.; Insulet Corporation; Ypsomed; Cellenovo; Sooil Development; Valeritas, Inc.; JingasuDelfu Co., Ltd.|
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.
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.
Hoffmann-La Roche Ltd
Tandem Diabetic Care, Inc.
JingasuDelfu Co., Ltd.
MiniMed (630G, 670G, and VEO)
Accu-Chek (Combo, Insight, and Solo)
Tandem (T: slim X2, G4, T: flex Delivery System)
My Life Omnipod
Insulin reservoir or cartridges
Insulin set insertion devices
Hospitals & clinics
Middle East & Africa
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 2030. 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 2030. 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.
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:
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
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.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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