LONDON, Sept. 24, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Insulin Pump Market By Product Type, By End User, Industry Analysis, Trends, And Forecast 2028". The Insulin Pump Market was valued at USD 4.98 billion in 2021 and expected to reach USD 12.18 billion By 2028, amplifying with a CAGR of 13.64% over 2022-2028.
A large section of the world's population is affected with diabetes. This ailment can be regarded as a silent killer because it not only hampers the quality of life but also leads to the occurrence of other comorbidities. Insulin is a hormone that aids in the regulation of blood sugar levels and therefore is administered to patients with severe diabetes. A wide range of medical instruments and diabetes are used to efficient administer insulin. Some of the most common devices are syringes, insulin pens, and pumps, among others. Insulin Pump is one of the most effective devices for insulin administration. These pumps deliver a continuous and precise amount of insulin into the body through a small tube called a cannula or catheter. Insulin is a hormone that regulates blood sugar (glucose) by allowing it to enter cells, where it can be used for energy.
The market trends report is curated with an aim to help businesses understand the overall dynamics of this industry. The growth drivers, challenges, opportunities, and restraints are thoroughly elaborated in this report. It offers market size forecast along with projected market share over the stipulated timeline. This report further bifurcates the industry on the basis of various segments. These segments are analysed with an aim to determine the exact size and scope of this business vertical. Apart from the, the top regions and competitive landscape of this industry are evaluated using proven research methodologies.
Insulin Pump Market Scope-
Report Metric | Details |
Insulin Pump Market Revenue forecast in 2028 | USD 12.18 Billion |
Market Size in 2021 | USD 12.18 billion |
Market Growth Rate | CAGR of 13.64% from 2022 to 2028 |
Base Year | 2021 |
Study Period | 2022-2028 |
Key Players/Companies | Sanofi, Abbott Laboratories, Hoffmann-La Roche AG, Medtronic Inc., Becton Dickinson and Company, Insulet Corporation, and others |
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Elaborating the key trends and dynamics of Insulin Pump Market-
Growing prevalence of diabetes especially type 1 diabetes, changing lifestyle trends, and rise in the geriatric population base are the primary factors leading to market share increase. Alongside, surge in healthcare spending, rising diabetes awareness worldwide, and emergence of highly advanced medical devices are creating profitable prospects for this industry. High pervasiveness of gestational diabetes and initiation of favourable medical reimbursement policies across numerous nations are creating lucrative market growth opportunities.
Major growth drivers-
High diabetes prevalence:
The patient pool affected with type 1 and type 2 diabetes rising dramatically across the globe. This can be credited to the rapid shift towards a sedentary lifestyle, food adulteration, growing fast food consumption, and rise in the volume of aged population. There is no permanent cure for diabetes but it can be regulated by making lifestyle changes and following proper health protocols. People with severe diabetes require the administration of insulin to regulate their blood sugar levels. The advent of innovative insulin pump infusion sets and advanced infusion pump accessories have created a beacon of hope for patients. This in turn is positively influencing Insulin Pump Market Trends.
Ideal initiatives by government and healthcare organizations- Governments and healthcare organizations worldwide are initiating various initiatives to promote diabetes management and improve access to insulin delivery devices. They are spreading cognizance about the importance of continuous glucose monitoring (CGM) with the use of advanced devices. Further initiatives include reimbursement policies, awareness campaigns, and strategic collaborations, are aimed at raising awareness about this ailment and offer quality medical care to treat and manage the same. These factors together are increasing Insulin Pump Market revenue.
Challenges-
Safety Concerns:
Insulin pumps devices are subject to malfunctioning, contamination and can also cause insulin pump infections and injuries. This at times leads to reluctance among patients and healthcare providers to opt for these devices for insulin administration. Insulin pump failures an lead to unpredictable blood sugar levels. Insulin pump insulin pump reservoirs and insulin pump batteries malfunctioning can result in the pump shutting down unexpectedly. These factors are impacting industry remuneration scope.
Competitive Hierarchy:
The prominent players influencing Insulin Pump Market Outlook are-
- Sanofi
- Abbott Laboratories
- Hoffmann-La Roche AG
- Medtronic Inc.
- Becton Dickinson and Company
- Insulet Corporation
- Tandem Diabetes Care
- Animas Corporation
- Valeritas
- Cellnovo Ltd
- Nipro Diagnostic
- SOOIL Developments Co.
- Asante
- Braun Melsungen AG
- Omron
- Ypsomed
- MicroPort Scientific Corporation
- Spring Health Solutions
- Debiotech
- Microtech Medical
- Medzer Ltd.
- Cellenovo
- Eoflow
- Lenomed Medical
- Others
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Insulin Pump Market Segmentation-
By product type, the smart pumps segment is expected to amplify substantially since they ensure improved blood sugar management while paving the way for remote monitoring.
Geographical Landscape:
Europe is reckoned to emerge as one of the fastest growing segments in this market. This is ascribed to the surge in the geriatric population base, emergence of smart medical devices, and rising prominence of home healthcare. Besides, presence of noteworthy players, favourable reimbursement policies, and unhealthy lifestyle trends of the masses positively swaying Insulin Pump Market dynamics.
Major Developments-
Acquisitions:
In July 2019, Insulet Corporation, a global leader in tubeless insulin pump technology, acquired the Omnipod® insulin business from Ypsomed.
Porter's Five Forces Analysis-
Threat of New Entrants: The threat of new entrants is relatively low in this industry. Developing and manufacturing insulin delivery devices requires significant investment in research and development, regulatory compliance, and established distribution channels, creating barriers for new players.
Bargaining Power of Suppliers: In this market suppliers hold moderate bargaining power. While there are multiple suppliers in the market, manufacturers need to ensure a consistent supply of high-quality components. Supplier relationships and the ability to negotiate favourable terms can influence production costs and product quality.
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Bargaining Power of Buyers: The bargaining power of buyers in this market is relatively high. Buyers, including healthcare providers and individual patients, have access to a wide range of insulin delivery devices and can compare features, prices, and performance. This puts pressure on manufacturers to offer competitive pricing, innovative features, and strong customer support to retain and attract buyers.
Threat of Substitute Products: The threat of substitute products is relatively low. Insulin delivery devices are essential for individuals with diabetes who require insulin therapy. While alternative methods of insulin delivery, such as traditional syringes or insulin pumps, exist, the market for insulin delivery devices remains strong due to their convenience, accuracy, and improved patient experience.
Competitive Rivalry: The competitive rivalry in this market is high. Numerous companies, including established medical device manufacturers and specialized diabetes care companies, compete for market share. Differentiated product offerings, technological advancements, pricing strategies, brand reputation, and regulatory compliance are key factors influencing the intensity of competition in the market.
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