Insulin Pumps Market Share, Trends and Growth Analysis By Type (Traditional Insulin Pumps, Smart Insulin Pumps and Disposable Insulin Pumps), Accessories (Insulin Reservoirs, Infusion Sets and Infusion Set Insertion Devices), Application (Type I Diabetes and Type II Diabetes), End User (Hospitals and Clinics, Home Care, Laboratories) and Region (North America, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2027
Insulin Pump Market Trends
Insulin pumps are used to regulate insulin at specific intervals in diabetic patients. Insulin pumps are connected to the patient’s body, and insulin is delivered through a catheter inserted under the skin. The pumps provide a dose of insulin to control and maintain blood glucose levels. The patient can take an additional dose based on the food intake to maintain glucose levels under control. These pumps are considered to be an adequate substitute for injections due to their improved blood glucose control and fewer shots than needles.
Diabetes is a chronic disease, and its global prevalence is on the rise. Recently, it is one of the leading causes of death and has an increased risk of having many severe health conditions. It is the principal cause of cardiovascular disease, kidney disease, eye conditions, and stroke.
According to WHO, approximately 347 million people had diabetes in 2008. Similarly, as per the International Diabetes Federation (IDF), around 384 million people had diabetes in 2013, and almost 592 million people are predicted to suffer by 2035. The number of people diagnosed with diabetes is expected to rise at a very high rate. The most substantial percentage increase is expected to be in the demographic with ages over 60. Therefore, if current trends in the incidence of diabetes persist linearly for the next 50 years, potential shifts in the size and demographic characteristics of the global population will substantially increase the number of people diagnosed with diabetes.
Insulin Pump Market Segmentation
The global insulin pump market has been segmented into type, accessories, application, and end-user.
Based on type, the global insulin pump market has been segmented by demand of insulin pumps into traditional insulin pumps and disposable insulin pumps. In 2016, the segment for the traditional insulin pump was the largest in the world and held a value of USD 2.696.9 million. Traditional insulin pumps have an insulin container and a pumping mechanism placed to the body with a tube and an infusion set. The buttons in the pump body allow the delivery of insulin for meals. The disposable insulin pump, also called insulin patch pumps, is worn directly on the body. Such insulin patch pumps have a pumping system, a container, and an infusion, all packed in a small case. Patch pumps are wirelessly operated with a separate system that enables the delivery of insulin for meals from the patch.
Based on accessories, the global insulin pump market is segmented into insulin reservoirs, infusion sets, and infusion set insertion devices. The segment of the infusion sets is further segmented into a steel cannula and a plastic cannula.
Based on the application, the insulin pump market is divided into type I diabetes and type II diabetes.
Based on the end-user, the global insulin pump market is segmented into hospitals, clinics, home care centers, and laboratories. The hospital & clinic segment accounted for USD 2.188.2 million with 45.2% in 2016 and forecasted to hit USD 3.908.8 million by 2023.
Insulin Pump Market Regional Insights
Based on the region, the global insulin pumps market is segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa.
The global insulin pumps market is growing steadily. In 2016, North America and Europe had more than half of the market share for insulin pumps worldwide. Increasing investment in R&D and product production is a primary driver of insulin pump market growth.
North America is a health leader and the world’s largest for insulin pumps market. Due to the availability of state-of-the-art healthcare infrastructure, advanced medical facilities, and the rapid adoption of new products and treatments, the insulin pumps market in North America is growing steadily. Many leading players are operating in this region, which is leading to innovation and new product developments. Other factors, such as the availability of qualified health practitioners, the availability of products, and high buying power, also fuel the growth of the insulin pump market.
The Asia Pacific is anticipated to be the fastest-growing region in the global insulin pumps market for due to increasing healthcare costs and the rapidly expanding healthcare sector. Demand is higher in high-income nations, but the market is increasing rapidly in developed and emerging Asian economies, such as China and India. The healthcare sector is also influenced by increasingly changing technology. Health professionals and manufacturing companies are taking steps to bring the best possible solutions to the market.
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Insulin Pump Market Key Players
The leading participants in the global insulin pumps market are Abbott Laboratories, Braun Melsungen AG, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Medtronics, Sanofi, and Insulet Corporation.
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