WASHINGTON, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Global Insulin Pump Market is valued at USD 4.20 Billion in 2021 and is projected to reach a value of USD 10.18 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 15.90% over the forecast period 2022-2028.
One of the most significant economic areas is the insulin pump business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for insulin pump, including rising investment requirements, developing technology, and new laws.
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Insulin Pump Market Overview
According to Vantage Market Research, some of the key factors anticipated acceleratingthe insulin pump market growth over the forecast period. The popularity of insulin pumps over conventional techniques is increasing, and technical developments are two of the factors impacting the market growth. The rising obesity prevalence, rising senior population and rising diabetes incidence are mostly to be responsible for the market's expansion.
We forecast that the tethered pumps category in the insulin pump market sales will account for more than 43% of total sales by 2028. Expandable tubing connects the pump to the catheter on tethered pumps. The dependability of these conventional pumps and the variety of products in the market are primarily contributing to the segment's huge market size.
Insulin Pump Market Dynamics
Increasing Advancement in Technology to Boost Market Growth
Technology advances are among the elements impacting the market growth. The increasing adoption of innovative technology by the healthcare industry for increased operational efficiency may be one of the primary causes of the market's fierce competition. Implementing automatic insulin pumps among patients is being accelerated by advanced intelligent techniques such as artificial intelligence in the healthcare industry.
Increasing Government initiatives to Drive the Market Growth
The market is expanding due to rising government initiatives to raise knowledge of healthcare laws and diabetes management worldwide. Additionally, there has been an increase in healthcare spending and the need for enhanced, inconspicuous, user-friendly tubeless insulin pumps. During the anticipated time frame, this is anticipated to fuel market expansion.
Top Players in the Global Insulin Pump Market
Hoffmann-La Roche Ltd
Tandem Diabetic Care, Inc
JingasuDelfu Co., Ltd.
For Additional Information on Insulin Pump Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Insulin Pump Market
One trend that Vantage Market Research (VMR) expects to see in the insulin pump industry is the growing prevalence of diabetes. One of the causes of death and a condition with a higher likelihood of developing several other health problems, diabetes is becoming more commonplace throughout the world. The market is expanding due to the increase in type 1 diabetes diagnoses.
Another trend that VMR predicts will continue in the insulin pump industry is the rapidly burgeoning elderly population. The fast-growing geriatric population contributes to the rising need for insulin pumps. As people age, their immune levels decline, which also contributes to the emergence of diabetes. An important growth driver in the next years may be the growing number of older patients and their choice for self-care at home.
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Top Report Findings
Based on type, most of the insulin pump market's revenue is controlled by the patch pumps category. Tools available online built into patch pumps assist in establishing the precise quantity of insulin patients need. This aids in minimizing the adverse consequences of insulin overdose and other related factors. These elements are likely to help the industry rise during the anticipated term.
Based on aircraft type, most of the insulin pump market's revenue is controlled by minimedcategory. Due to the rapid consumption rate and technological improvement.
The insulin cartridges or insulin reservoir category accounts for the majority of insulin pump market revenue. Patients' increasing use of anchored pumps fuels the demand for reservoirs. The reservoirs can hold up to 300 doses of insulin and can store as much as three days worth. This segment is expected to grow rapidly in the future.
Based on end users, most of the insulin pump market's revenue is controlled by the hospital category. Due to the abundance of qualified medical professionals, rising government financing, and expanding private sector participation in the healthcare industry, the segment's significant share has been explained.
Top 10 Players Generates More Than 45% of the Global Insulin Pump Market Revenue
The report also found that the largest players in the Insulin Pumpmarket are technology providers such as Medtronic plc; Hoffmann-La Roche Ltd.; Tandem Diabetic Care, Inc.; Insulet Corporation; Ypsomed; Cellenovo; Sooil Development.These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players includeMedtronic plc; Hoffmann-La Roche Ltd.; Tandem Diabetic Care, Inc.; Insulet Corporation; Ypsomed; Cellenovo; Sooil Development; Valeritas, Inc.; JingasuDelfu Co., Ltd.As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Tethered Pump Category inInsulin Pump Market to Generate Over 30% Revenue
Insulin Pumpare an expensive investment. Vantage Market Research has analyzed the market for Insulin Pump to understand its current state and potential future growth factors. For better understanding, based on the type, the insulin pumpmarketis divided into tethered and patch pumps.
During the forecast period, the market for insulin pumps is anticipated to experience the highest CAGR for the tethered pump category. The tethered industry controls the major share of the global aviation equipment market. Tethered insulin pumps have become more popular because of their portability and convenience, which allow patients to carry them in their pockets.
On the other hand, the patch pump category is anticipated to grow significantly over the upcoming years. Patch pumps are tiny and can be adhered to the top layer of skin directly. The fact that patch pumps don't require tubing and that their remote control doubles as a blood glucose monitor are crucial in the market's rapid expansion.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Insulin Pump Market Forecast Report (2022-2028).
Global Insulin Pump Market Segmentation
Pumps for Patches
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
North America region dominates the market, and this trend will continue throughout the projection period due to an increase in the proportion of older adults who are more likely to have diabetes. Additionally, the region's increased need for insulin pumps is fueled by advancements in its public health system and cutting-edge medical equipment.
Scope of the Report:
Market Size in 2021
USD 4.2 Billion
Revenue Forecast by 2028
USD 10.1 Billion
15.9% from 2022 to 2028
Medtronic PLC, Hoffmann-La Roche Ltd., Tandem Diabetic Care Inc., Insulet Corporation, Ypsomed Holdings, Cellenovo Ltd., Sooil Development, Valeritas Inc., JingasuDelfu Co. Ltd.
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