Global Insulin Infusion Pumps Market - 2023-2030

Global Insulin Infusion Pumps Market - 2023-2030

Global insulin infusion pumps market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.

Insulin infusion pumps are small and computerized devices. Insulin pumps can help diabetes patients conveniently manage their blood sugar. These small devices deliver doses of insulin at specific times. Many people find that insulin pumps are a more flexible option than other devices like insulin pen injections. Insulin pumps don’t have to be permanent and can switch to another insulin management method at any time.

Insulin pumps are known to offer lifestyle freedom and flexibility. All people with Type 1 diabetes and some people with Type 2 diabetes will need some type of insulin injection option for the rest of their lives, these insulin pumps can make diabetes treatment more easier. Doses are delivered through a flexible plastic tube known as a catheter. With the aid of a small needle, the catheter is inserted through the skin into the fatty tissue and is taped in place. The tube/needle combination is called an infusion set.

Market Dynamics: Drivers

Increasing adoption of advanced insulin infusion pumps

The increasing adoption of advanced insulin infusion pumps is expected to drive the market over the forecast period. The advancements in insulin infusion pumps helps in the better treatment of diabetes, resulting in better patient outcomes. For instance, on March 08, 2022, India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc launched the MiniMed 780G system in India.

The MiniMed 780G system is a next-generation closed-loop insulin pump system for the treatment of type 1 diabetes in people aged 7 to 80 years. Leveraging the company’s most advanced SmartGuard technology, the system automates the delivery of both basal insulin and correction boluses every five minutes to help people with diabetes avoid highs and lows with greater ease.

Moreover, insulin infusion pumps have greater advantages than other devices, the advancements in these pumps helps to control and manage the insulin infusions. Advanced infusion pumps offer more precise and continuous insulin delivery, which can significantly improve blood glucose control. This can lead to better long-term health outcomes and reduced complications for individuals with diabetes.

For instance, on february 14, 2023, EOFlow Co. launched its tubeless, wearable, and disposable insulin pump “EOPatch” in the UAE. It becomes possible in the UAE to control and manage insulin infusions with EOPatch directly from Android and iOS smartphones using the brand-new Narsha app.

In addition, the regulatory approvals increase the trust in patients about the development of novel advanced devices. For instance, on February 16, 2022, Tandem Diabetes Care, Inc., a leading insulin delivery and diabetes technology company, released the U.S. Food and Drug Administration (FDA) clearance of bolus insulin dosing on the t:slim X2 insulin pump using the t:connect mobile app. This represents the first-ever FDA-cleared smartphone application capable of initiating insulin delivery on both iOS and Android operating systems.

Further, the increasing prevalence of diabetes, rising FDA approvals, increasing clinical trials, increasing awareness and technological advancements in the development of novel devices are the factors expected to drive the market over the forecast period.

Restraints

Factors such as complications associated with the devices, the high cost of the insulin infusion pumps, technical issues associated with the devices and presence of alternative treatment options are expected to hamper the market.

Segment Analysis

The global insulin infusion pumps market is segmented based on component, application, end-user and region.

The insulin pumps segment accounted for approximately 45.3% of the insulin infusion pumps market share

The insulin pumps segment is expected to hold the largest market share over the forecast period. The increasing prevalence of diabetes is expected to increase the demand for the insulin pumps. For instance, according to the Centers for Disease Control and Prevention, 2022, 37.3 million people have diabetes.

Ongoing advancements in insulin pump technology, such as integration with continuous glucose monitoring (CGM) systems and improved user interfaces, may attract more users. Insulin pumps offer flexibility in insulin dosing, allowing users to customize their treatment plans. Their convenience, including reduced injection frequency, can make them an attractive option.

For instance, on April 25, 2023, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod brand of products, released the FDA clearance of its latest innovation, Omnipod GO, an insulin delivery device cleared for use for people with type 2 diabetes age 18 or older who would typically take daily injections of long-acting insulin.

Geographical Analysis

North America accounted for approximately 39.2% of the market share

North America region is expected to hold the largest market share over the forecast period owing to the strong presence of major players and technological advancements. North America especially the United States is known for its strong presence of major players such as pharmaceutical companies and medical device companies. The presence of major players actively performing in clinical trials, leads to the launch of novel and advanced devices in the region.

For instance, on November 15, 2022, Medtronic launched a new infusion set with a wear time of up to seven days for insulin pumps in the US. Developed in collaboration with Convatec Infusion Care, the new Medtronic Extended Infusion Set is claimed to be the first and only infusion set that is designed for double the wear time. The new infusion set leverages advanced materials to help minimize insulin preservative loss, maintain insulin flow and stability, and double the infusion set wear time.

Furthermore, the region is also known for its innovation and investment in research and development in the insulin infusion pumps. Technological advancements in North America especially in United States can lead to the introduction of cutting-edge products and solutions that attract a more users.

In addition, on July 07, 2020, Medtronic plc, the global leader in medical technology, introduced the MiniMed Mio Advance infusion set to all Medtronic insulin pump customers in the United States. The MiniMed Mio Advance infusion set is the newest addition to the MiniMed portfolio of infusion sets and gives people using insulin pumps an optimal user experience with fewer steps.

Competitive Landscape

The major global players in the insulin infusion pumps market include Medtronic plc, Insulet Corporation, Tandem Diabetes Care, Inc., Ascensia Diabetes Care Holdings AG, Ypsomed AG, F. Hoffmann-La Roche Ltd., Shinmyung Mediyes CO., LTD., Abbott Laboratories, SOOIL Developments Co., Ltd and Smiths Group plc, among others.

Key Developments
• On June 21, 2023, Insulet commercially launched its Omnipod 5 automated insulin delivery system in the United Kingdom. Acton, Massachusetts-based Insulet launched Omnipod 5 insulin pumps for individuals aged two years and older with type 1 diabetes.
• On April 21, 2023, Medtronic plc, the global leader in medical technology, cleared the U.S. Food and Drug Administration (FDA) approval of its MiniMed 780G system with the Guardian 4 sensor requiring no fingersticks while in SmartGuard technology. This milestone marks the approval of the only system with meal detection technology that provides automatic adjustments and corrections to sugar levels every 5 minutes.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global insulin infusion pumps market. Many people with diabetes reduced their visits during the pandemic to minimize the risk of exposure to the virus. As a result, there was a decline in new pump prescriptions and fittings, impacting market growth. Healthcare providers increasingly turned to telehealth and remote monitoring solutions to provide care to individuals with diabetes. The pandemic also disrupted the supply chain of these devices globally.

Why Purchase the Report?
• To visualize the global insulin infusion pumps market segmentation based on component, application end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of insulin infusion pumps market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global insulin infusion pumps market report would provide approximately 61 tables, 57 figures, and 188 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies