Insulin Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Insulin Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global insulin pumps market size reached US$ 5.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.

Insulin pumps are small computerized medical devices that can be clipped on to a belt, pocket or hidden under the clothes. The pump is used to deliver controlled doses of insulin inside the body at regular intervals, depending upon the consumer’s basal and bolus rate, to control the rise in blood glucose levels. It operates through a needle and a flexible catheter that is used to insert insulin directly into the fatty tissue, which is then taped and secured in place. Insulin pumps assist individuals suffering from type 1 and type 2 diabetes by providing them flexibility in food options and eating schedules and reduces the number of injection administrations.

The increasing prevalence of diabetes across the globe and rising health awareness are the key factors for market growth. Modernization of economies has significantly enhanced the occurrence of several lifestyle diseases, especially diabetes. This is further augmented by changing dietary preferences and dependency on ready-to-eat packaged food containing artificial ingredients and preservatives. Since diabetes can trigger the occurrence of other chronic conditions such as kidney failure, stroke, paralysis and blindness, manufacturers are increasingly emphasizing on creating adaptive and affordable devices. Additionally, due to the development of highly accurate glucose sensors and blood monitoring devices, the demand for efficient insulin pumps has also increased. Furthermore, factors such as rising per capita expenditure on healthcare services and increasing research and development for improving the functioning of insulin pumps have also contributed to market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insulin pumps market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

Insulin Pumps
Tethered Pumps
Disposable/Patch Insulin Pumps
Insulin Pump Supplies and Accessories
Infusion Set Insertion Devices
Insulin Reservoirs/Cartridges

Breakup by Distribution Channel:

Hospital Pharmacy
Retail Pharmacy
Online Sales
Diabetes Clinics/ Centers
Others

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Animus Corp., Medtronics Inc., Insulet Corp., Roche Diagnostics, Cellnovo Ltd., Asante, Nipro Diagnostic Inc., Tandem Diabetes Care Inc., Sooil Development Co. Ltd., Ypsomed, etc.

Key Questions Answered in This Report

1. What was the size of the global insulin pumps market in 2022?
2. What is the expected growth rate of the global insulin pumps market during 2023-2028?
3. What are the key factors driving the global insulin pumps market?
4. What has been the impact of COVID-19 on the global insulin pumps market?
5. What is the breakup of the global insulin pumps market based on the product type?
6. What is the breakup of the global insulin pumps market based on the distribution channel?
7. What are the key regions in the global insulin pumps market?
8. Who are the key players/companies in the global insulin pumps market?