Insulin Pump Market to Touch $11.86 Billion by 2028; Mounting Concerns over the Growing Incidence of Type 1 Diabetes to Fuel the Market: Fortune Business Insights

The global insulin pump market size is projected to reach USD 11.86 billion by 2028, exhibiting a CAGR of 16.0% during the forecast period. According to a report published by Fortune Business Insights, titled “Insulin Pump Market, 2021-2028”, the market’s value was USD 3.62 billion in 2020.

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Development of AI-powered Diabetes Management Devices to Invigorate Market Growth

Leading medical device companies are investing heavily in innovation to design and development diabetes management solutions powered by advanced technologies such as artificial intelligence (AI). For example, in June 2020, the artificial pancreas algorithm developed by DreaMed Diabetes was incorporated into Medtronic’s MiniMed 780G hybrid closed-loop insulin delivery system. DreaMed had also successfully secured approval from the US Food and Drug Administration (FDA) in September 2019 for its AI-driven insulin dosage support solution, DreaMed Advisor Pro, for people with Type 1 diabetes. Medtronic has also been expanding its AI-based insulin pump portfolio. For example, in December 2019, Medtronic acquired California-based Klue, an AI specialist whose technology Medtronic has been integrating with its Personalized Closed Loop system. Thus, the advent of AI in insulin delivery solutions has broadened the growth avenues of this market.

Segmentation

In terms of product type, this market has been segregated into pumps and consumables. Based on disease indication, the market has been segmented into Type 1 Diabetes and Type 2 Diabetes. On the basis of distribution channel, the market is divided into hospital pharmacies, retail pharmacies, and online stores. By geography, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

COVID-19 Impact

Onset of Diabetes in Recovering COVID-19 Patients May Favor Market Growth

While evidence suggesting an increased severity of COVID-19 in diabetics is well-documented, new research has found that recovering coronavirus patients are at an elevated risk of developing diabetes due to weakened organ functioning. In May 2021, a research team from Missouri’s Veterans Affairs St. Louis Health Care System revealed that COVID-19 non-diabetic survivors have a 39% increased likelihood of developing diabetes within six months following the infection. Similar findings were published by a group of researchers from the Office of National Statistics, UK, University of Leicester, UK, University College London, and Royal London Hospital. According to this study, coronavirus patients have a 50% increased likelihood to develop diabetes within 20 weeks of discharge. The complex linkage between diabetes and COVID-19 is thus expected to heighten the demand for efficient diabetes management devices, with insulin pumps leading the charge.

However, despite these favorable circumstances, the insulin pump market growth is likely to be stymied amid the COVID-19 pandemic as hospitals, clinics, and health professionals are devoting all their energies to treat coronavirus patients. In consequence, non-essential procedures have been postponed, affecting this market in the process. In 2020, the market registered a lower growth of 11.7% and it is expected to reach USD 4.13 billion in 2021.

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Regional Insights

Strong Prevalence of Top Medical Device Companies to Support North America Market Growth

North America is expected to dominate the insulin pump market share during the forecast period as the region is home to some of the biggest medical device manufacturers, such as Insulet and Tandem. Even European companies such as Medtronic have established a strong base in the US and Canada, further bolstering the regional market growth. In 2020, the North America market size stood at USD 2.12 billion.

The market in Europe is slated to be driven by the increasing prevalence of diabetes. For example, the World Health Organization (WHO) estimates that roughly 60 million people across Europe are affected by diabetes. In Asia Pacific, the adoption of insulin pumps will be propelled by the rising incidence of diabetes and an increasing number of older persons, especially in Japan, who are prone to developing chronic metabolic illnesses.

Industry Development

September 2020: Medtronic received the green light for its MiniMed 770G insulin pump system from the USFDA. Building on the 670G system, the 770G features smartphone connectivity and is also embedded with indications for ages 2 and above.

List of Key Players Covered in the Insulin Pump Market Report

  • Medtronic (Ireland)
  • Insulet Corporation (USA)
  • YPSOMED (Switzerland)
  • Hoffmann-La Roche, Ltd. (Switzerland)
  • Tandem Diabetes Care, Inc. (USA)

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Table Of Contents :

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Ageing Population, Prevalence and Cost Burden of Diabetes, Key Countries, 2019
    • Evolution of Insulin Pumps
    • Total Addressable Market and Insulin Pump Penetration
    • Reimbursement Scenario, in Key Countries
    • Impact of Covid-19 on the Market
    • Comparison Based on Selective Parameters – Major Insulin Pump Manufacturers
    • Key Industry Developments (Mergers, Acquisitions, New Product Launches, etc.)
  • Global Insulin Pump Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Pumps
        • Tethered Pumps
        • Patch Pumps
        • Others
      • Consumables
    • Market Analysis, Insights and Forecast – By Disease Indication
      • Type 1 Diabetes
      • Type 2 Diabetes
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Hospital Pharmacy
      • Retail Pharmacy
      • Online Stores
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Insulin Pump Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Pumps
        • Tethered Pumps
        • Patch Pumps
        • Others
      • Consumables
    • Market Analysis, Insights and Forecast – By Disease Indication
      • Type 1 Diabetes
      • Type 2 Diabetes
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Hospital Pharmacy
      • Retail Pharmacy
      • Online Stores
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada
  • Europe Insulin Pump Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Pumps
        • Tethered Pumps
        • Patch Pumps
        • Others
      • Consumables
    • Market Analysis, Insights and Forecast – By Disease Indication
      • Type 1 Diabetes
      • Type 2 Diabetes
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Hospital Pharmacy
      • Retail Pharmacy
      • Online Stores
    • Market Analysis, Insights and Forecast – By Countries/ Sub-region
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Scandinavia
      • Rest of Europe
  • Asia Pacific Insulin Pump Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Pumps
        • Tethered Pumps
        • Patch Pumps
        • Others
      • Consumables
    • Market Analysis, Insights and Forecast – By Disease Indication
      • Type 1 Diabetes
      • Type 2 Diabetes
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Hospital Pharmacy
      • Retail Pharmacy
      • Online Stores
    • Market Analysis, Insights and Forecast – By Countries/ Sub-region
      • Japan
      • China
      • India
      • Australia
      • Southeast Asia
      • Rest of Asia Pacific

Toc Continue..

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