Insulin Pump Market To Generate Revenue Of $6.93 Billion By 2026 With A Significant CAGR Of 9.6%: Grand View Research Inc.

March 17 03:44 2021
Insulin Pump Market To Generate Revenue Of $6.93 Billion By 2026 With A Significant CAGR Of 9.6%: Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
Insulin pumps have witnessed continued growth in demand from consumers globally, on account of their ease of use and their innovative functionalities. Continued developments by major global industry players such as Medtronic and Ypsomed are expected to provide further avenues for market growth.

The global insulin pump market size is anticipated to become USD 6.93 billion by 2026, advancing at a healthy CAGR of 9.6% during this period, according to a report by Grand View Research, Inc. Key growth drivers of the industry include the rapid technological advancements by manufacturers, and the growing adoption of pumps over traditional methods by end-users. Insulin pumps are highly convenient for people who require multiple injections of insulin daily, enabling insulin to be delivered into the body either manually or automatically. An added advantage is that they can be programmed to deliver a specific set of doses as per the requirement or recommendation of doctors. These pumps come in the size of smartphones or card decks, and can worn on the outside of the body, with various accessories being available to enable this.

The continued growth in the incidences of diabetes around the globe have massively aided in the surging popularity of insulin pumps. As per data by the American Diabetes Association, in 2018, 34.2 million US citizens had diabetes, with 1.6 million suffering from Type 1 diabetes. Furthermore, 1.5 million Americans are diagnosed with diabetes every year, which points towards sustained demand for insulin pumps in the coming years. Additionally, a study published in ‘Diabetes Care’ in September 2019 stated that the usage rate of insulin pumps among patients grew from 1% to 53% between 1995 and 2017, with younger patients showing higher adoption rates. The development of advanced technology pumps in recent years, along with preference by doctors as well as consumers to use electronic insulin pumps, have aided in strong developments in the insulin pumps market. Furthermore, various initiatives by governments around the globe to spread awareness and control prevalence of diabetes are also driving the industry growth.

The global insulin pump market can be broadly segmented on the basis of pump type, accessories, product, and end-use. The pump can be either patch or tethered. Based on product, the market is classified into MiniMed, Accu-Chek, Tandem, and Omnipod, among others. With regards to accessories, the market includes insulin reservoir/cartridges, insulin set insertion devices, and batteries. The major end-use segments include homecare, laboratories, and hospitals and clinics. Major industry players involved in offering advanced products include Medtronic Inc., F Hoffmann-La Roche, Insulet Corporation, Ypsomed, Tandem Diabetes Care, Sooil Development, Cellenovo, and Valeritas Inc., along with many regional and local players.

 U.S. insulin pump market size, by type, 2015 - 2026 (USD Billion)

Insulin Pump Market Report Highlight

1        Increased healthcare funding and efforts of various related institutes and bodies have helped the market to thrive; for instance, the International Diabetes Federation (IDF) provides expertise and supports diabetes awareness campaigns through a network of stakeholders and partners

2        North America led the global insulin pump market in 2018, owing to favorable reimbursement policies, local presence of key players, and supportive government initiatives

3        Asia Pacific and Europe are anticipated to garner significant market share over the forecast period, on account of rapid improvements in healthcare infrastructure as well as introduction of innovative products by market players

4        The tethered pumps segment dominated the market in 2018; however, patch pumps segment is expected to witness the fastest CAGR over the forecast period, owing to their small size and can be easily attached to the skin surface

5        By accessories, the insulin set insertion devices segment held the largest market share in 2018 and is expected to expand at a CAGR of 9.6% over the forecast period, as they require to be changed every 2-3 days, thus causing continuous demand

6        By end use, homecare segment is expected to expand at the fastest CAGR during the forecast period owing to the increasing focus on providing at-home treatment to the patients as most of diabetes patients belong to the age group of 45 years and above

7        According to a research by the American Diabetes Association, the COVID-19 pandemic led to a number of challenges for diabetic patients, with 1 out of 5 people stating that they had to forego the usage of their diabetes management tools such as insulin pumps, owing to financial constraints

8        With regards to product, Medtronic’s MiniMed insulin pumps dominated the global demand in 2018, on account of the strong market presence of the company, along with the launch of MiniMed 670G system, which is the world’s first hybrid closed loop system

9        In September 2020, Medtronic announced FDA approval for the MiniMed 770G system, which improves on the MiniMed 670G system by providing smartphone connectivity and expanded age indication to ages 2 and above

10Further, in February 2020, Abbott undertook a partnership with Insulet for integrating the former’s glucose sensing technology with Insulet’s Omnipod Horizon Automated Insulin Delivery (AID) System for providing personalized automated insulin delivery and care to diabetic patients

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Insulin Pump Market Segmentation

Grand View Research has segmented the global insulin pump market on the basis of type, product, accessories, end use, and region:

Insulin Pump Type Outlook (Revenue, USD Million, 2015 – 2026)

·       Patch Pumps

·       Tethered Pumps

Insulin Pump Product Outlook (Revenue, USD Million, 2015 – 2026)

·       MiniMed (630G, 670G, and VEO)

·       Accu-Chek (Combo, Insight, and Solo)

·       Tandem (T:slim X2, G4, T:flex Delivery System)

·       Omnipod

·       My Life Omnipod

·       Others

Insulin Pump Accessories Outlook (Revenue, USD Million, 2015 – 2026)

·       Insulin reservoir or cartridges

·       Insulin set insertion devices

·       Battery

Insulin Pump End Use Outlook (Revenue, USD Million, 2015 – 2026)

·       Hospitals and clinics

·       Homecare

·       Laboratories

Insulin Pump Regional Outlook (Revenue, USD Million, 2015 – 2026)

·       North America

o   U.S.

o   Canada

·       Europe

o   Germany

o   U.K.

o   France

o   Italy

o   Spain

·       Asia Pacific

o   Japan

o   China

o   India

o   Australia

o   South Korea

·       Latin America

o   Brazil

o   Mexico

o   Argentina

o   Colombia

·       Middle East & Africa

o   South Africa

o   Saudi Arabia

o   UAE

List of Key Players of Insulin Pump Market

• Medtronic plc
• Hoffmann-La Roche AG
• Ypsomed AG
• Insulet Corporation

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Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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