The Global Insulin Pump Market size is expected to reach $9.5 billion by 2030, rising at a market growth of 9.9% CAGR during the forecast period
Asia-Pacific region widely utilizes Insulin Pumps as a sizable portion of the world’s population resides in Asia Pacific, and the region’s consumers are changing their eating habits, leading to an increase in the number of diabetics.
New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Insulin Pump Market Size, Share & Industry Trends Analysis Report By Product, By Disease Indication, By Distribution Channel, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481359/?utm_source=GNW Hence, Asia Pacific captured $1,090.5 million revenue in the market in 2022. Additionally, it is anticipated that in the near future, rising consumer healthcare spending, increased retail pharmacy penetration, and rising health awareness in the region will fuel the expansion of the market in Asia Pacific.The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2023, Diabeloop SA entered into a partnership with Novo Nordisk to integrate its 4penTM with Novo Nordisk’s reusable and connected insulin pens. The integration of the two offerings would bring better-automated solutions to diabetic patients. Additionally, In June, 2022, SOOIL Developments Co., Ltd partnered with Diabeloop, to integrate their offerings. The interoperability between the offerings would provide customers with better diabetes management solutions.Based on the Analysis presented in the KBV Cardinal matrix; F. Hoffmann-La Roche Ltd. is the forerunner in the Market. In January, 2021, F. Hoffmann-La Roche Ltd. entered into a partnership with Montméd Inc. to provide a SiteSmart pen needle system to Canadian customers. The partnership aids Roche in its goal of improving diabetes management. Companies such as Medtronic PLC, Aetna, Inc., Insulet Corporation are some of the key innovators in the Market.COVID-19 ImpactThe COVID-19 outbreak hindered the market expansion for insulin pumps. Delays in diabetes diagnosis and treatment, as well as in patients’ purchases of these pumps at this time, were contributing factors. Additionally, during the COVID-19 pandemic, restrictions put in place by several governments resulted in interruptions in the delivery of pumps and supplies. For example, the American Diabetes Association reports that 15% of diabetics who use pumps or CGMs delayed replenishing their supplies during the pandemic. Due to rising disease awareness & diagnosis, CGM and closed-loop pump sales showed a 20% increase in 2021. The revenue margins of the market participants significantly decreased in 2020.Market Growth FactorsGrowing incidence of diabetes globallyBoth in developed and emerging nations, diabetes is becoming more common. This is a result of several elements, such as obesity and a sedentary lifestyle. Facts and numbers on diabetes indicate how much of a hardship it is for people, families, and nations worldwide. 10.5% of adults (20–79 years) have diabetes, according to the IDF Diabetes Atlas (2021), and nearly half are completely ignorant that they have the disease. According to IDF predictions, 783 million adults, or one in eight, would have diabetes by 2045, a 46% rise. Type 2 diabetes, caused by socioeconomic, demographic, environmental, and hereditary variables, affects more than 90% of diabetics. During the forecast period, the market is expected to rise due to diabetic patients being more aware of these pumps and the advantages of disease management.Rising product launches and approvalsThe market players are urged to focus on research and development of technologically improved products and introduce new items to the market as the penetration of these pumps among diabetics in emerging nations rises. These R&D initiatives have been supported by numerous clinical studies that demonstrate sustained improvement in glucose control in type 2 diabetic individuals receiving pump therapy as opposed to those receiving MDI therapy. As a result, the market is predicted to grow in the upcoming years.Market Restraining FactorsInsulin pumps are generally expensiveDuring the anticipated term, market growth is expected to be constrained by the high cost of insulin pumps. The dynamics of conventional healthcare have been upended by these contemporary drug delivery systems, which have also changed the healthcare sector. For instance, a study conducted by the American Diabetes Association in April 2019 found that insulin pump therapy for diabetic patients is more expensive than MDI therapy, with a price difference of about 43.5%. Also, the greater out-of-pocket costs related to these pumps have discouraged patients from using them.Product OutlookOn the basis of product, the market is bifurcated into pumps and consumables. In 2022, the pumps segment witnessed the largest revenue share in the market. The segment’s expansion results from the diabetic population’s rising use of them in industrialized nations. Compared to several continuous glucose monitors, daily injections, and other technologies, these goods provide several advantages. The adoption of pumps among patients with type 1 diabetes is expected to grow as they gain traction in both the domestic and international markets, according to senior Tandem executives.Pumps Type OutlookBy pumps type, the market is divided into patch, tethered and others. The tethered held the highest revenue share in the market in 2022. The segment’s significant market size is primarily attributable to the classic pumps’ dependability and the wide range of products available. Due to their portability and convenience, that allow people to carry them in their pockets, tethered insulin pumps have grown in popularity. It may also be easily controlled and used to monitor blood glucose levels via mobile devices. These benefits have led to a rise in the demand for tethered pumps.Disease Indication OutlookBy diabetes indication, the market is fragmented into Type 1 Diabetes, and Type 2 Diabetes. The Type 2 Diabetes segment garnered a significant revenue share in the market in 2022. Due to the rising prevalence of this condition worldwide, it is also anticipated that the type 2 diabetes segment will grow gradually throughout the course of the projected period. The market’s expansion will also be aided by the rising number of type 2 diabetics who are insulin-dependent and by the patients switching from MDIs to pumps and another alternative treatment alternative.Distribution Channel OutlookBy distribution channel, the market is bifurcated into retail & online pharmacy and hospital pharmacy. In 2022 the retail & online pharmacy segment held the highest revenue share in the market. The retail & online pharmacy segment, which had a sizable portion of the market, led because diabetic management devices &solutions were more readily available in retail & pharmaceutical outlets in developed and developing countries. The growing use of the internet also contributes to the market expansion in this niche.Regional OutlookRegion wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is aided by multiple major market participants in the region, higher diabetes prevalence, and rising public demand for novel medication delivery technologies. The population’s adoption of insulin pumps has been prompted by rising disposable income and health awareness, and the region is expected to maintain its leadership during the forecast period.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Insulet Corporation, Ypsomed AG, Aetna, Inc. (CVS Pharmacy, Inc.), SOOIL Developments Co., Ltd, Diabeloop SA, Jiangsu Delfu Medical Device Co.,Ltd, and APEX Medical CorporationRecent Strategies Deployed in Insulin Pump MarketPartnerships, Collaborations, and Agreements:2023-Mar: Diabeloop SA entered into a partnership with Novo Nordisk, a Danish healthcare company, to integrate its 4penTM with Novo Nordisk’s reusable and connected insulin pens. The integration of the two offerings would bring better-automated solutions to diabetic patients.2022-Nov: Ypsomed AG teamed up with CamDiab, a glucose level management solutions provider, to launch an automated insulin dosing system. The collaboration features the integration of Ypsomed’s offerings with CamDiab’s adaptive hybrid closed-loop app that would allow Ypsomed to better serve its diabetic patients.2022-Jun: SOOIL Developments Co., Ltd partnered with Diabeloop, a diabetes management solutions provider, to integrate their offerings. The interoperability between the offerings would provide customers with better diabetes management solutions.2021-Nov: Diabeloop SA announced a partnership with Terumo Corporation, a medical technology company, to develop solutions for Automated Insulin Delivery. The partnership enhances Diabeloop’s position in the European market and would provide its customers with better diabetes care solutions.2021-Jan: F. Hoffmann-La Roche Ltd. entered into a partnership with Montméd Inc., an Insulin delivery specialist based in Canada, to provide a SiteSmart pen needle system to Canadian customers. The partnership aids Roche in its goal of improving diabetes management.Mergers & Acquisition:2023-May: Medtronic PLC acquired EOFlow Co. Ltd., an insulin delivery solutions provider. The acquisition strengthens Medtronic’s diabetes management portfolio.2023-Feb: Insulet Corporation took over the automated insulin delivery assets of Automated Glucose Control LLC, an automated insulin delivery solution provider based in the United States. The acquisition would strengthen the company’s ability to deliver automated insulin delivery technology.2023-Feb: Insulet Corporation announced the acquisition of automated insulin delivery assets of Bigfoot Biomedical, an intelligent injection solutions provider. The acquisition enhances Insulet’s IP portfolio.2023-Jan; Tandem Diabetic Care, Inc. completed the acquisition of AMF Medical SA, an Insulin patch pump manufacturer. The acquisition would enhance the diabetes management expertise of the company by adding a well-experienced team.Trials and Approvals:2023-Apr: Medtronic PLC announced the approval by U.S. Food and Drug Administration (FDA) for its MiniMed 780G. The MiniMed 780G is an insulin injector system used when the consumer puts low carbs in their meal.2023-Apr: The US FDA announced the approval for Insulet Corporation’s Omnipod GO, an insulin delivery device used for the treatment of type 2 diabetes.2022-Feb: Tandem Diabetes Care, Inc. received approval from U.S. Food and Drug Administration for its t:slim X2 insulin pump. The t:slim X2 is used to monitor glucose levels in the patient’s body. Additionally, the t:slim X2 can be used along with t:connect mobile app.Product Launches and Product Expansions:2022-Nov: Medtronic PLC released the Medtronic Extended infusion set. The infusion set has a wear time of 7 days and uses a tubing connector that would be used for insulin stability.2021-Mar: Roche has announced the launch of the new Accu-Chek Instant system, a new "connected" blood glucose monitoring (BGM) system, which supports and enables Roche’s approach of integrated Personalized Diabetes Management (iPDM). iPDM is a holistic, patient-centered therapeutic approach with the ultimate goal of personalizing diabetes management to streamline care and improve clinical outcomes. iPDM aims to strengthen the care process, facilitates communication between patients and their healthcare team, and integrates tools that visualize and analyze data.Geographical Expansions:2022-Jun: Insulet Corporation expanded its geographical footprint by opening a new manufacturing facility in Johor Bahru, Malaysia. The new facility would be used for manufacturing the company’s Omnipod Insulin Management System.Scope of the StudyMarket Segments covered in the Report:By Product• Pumpso Pumpso Consumables• ConsumablesBy Disease Indication• Type 1 Diabetes• Type 2 DiabetesBy Distribution Channel• Retail & Online Pharmacies• Hospital PharmacyBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Medtronic PLC• F. Hoffmann-La Roche Ltd.• Tandem Diabetes Care, Inc.• Insulet Corporation• Ypsomed AG• Aetna, Inc. (CVS Pharmacy, Inc.)• SOOIL Developments Co., Ltd• Diabeloop SA• Jiangsu Delfu Medical Device Co.,Ltd• APEX Medical CorporationUnique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06481359/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________