Insulin pump market is anticipated to grow at a significant CAGR of 8.5% during the forecast period (2024-2031). An insulin pump is a portable device that delivers a specific amount of insulin to the body at specific time intervals. Additionally, a user can administer an extra insulin dose as per food intake (Bolus doses) to correct the blood glucose level. Insulin pumps are potential alternatives to insulin injections as they reduce the need for multiple insulin jabs and increase the ability to control blood and glucose levels in the body. The increasing prevalence of diabetes across the globe and advancements in drug delivery devices are estimated to be the primary factors that are driving the growth of the market.
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Technological Advancement in Insulin Pumps
Medical device companies are developing next-generation insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the growth of the market. For instance, in January 2024, Medtronic plc announced CE (Conformité Européenne) Mark approval for the MiniMed 780G system with Simplera Sync, a disposable, all-in-one continuous glucose monitor (CGM) requiring no fingersticks or overtape. Simplera Sync features an improved user experience with a simple, two-step insertion process and is half the size of previous Medtronic sensors.
Increasing Prevalence of Diabetes
The increasing prevalence of diabetes has driven the demand for technically advanced insulin pumps globally. According to the International Diabetes Federation (IDF) Diabetes Atlas, 537 million adults (aged 20–79) worldwide had diabetes in 2021, which is 10.5% of the adult population in that age group. This includes both type 1 and type 2 diabetes, as well as diagnosed and undiagnosed cases. The IDF projects that this number will increase to 643 million by 2030 and 783 million by 2045.
by Type (Traditional Pumps, Disposable Pumps, Smart Pumps), and
by End-User (Hospitals & Clinics, and Homecare)
Smart insulin pumps come with additional capabilities of collecting information and doing calculations to assist the user with insulin dosing. They also help to minimize highs and lows and prevent an overdose of insulin that would cause hypoglycemia by keeping track of insulin given in the preceding several hours. Most of the pumps have software that lets the user download all the finger-stick glucose and insulin data to a computer and examine the information. In January 2024, Medtronic received European approval to combine its latest automated insulin pump with its newest glucose sensor for the first time. The CE mark covers the MiniMed 780G pump and the Simplera Sync system, described as a disposable, all-in-one blood sugar sensor that takes less than 10 seconds to insert under the skin while requiring no fingersticks. Such developments are further aiding the growth of this market segment.
The major companies serving the global insulin pump market include B. Braun Melsungen AG, Insulet Corp. (Omnipod), Medtronic Plc, Tandem Diabetes Care, Inc., and Sanofi SA among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Development
In February 2024, Tandem Diabetes Care, Inc. announced the US commercial launch of its new Tandem Mobi, the smallest, durable automated insulin delivery system for people living with diabetes. The company has begun taking orders and shipping to eligible customers in the US.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global insulin pump market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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