Mar 3, 2023

The global insulin pump market size is expected to grow at a CAGR of 8.46% 2022-2028 Market Drivers and Opportunities Technological Advancements Are Revolutionizing the Insulin Delivery The insulin pump market is constantly evolving with new features with technological advancements like the launch of smarter insulin pumps and more connected devices. Most industry players, such as Medtronic, Tandem Diabetes Care, Insulet Corporation, and others, are continuously evolving in technology advancement and new product deliveries in recent years. The explosion in research and development and published studies about the closed-loop system with insulin pumps in diabetes management gives new insulin pump market growth opportunities. Several hybrid systems are expected to be commercialized in the future associated with insulin delivery. In addition to those already available in the market, various systems are expected to be launched. For instance, DBLG1 (Diabeloop, Grenoble, France) received the CE market in European countries for its application in the type 1 diabetes adult patient population. Products like insulin-only iLEt (Beta Bionics, the US) and Omnipod Horizon (Insulet, Billerica, the US) are under clinical trials and are expected to reach the industry in the future. Increasing Diabetes Prevalence & Expenditure Under the overall diabetes population, type 1 diabetes patients are highly dependent on the external support of insulin delivery. These major patient populations significantly propel the insulin pump market growth. In 2021, the estimated prevalence of diabetes among adults 20 - 79 years old increased more than three times, from an estimated 151 million (approximately 4.6% of the global population at the time of 2000) to around 537 million (10.5%) in 2021. Based on that, by 2030, around 643 million population expected to increase. And if the prevalence rate remains the same, it is expected to jump to around 783 million (12.2%) by 2045. Government Initiatives for Diabetes Care Management Rising government initiatives for diabetes care management highly drive insulin pump market growth. Responding to the increasing burden of diabetes worldwide delivers a high demand for care. It positively influenced government initiatives and funding from public and private entities to improve global, regional, and national diabetes health improvements. Based on that, several government and health authorities are making efforts for diabetes care access to comprehensive, equitable, affordable, quality care and medical and technology-based treatments. Available Reimbursement Policies and Healthcare Insurance for Insulin Pump The cost of an insulin pump and associated insulin solutions is comparatively higher than other insulin delivery solutions due to the advancement and additional features associated with the products. However, the available reimbursement policies and healthcare insurance coverage highly support the adoption of insulin pumps. In most countries, these policies favor patients who reduce the cost burden and accelerate the adoption of insulin pumps. These insurances cover the insulin pump and include the insulin pump consumables. This is one of the positive signs that is driving the insulin pump market at a faster rate. Vendor Landscape The global insulin pump market is highly concentrated, with a limited number of players. Various innovative products like patch pumps are being introduced into the market, and the adoption rate is comparatively higher. Tandem Diabetes Care is one of the leading companies in the insulin pump market; estimated that around 750,000 people in the U.S. are currently using an insulin pump. Moreover, the company stated that approximately 450,000 people use insulin pumps in more than 20 countries outside the United States. The company's insulin pump is widely available in the global market. Key Company Profiles