The global insulin pump market is expected to grow from USD 6.15 billion in 2023 to USD 17.77 billion by 2033, at a CAGR of 11.2% during the forecast period 2024-2033. The rising prevalence of diabetes, given the increasingly growing overweight population, will drive the global insulin pump market. People have adopted personalized medicine; it has the advantage that treatment can be planned according to the needs of every patient and patient. With the help of Insulin Pump, insulin can be released in the body according to the need. This will ensure that the patient keeps receiving the right amount of insulin.

Market Introduction:

Carbohydrates, proteins, and fats are the three major macro-nutrients that the body generally needs. The body receives its energy from glucose, which is produced from carbohydrates. The hormones insulin and glucagon keep blood glucose levels within a certain range to protect organ health and prevent deadly diseases and disorders. The pancreas produces insulin, and if the blood glucose level veers off-balance, it reduces it. However, sometimes the body produces less insulin than needed or inefficient amounts due to several contributing variables. An insufficient or ineffective insulin pump causes blood glucose levels to rise. The name of this illness is diabetes. High blood sugar levels can bring on heart failure, kidney failure, and other illnesses. Type 1 diabetes and type 2 diabetes are distinguished by what causes the body's blood glucose level to rise. A common condition that is rapidly impacting the younger population is prediabetes. It is considered prediabetes when blood sugar levels are high but not high enough to qualify as type 2 diabetes. Gestational diabetes can affect expectant mothers. For those with diabetes, external insulin injections are required to control their body's blood glucose levels. Insulin is a life-saving drug for diabetic patients. Insulin pumps are used to administer insulin. It is a computerized medical device about the size of a cell phone. The pumps are designed to deliver a prescribed amount of insulin at regular intervals. Insulin pumps enable the patient's flexibility as they switch to other methods of administering insulin as and when they desire. Insulin pumps are versatile as they can be kept in one's pocket, attached to clothes with a strap, held on to a belt, or held on the stomach or arm with the help of an adhesive. One of the most beneficial factors of insulin pumps is that patients don't need to remember injecting insulin at regular intervals, which they most likely forget, as the insulin pump is attached to the body. Increasing product improvements can promote the use of the device by making the insulin pump more affordable, accessible, and available to every patient wanting to use it. With the help of Insulin Pump, one can avoid taking many injections daily. This makes it easier for children and elderly people to take insulin. With the help of an Insulin Pump, people can take insulin anytime. This helps people do their daily work or any kind of physical work. It also helps those patients who have to take insulin several times a day at different times. With the help of Insulin Pumps, the patient does not have to remember that they have to take insulin now.

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Recent Development

October 2022 - Automated insulin delivery (AID) systems, smart insulin pens, and pumps have all been created in recent years due to significant developments in diabetes technology. Although many people with type 1 diabetes now find it easier to administer insulin, maintaining a tailored insulin regimen, calculating carbs, and adjusting insulin dosage at each meal can still be difficult. A novel AID system called the iLet Bionic Pancreas is currently undergoing FDA approval to do away with these responsibilities. A study comparing the iLet Bionic Pancreas with the current insulin delivery systems was published in September 2022 in the New England Journal of Medicine (NEJM). A linked smartphone or reader, a Dexcom G6 CGM, and a tubed insulin pump make up iLet. But unlike other AID systems, iLet does not require manual insulin dosing during meals or carb counting.

October 2022 – EOPatch is a small and lightweight wearable insulin pump made by EOFlow Co. On October 17, 2022, the company announced that it had exported an EOPatch production line to Sinoflow Co., a joint venture in China. On September 30, the company also shipped materials and partially assembled parts for the disposable insulin pump's trial production. Additionally, it sent a small group of manufacturing specialists to China to install equipment and build lines. The company's most recent DART release states that the export of production equipment and technical services amounts to around USD 1.5 million.

Market Dynamics:

Drivers

The rising diabetic population – The exact cause of diabetes is unknown. However, a list of factors that can significantly increase the risk of diabetes has been developed after years of research, trials, and surveys. The most prominent factors are obesity and increasing age. Nearly 40% of the world's population is now obese. A sedentary lifestyle with no physical exercise and an unhealthy diet are the most common causes of obesity or overweight. The advancement in healthcare has increased the life expectancy of the world. Therefore, the geriatric population is increasing as a proportion of the total population. The geriatric population is at a greater risk of getting diabetic. As a result, the number of diabetics will probably rise as more people become obese or overweight, and old. The market will expand due to the rising number of diabetics.

Restraints:

High cost of insulin pump – The patient must take the insulin regularly because it is vital for their lives. These medical devices undergo extensive research, development, and innovation, which requires vast amounts of capital. After the necessary approvals, the product is introduced in the market, and the corporation that developed the product must break even and earn profits before its patents expire. Furthermore, the presence of only a few players in the market enables them to yield greater power of market prices. The pharma firms can set high prices without being held accountable or subject to oversight because of the loose regulatory framework and other political issues. Most consumers cannot get insulin pumps due to their high costs. The following maintenance is also high, discouraging an average individual from buying insulin pumps. As a result, the market's expansion will be hampered by the high price of insulin pumps.

Opportunities:

Integrating AI and ML to develop better insulin pump technologies – The increasing incidence of diabetes has encouraged the private market players to invest in better insulin-delivering systems to exploit the growing diabetic market. The insulin-dependence demands the administration of insulin at regular intervals in the proper dosage amount according to the body's requirement. However, it is difficult and cumbersome to maintain track of blood glucose levels and inject insulin whenever necessary, given the busy lifestyle pattern of the modern world. Furthermore, insulin injections are not the most convenient form of taking medication for the elderly population. Integration of artificial intelligence and machine learning in developing computerized insulin pumps that independently administer insulin as and when required after calculating the body's needs are increasing in demand. Product innovations with technological advancements to enhance the insulin delivery system will offer lucrative opportunities for the market.

Challenges:

Lack of insurance coverage or reimbursement policies – Lack of public healthcare infrastructure exposes diabetic patients to pharma corporations' exploitation with their high retail prices in developing and underdeveloped economies. The absence or low presence of private insurance covering insulin pumps under their health policies, as they are highly expensive, leads to an increase in out-of-pocket expenditure of patients. Additionally, the lack of government reimbursement policies leaves numerous patients without access to insulin pumps, given their unaffordable nature. The market's growth will be hampered by the poor state of the public healthcare system, government reimbursement policies, and a lack of affordable insurance coverage.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global insulin pump market, with a 44.16% market revenue share in 2023. The presence of significant market players involved in the production of medical devices and technology contributes to the market's growth. Technological advancements enable companies to reduce production costs, followed by retail cost reduction, making their products affordable and accessible to most of the population. The increasing overweight population, given the sedentary lifestyle of the modern world and the rising trend of on-the-go snacking, is increasing the risk of diabetes in overweight adults and prediabetes in overweight children. The growing geriatric population will also contribute to an increase in the diabetic population as the elderly are more susceptible to acquiring the condition. Government initiatives offering research funding to develop better products and public-private partnerships delivering promising results in the market are also responsible for the region's dominance. Well-established reimbursement mechanisms and private insurance markets also aid the development of the market. The Asia Pacific market is anticipated to grow the fastest during the forecast period. A substantial portion of the population in the region is above 60 years of age. The geriatric population is at greater risk of diabetes. Therefore, the increasing geriatric population will increase insulin dependence with the growing number of diabetic patients in the elderlies and propelling the growth of the market. The presence of significant market players supported by government initiatives to innovate, produce and manufacture medical technology domestically will also aid the market's development.

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Product type segment analysis

The product type segment is divided into tethered pumps, patch pumps, consumables, and others. The patch pumps segment dominated the market with a revenue share of around 37% in 2023. Patch pumps are small, computerized insulin pumps that can be attached to the skin's surface. Patch pumps do not require any tubes to connect the pump to the cannula, allowing greater convenience for the patient. Patch pumps can be integrated or connected to smartphone apps that help the user monitor blood glucose levels to enhance insulin regulation. Integrating technology to add better features that enhance insulin-delivering will also propel the segment's growth.

Disease indication segment analysis

The disease indication segment is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment dominated the market with a market share of around 76% in 2023. Type 1 diabetes is a chronic illness and regular insulin intake is vital for patient survival. There is little to no insulin produced by the pancreas in the body. A controlled diet, frequent exercise, and insulin pump therapy help to control blood sugar levels. The increasing prevalence of type 1 diabetes, given the several economic, social, and environmental factors, will contribute to the rising demand for insulin pumps globally. There are fewer people with type 1 diabetes than type 2 diabetes, but type 1 diabetes is more dependent on insulin pump therapy.

Distribution channel segment analysis

The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. The retail pharmacies segment dominated the market with a market share of around 48% in 2023. Retail pharmacies offer multiple brands and their devices in a single place, improving accessibility for the consumer. The growing presence of retail pharmacies offers greater convenience to consumers. Furthermore, retail pharmacies employ qualified personnel to assist consumers, enabling them to make informed decisions while buying insulin pumps or other necessary devices.

Some of the Key Market Players:

• Cellenovo
• F Hoffmann-La Roche Ltd.
• Insulet Corporation
• Jiangsu Delfu Co. Ltd.
• Medtronic
• Nipro Diagnostic Inc.
• Sooil Development
• Tandem Diabetes Care Inc.
• Valeritas Inc.
• Ypsomed AG

Report Description: