Insulin Pump Market Size To Reach US$ 13.37 Bn By 2030

The global insulin pump market size is projected to reach USD 13.37 billion by 2030, poised to grow at a CAGR of 13.5% from 2021 to 2030.

The global insulin pump market is driven by various factors such as rising prevalence of diabetes among the population, rising consumer expenditure on healthcare, rising demand for innovative drug delivery devices, and constant investments in the development of innovative and convenient drug delivery solutions. According to the International Diabetes Federation, the global diabetic population is expected to reach at 552 million by 2030.

Get the Report Sample Copy for more understanding@ https://www.precedenceresearch.com/sample/1413

The diabetic patients are required to regularly monitor their blood glucose levels and take regular insulin shots to control diabetes. The alarming rise in the diabetic population owing to the unhealthy food habits and rising consumption of various drinks that contains sugar. Moreover, the increasing penetration of the retail pharmacies and rising awareness regarding the availability of the insulin pumps is exponentially fostering the demand for the insulin pumps across the globe.

Regional Snapshot

North America dominated the global insulin pump market in 2020. North American nations like the US and Canada has increased presence of highly aware population that significantly spends on the healthcare products. The increasing prevalence of diabetes among the population is a major factor that drives the demand for the insulin pumps in North America. According to the CDC, around 10.5% or about 34.2 million of the US population had diabetes in 2018. Furthermore, the high disposable income and increased penetration of the retail pharmacies, hospitals, and clinics in the region are supplementing the market growth.

Asia Pacific is expected to be the most opportunistic market during the forecast period. The rising prevalence of diabetes along with the surging awareness about the benefits of the insulin pumps is boosting the demand. Moreover, rising healthcare expenditure along with the surging penetration of online retail channels is fueling the growth of the insulin pump market in this region. The nations like India, China, South Korea, Australia, and Japan are the most prominent market in Asia Pacific, owing to the rising adoption of the innovative drug delivery technologies. Moreover, as per the IDF, around 79% of the adult diabetic population in the globe is living in the low and middle-income economies in 2019.

inadequate reimbursement facilities are restricting the adoption of the insulin pumps and this may hamper the growth of the global insulin pump market.

Opportunities

Integration of latest technologies with the drug delivery devices

The latest technologies like artificial intelligence (AI) is expected to encourage the adoption of the automated insulin pumps in the forthcoming years. Moreover, the latest insulin pumps are facilitating the smartphones to be connected with the insulin pumps and are offering the control of doses and acting as a blood glucose monitoring devices.

Challenges

Lack of access to proper healthcare infrastructure

The inadequate healthcare infrastructure in the developing and underdeveloped regions is resulting in the lack of awareness regarding the diabetes and insulin pumps. According to the IDF, around 232 million diabetic people remained undiagnosed in 2019. This is a major challenge to the insulin pump market that may restrict its growth.

Report Highlights

Based on the pump type, the patch pump is estimated to be the most opportunistic segment during the forecast period. This is due to the rising adoption of the patch pumps as it offers convenience and easy attachment to the skin surface and efficient drug delivery. It is gaining popularity among the patients owing to its compact size.
Based on the accessories, the reservoirs segment is expected to be the fastest-growing segment during the forecast period owing to the rising adoption of the tethered insulin among the diabetic population. The capacity of the reservoirs is around 300 doses that can go for 3 days is offering improved conveniences.
Based on the end user, the homecare segment is expected to grow at the fastest CAGR. The increasing penetration of the online and the offline retail pharmacies across the globe is facilitating easy availability of the insulin pumps and the increased awareness regarding the insulin pumps is fueling the growth of the homecare segment.