Insulin Pump Market Size to Reach $12.40 Billion by 2030: Integrating AI and ML to Develop Better Insulin Pump Technologies to Bolster Growth, says The Brainy Insights

Advertisement

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. The North American region emerged as the largest market for the global insulin pump market, with a 44.16% market revenue share in 2022. Top participants in the global baby diapers market include Cellenovo, Insulet Corporation, Jiangsu Delfu Co. Ltd., Medtronic, Nipro Diagnostic Inc. & Sooil Development

Newark, Nov. 22, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 5.56 billion in 2022 Insulin pump market will reach USD 12.40 billion by 2030. As of 2021, there were over 500 million diabetics worldwide, according to the World Health Organization. The number of diabetics worldwide will continue to rise as the aging population grows. Being overweight and obese is one of the most significant factors that increase the risk of diabetes. 40% of people are overweight, and 15% of adults are obese. Additionally, pre-diabetes affects one in every five kids who are overweight. Therefore, the increasing incidence of diabetic patients globally will propel the growth of insulin pumps as they are smart devices that offer greater convenience for administrating insulin. Integrating smart technologies to develop enhanced insulin pump pumps will be vital in saving numerous lives. The automated administration of insulin pumps offered by insulin pump pumps is ideal for the aging as they might face difficulties injecting insulin pumps with needles. The same goes for the rising obese population. Annual diabetic deaths are estimated to be around 1.5 million. The majority occur in low- and middle-income nations due to the lack of access to an insulin pump and the high device cost. There is plenty of room for developing innovative, cost-effective products available to everyone in need.

Get a Sample PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13042

Key Insight of the Insulin pump Market

The Asia Pacific is expected to grow the fastest during the forecast period.

The Asia Pacific market is anticipated to develop the fastest during the projected period. The population over 60 makes up a sizable share of the total population globally. The risk of diabetes increases with age. Also, diabetes puts elderly people at more risk of other health problems that can be life-threatening. As a result, the growing elderly population will become more insulin-dependent due to the rise in diabetic patients, fueling the market’s expansion. The industry’s growth will also be aided by prominent market participants supported by government programs to develop, produce, and manufacture affordable indigenous medical devices.

In 2022, the patch pumps segment dominated the market with the largest market share of 37% and market revenue of 2.05 billion.

The product type segment is divided into tethered pumps, patch pumps, consumables, and others. In 2022, the patch pumps segment dominated the market with the largest market share of 37% and market revenue of 2.05 billion.

In 2022, type 1 diabetes accounted for the largest share of the market, with 76% and a market revenue of 4.22 billion.

The disease indication segment is divided into type 1 diabetes and type 2 diabetes. In 2022, the type 1 diabetes segment accounted for the largest share of the market, with 76% and market revenue of 4.22 billion.

In 2022, the retail pharmacies segment dominated the market with the largest market share of 48% and a market revenue of 2.66 billion.

The distribution channel is divided into hospitals, retail pharmacies, online pharmacies, and others. In 2022, the retail pharmacies segment dominated the market with the largest market share of 48% and market revenue of 2.66 billion.

Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/insulin-pump-market-13042

Scope of the Report:

Report Metrics Details
Market size available for years 2019–2030
Base year considered 2021
Forecast period 2022–2030
Market Size in 2022 $5.56 billion
Projected Market Value in 2030 $12.40 billion
CAGR 10.55% From 2022 to 2030
Segments covered Product Type, Disease Indication, Distribution Channel
Geographies covered North America, Asia Pacific, Europe, Middle East and Africa, and Latin America
Companies covered 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

Advancement in market

September 2022 – Diabeloop has created an artificial intelligence system that integrates continuous glucose monitors and insulin pumps, making the entire insulin delivery system fully automated, claiming to make manual insulin delivery management obsolete. The DBLG1 system is built into a wireless handset connecting via Bluetooth to a user’s insulin pump and continuous glucose monitor. Every five minutes, it receives blood sugar measurements from the CGM and uses its AI algorithms to analyze the readings immediately. According to data from the algorithm’s first year of use in Europe, users have noted significant improvements in the amount of time spent in healthy glucose ranges and little time spent in hypoglycemia.

Market Dynamics

Driver: The global diabetic population is witnessing a rise

Obesity, aging, food, environmental impacts, hereditary conditions, socioeconomic status, and other lifestyle factors all influence a person’s chance of developing diabetes. Obesity, or being overweight, is one of the primary reasons the body develops insulin pump resistance, followed by diabetes. Due to the increased popularity of unhealthy diets and sedentary lifestyles, about 40% of the world’s population is now overweight. as the number of fat or overweight persons rises, the population of diabetes will likely increase as well. The market will grow as the number of diabetics rises.

Restraint: Insulin pumps are not affordable for an average income earner

The high cost of insulin pumps will restrict the growth of the market. The high maintenance of insulin pumps also contributes to the limiting growth of the market. The necessary consumables required with insulin pumps need to be bought frequently, adding to the maintenance cost.

Opportunities: Development of smart insulin pumps embedded with smart technologies

More money is being allocated to research for developing better medical devices, treatments, and formulations that enhance the body’s utilization of insulin or just make it easier for patients to administer insulin or continuously check their blood glucose levels. Major industry participants have been prompted to spend money on research and development of smart insulin pumps that remove the necessity to manually monitor blood glucose levels. Such advancements will propel the growth of the market.

Challenge: Absence of positive government reimbursement policies in the developing world

Given the substantial cost of insulin pumps and the absence or limited prevalence of private insurance covering their costs under their health policies, the patient’s out-of-pocket healthcare expense rises. Additionally, because insulin pumps are so expensive, many patients lack access to them due to the absence of government reimbursement policies. Lack of government reimbursement policies, the poor state of the public healthcare system, and a lack of reasonably priced insurance will all hinder market expansion.

Inquire Before Buying This Research Report: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13042

Some of the major players operating in the insulin pump market are:

• 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

Key Segments cover in the market:

By Product Type

• Tethered Pumps
• Patch Pumps
• Consumables
• Others

By Disease Indication

• Type 1 Diabetes
• Type 2 Diabetes

By Distribution Channel

• Hospitals
• Retail Pharmacies
• Online Pharmacies
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Quick Buy – Insulin Pump Market Research Report: https://www.thebrainyinsights.com/buy-now/13042/single

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

Contact Us

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com 
Web: http://www.thebrainyinsights.com

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More