Insulin Pump Market To Reach USD 10.3 Billion By 2032 Report By DataHorizzon Research
The insulin pump market is currently on an upward trajectory due to the advancements made in technology research.
Fort Collins, Colorado, Dec. 15, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, The Insulin Pump Market size was valued at USD 4.8 Billion in 2022 and is anticipated to reach USD 10.3 Billion by 2032 at a CAGR of 8.1% during the forecast period 2023-2032.
Insulin pumps are becoming more popular due to their practicality for those who require multiple insulin injections daily. The market grows as businesses create next-gen pumps with advanced technology to improve compliance and interaction with IT devices. Artificial pancreas technology and home infusion treatments are also expected to contribute to market growth.
The market is expanding due to the growing elderly population, rising diabetes and obesity rates, unhealthy lifestyles, and increasing awareness of the disease. Risk factors like smoking, high cholesterol, and obesity are expected to boost type II diabetes prevalence, leading to diabetes-associated ophthalmic disorders.
The rising number of people diagnosed with type 1 diabetes is also contributing to market growth. Government initiatives for global awareness about Medicare policies and diabetes management fuel market growth, increased healthcare spending, and demand for improved tubeless insulin pumps. The use of insulin pumps is becoming more well-known, leading to market expansion in developed and developing nations.
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The global insulin pump market has been segmented into products, distribution, and regions. The tethered pumps accounted for 78% of the market revenue and are expected to grow at a CAGR of 9.8%. Hospitals and clinics dominated the market with a 44.6% revenue share due to skilled healthcare professionals, government funding, and private sector investment.
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Insulin Pump Market Report Highlights:
- The global insulin pump market growth is anticipated at a CAGR of 8.1% by 2032.
- The insulin pump market is rapidly growing due to various factors, such as the rising number of people with diabetes, obesity, and unhealthy lifestyles. Advanced technology, artificial pancreas technology, and home infusion treatments contribute to market growth.
- North America dominated the insulin pump market with a share of 45.8% in 2022 due to major players in insulin pumps. Europe is also expected to capture a significant market share due to an increase in the geriatric population and improvements in the healthcare sector.
- Some prominent players in the insulin pump market report include F. Hoffmann-La Roche Ltd., Debiotech S.A, Medtronic Plc., Sooil Development Co. Ltd., Insulet Corp., Valeritas Inc., Tandem Diabetes Care Inc., and Ypsomed Holding AG.
Industry Trends and Insights:
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– The US FDA has approved Medtronic’s system for treating heart conditions.
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Insulin Pump Market Segmentation:
By Product Type: Patch pumps, Tethered Pumps
By Distribution Channel: Hospital Pharmacy, Retail, Online Pharmacy
By Disease Indication: Type 1 Diabetes, Type 2 Diabetes
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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