Pune, India, May 30, 2022 (GLOBE NEWSWIRE) -- The global Insulin Pump Market size was USD 4.01 billion in 2021. The market size is expected to rise from USD 4.57 billion in 2022 to USD 13.17 billion by 2029 at a CAGR of 16.3% during the forecast period. Fortune Business Insights™ publishes this information in a report titled, "Insulin Pump Market, 2022-2029". As per the report, the market is projected to grow during the forecast period due to the rising adoption of these pumps for type 2 diabetes.
Key Industry Development:
- March 2022: Ypsomed AG partnered with Abbott and CamDiab to accelerate the development of an automated insulin delivery system for diabetic patients. The system is designed to integrate Abbott's FreeStyle Libre 3 sensor, CamDiab's CamAPS FX algorithm, and Ypsomed's mylife YpsoPump to automate the process of insulin delivery on real-time glucose data.
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Insulin Pump Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.3% |
| 2029 Value Projection | USD 13.17 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 4.01 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 181 |
| Segments covered | By product type , By Disease Indication, By Distribution Channel |
| Growth Drivers | Delayed Diagnosis & Treatment Amid Pandemic Hampered Market Growth |
| Rising Prevalence of Diabetes Among Population to Propel Growth | |
| North America Dominates Global Market Due to Rising Availability of Pumps |
COVID-19 Impact:
Delayed Diagnosis & Treatment Amid Pandemic Hampered Market Growth
The COVID-19 pandemic affected the Insulin Pump Market growth during the pandemic period. Governments restricted transportation and supplies of raw materials, which affected the production rate and profitability of the companies operating in this market. Also, the delay in diagnosis and treatment of diabetes has led to sluggish market growth. Furthermore, delayed purchase of insulin pumps during the pandemic has affected the market expansion and development.
Segments:
Increasing Demand for Pumps to Bolster Segmental Growth
By product type, the market is divided into pumps and consumables. Pumps are categorized into tethered pumps, patch pumps, and others. The pumps segment is expected to dominate the market share due to the rising diabetic population.
Type 1 Diabetes Segment to Hold Prominent Market Share
Based on disease indication, the market is bifurcated into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment led the market during the forecast period due to the increasing population of type 1 diabetic patients.
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Retail & Online Pharmacies to Lead the Market During Forecast Period
On the basis of distribution channel, the market is segregated into hospital pharmacy and retail & online pharmacy. The rising availability of diabetes management devices and solutions in retail outlets and online stores will augment the market growth in the coming years.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides complete information regarding recent developments and technological advancements in the market. Also, drivers and restraints affecting market growth during the projected period are highlighted further in this report. Furthermore, the impact of COVID-19 pandemic on market development and expansion is discussed further in the report. A list of key market players is given along with the key developments introduced by the players.
Drivers & Restraints:
Rising Prevalence of Diabetes Among Population to Propel Growth
The market is expected to grow during the projected period due to the rising prevalence of diabetes. Several factors to bolster the market growth are increasing obesity and a sedentary lifestyle among the population. Increasing utilization of insulin pumps and recent product approvals are anticipated to bolster market growth during the forecast period.
However, the high cost of insulin pumps may hamper the market growth.
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Regional Insights:
North America Dominates Global Market Due to Rising Availability of Pumps
North America holds the highest global Insulin Pump Market share during the projected period due to favorable reimbursement environment policies in the U.S. These pumps' rising availability and adoption are expected to drive the regional market.
Europe holds the second-largest market share and is expected to exhibit a higher growth rate due to the rising prevalence of diabetes. Also, increasing the adoption of these pumps by diabetic patients is likely to fuel the market growth.
Competitive Landscape:
Forming Partnership Allows Key Players to Strengthen their Market Position
The prominent players leading the market share focus on forming strategic alliances and partnering with the supporting companies to improve their business performance. Also, the leading market players introduce new products to enhance their product portfolio and propel growth during the forecast period.
List of Key Players Profiled in the Report:
- Medtronic (Ireland)
- Tandem Diabetes Care, Inc. (U.S.)
- Ypsomed AG (Switzerland)
- Insulet Corporation (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Ageing Population, Prevalence and Cost Burden of Diabetes, Key Countries, 2021
- Evolution of Insulin Pumps
- Total Addressable Market and Insulin Pump Penetration
- Reimbursement Scenario, in Key Countries
- Impact of Covid-19 on the Market
- Comparison Based on Selective Parameters – Major Insulin Pump Manufacturers
- Key Industry Developments (Mergers, Acquisitions, New Product Launches, etc.)
- Global Insulin Pump Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Pumps
- Tethered Pumps
- Patch Pumps
- Others
- Consumables
- Pumps
- Market Analysis, Insights and Forecast – By Disease Indication
- Type 1 Diabetes
- Type 2 Diabetes
- Market Analysis, Insights and Forecast – By Distribution channel
- Hospital Pharmacy
- Retail & Online Pharmacy
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product Type
- North America Insulin Pump Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Pumps
- Tethered Pumps
- Patch Pumps
- Others
- Consumables
- Pumps
- Market Analysis, Insights and Forecast – By Disease Indication
- Type 1 Diabetes
- Type 2 Diabetes
- Market Analysis, Insights and Forecast – By Distribution channel
- Hospital Pharmacy
- Retail & Online Pharmacy
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Disease Indication
- Canada
- By Disease Indication
- U.S.
- Market Analysis, Insights and Forecast – By Product Type
Toc Continue…
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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