The global insulin pump market was worth $3.30 billion in 2018 and is expected to grow at a CAGR of 9.6% over the next five years. Some of the significant market drivers are technical advancements and the adoption of insulin pumps over older techniques. These pumps are ideal for those who need many insulin injections throughout the day. Because these devices are less invasive, they are widely used by patients.
The rise is primarily due to an increase in the senior population, as well as the incidence of diabetes and obesity. Furthermore, firms are creating new generation insulin pumps with improved technology to improve compliance and integration with IT devices, which is fueling growth. In the near future, advancements such as artificial pancreas and home infusion therapy are expected to generate major growth potential. Furthermore, market growth in both developed and developing countries is expected to be driven by increased awareness of the product and its benefits.
Diabetes is a medical disorder in which the pancreas is unable to make insulin, resulting in low blood glucose levels. Diabetes is becoming more prevalent over the world as people's lifestyles change and their usage of alcohol and tobacco rises. Furthermore, an increase in the obese population is another factor contributing to the high diabetes prevalence. Type 1 diabetes (T1D) necessitates continuous blood glucose monitoring and numerous insulin injections, expanding the market for insulin pumps and other insulin delivery devices, as well as glucose monitors.
Manual or automatic insulin delivery is possible with an insulin pump. These pumps can be configured to provide particular amounts as well as higher doses at specific times, such as before meals. To calibrate blood glucose readings, patients can link these gadgets to their smartphones.
Because of the growing understanding of diabetes treatment and care, both doctors and patients choose electronic insulin pumps. This is due to the fact that, as compared to traditional methods, new-generation pumps are more convenient, safe, and accurate. Patients can address their health issues by engaging with the healthcare team and sharing data thanks to the anytime, anywhere nature of digital technology. These factors are projected to drive the industry forward.
Patch and tethered insulin pumps are the two types of insulin pumps on the market. The tethered pumps segment had the highest market size in 2017, and it is predicted to grow at a CAGR of 9.2% over the forecast period. Between the pump and the cannula on these devices is a flexible tubing. The segment's rise can largely be ascribed to the classic pumps' dependability and high product availability.
During the projection period, the patch pump segment is expected to grow at a healthy CAGR of over 10.9 percent. Patch pumps are modest in size and can be applied directly to the skin's surface. Lack of, for example, might be used as a blood glucose metre. Furthermore, integrating calculators aids in determining the precise insulin dosage required by patients and avoiding overdosing. During the forecast period, these factors are likely to fuel market growth.
Insulin reservoirs/cartridges, insertion device sets, and batteries make up the market for accessories. In 2018, the insertion devices segment dominated the market, owing to its widespread use as a general infusion set and the high cost of infusion sets. Furthermore, these gadgets must be replaced every two to three days, increasing demand for the product.
During the projection period, the reservoir or cartridges segment is expected to grow at a significant CAGR of 9.9%. The usage of tethered pumps is driving the growth. Typically, this entails inserting a cartridge or drawing insulin from a vial into the reservoir. These reservoirs can hold up to 300 units of insulin and persist for at least two to three days. These factors are projected to propel the category further in the approaching years.
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