Top Companies in Insulin Pump Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Insulin Pump Market
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The Global Insulin Pump Market is valued at USD 4.2 billion in 2021 and is projected to reach USD 10.2 billion by 2028 at a CAGR of 15.9% over the forecast period. In response to the growing need for portable insulin delivery devices among the diabetic community, the market for these pumps has expanded and risen in recent years. The global rise in the prevalence of diabetes, particularly type 1 diabetes, is the main driver of this industry.
In addition, the creation of sophisticated pumps powered by intelligent technologies like artificial intelligence (AI) and machine learning (ML) by top medical device makers has also become a key growth factor. These pumps' advantages over MDIs include improved sugar monitoring, continuous insulin delivery, and rising popularity among people with diabetes. Prominent market participants are also releasing technologically cutting-edge items to assist market expansion.
Several factors, such as rising healthcare expenditures, greater access to healthcare facilities, and the widespread availability of sophisticated insulin pumps, contribute to the rapid growth of the global insulin pump market.
It is anticipated that the market expansion for insulin pumps will be hampered throughout the evaluation period by the rise in insulin costs coupled with unfavorable insurance policies. Additionally, a crucial factor that may limit insulin pump industry expansion is the rising popularity of naturopathy.
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Amidst Exponential Growth in Insulin Pump Adoption, What Trends Should We Look Forward to?
- The increasing prevalence of type 2 diabetes diagnosis and treatment creates a need for new treatment options to manage the disease. Furthermore, the growing insulin-dependent population of type 2 diabetic patients and the shift away from MDI and toward pain-free and alternative treatments are driving demand for these pumps and thus driving the market growth.
- Another major market growth trend is the increased adoption of smart technologies, such as AI, which has rapidly penetrated the healthcare IT landscape. Medical device companies at the forefront of these trends can actively develop and introduce AI-enabled pumps and other automated drug delivery solutions for type 2 diabetes.
- Diabetes is becoming increasingly common in both developing and developed countries. Obesity, a sedentary lifestyle, and other factors contribute to the rising prevalence of diabetes. Furthermore, the risk of developing diabetes increases with age. As a result, the growing geriatric population raises the prevalence of diabetes, fuelingthe market growth.
- The increasing penetration of these pumps among people with diabetes in developing and emerging countries causes market players to focus on the R&D of technologically advanced products and the launch of new products.
The insulin pump market is dominated by globally established players such as Medtronic plc; Hoffmann-La Roche Ltd.; Tandem Diabetic Care, Inc.; Insulet Corporation; Ypsomed; Cellenovo; Sooil Development; Valeritas, Inc.; JingasuDelfu Co., Ltd.These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth insulin pump market.
Let's Look at the Top 5 Companies That are Taking the Insulin Pump Market by Storm
The insulin pump market is expected to grow from USD 4.2 billion in 2021 to USD 10.2 billion in 2028 because of increased awareness of the disease and the increasing prevalence of type 1 diabetes. Furthermore, the growing geriatric population is expected to propel the industry.
- Medtronic plc:
For 60 years, the Medtronic Mission has inspired us to do extraordinary things. Its mission is to improve human welfare through biomedical engineering in developing, designing, manufacturing, and selling instruments or appliances, such as insulin pumps, that relieve pain, restore health, and extend life.
- Hoffmann-La Roche Ltd.:
Roche has developed throughout its 125-year existence into one of the largest biotech businesses in the world, a pioneer in in-vitro diagnostics, and a global supplier of game-changing, cutting-edge treatments like insulin pumps for a variety of serious diseases.
- Tandem Diabetic Care, Inc.:
Tandem Diabetes Care creates the best products to create a positive, unique, connected care experience and make managing diabetes simpler. The t: connect mobile app, and its insulin pump can wirelessly link, enabling you to bolus from your smartphone.
- Cellenovo:
The Cellnovo insulin pump is the first insulin pump with touch-screen controls to be made available in the UK. Due to its compact size, it is a versatile pump that may be used as a tethered pump with tubing or worn as a patch.
- Valeritas, Inc.:
The company Valeritas, Inc. specializes in medical technologies. The business creates drug delivery systems to improve clinical and psychosocial results for diabetic patients. It is the creator of the disposable insulin pump V-GO and the Type 2 diabetes microneedle patch.
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