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Insulin Pumps Market: Growth Factors Details for Business Development, Key Companies, Current Trends/Issues/Challenges and Forecast By 2023

As per Market Research Future (MRFR) analysis, the global Insulin Pumps Market is expected to reach USD 8,520.9 Million with a CAGR of 8.4% CAGR from 2017 to 2023 (forecast period)
Insulin pumps are used to regulate insulin at specific intervals in diabetic patients. Insulin pumps are connected to the patient’s body, and insulin is delivered through a catheter inserted under the skin. The pumps provide a dose of insulin to control and maintain blood glucose levels. The patient can take an additional dose based on the food intake to maintain glucose levels under control. These pumps are considered to be an adequate substitute for injections due to their improved blood glucose control and fewer shots than needles.
Market Dynamics
Diabetes is a chronic disease, and its global prevalence is on the rise. Recently, it is one of the leading causes of death and has an increased risk of having many severe health conditions. It is the principal cause of cardiovascular disease, kidney disease, eye conditions, and stroke.
According to WHO, approximately 347 million people had diabetes in 2008. Similarly, as per the International Diabetes Federation (IDF), around 384 million people had diabetes in 2013, and almost 592 million people are predicted to suffer by 2035. The number of people diagnosed with diabetes is expected to rise at a very high rate. The most substantial percentage increase is expected to be in the demographic with ages over 60. Therefore, if current trends in the incidence of diabetes persist linearly for the next 50 years, potential shifts in the size and demographic characteristics of the global population will substantially increase the number of people diagnosed with diabetes. The demand for insulin devices is projected to be high, resulting in a rise in the global use of insulin pumps and boosting the global insulin pumps market growth for rising diabetic patients.
Covid-19 Analysis /Covid-19 Impact on the Global Insulin Pumps Market
COVID-19 is a respiratory disease caused by SARS-CoV-2 coronavirus. The world is currently facing a pandemic caused by COVID-19. The COVID-19 pandemic has had an enormous impact on the medical device industry as it has negatively affected the demand for elective procedures, orthopedic medical devices, but has increased the demand for protective equipment. COVID-19 has increased the need for protective equipment, including face masks, nose masks, mouth protectors, respiratory pumps, insulin devices, and protective clothing and gloves.
Nevertheless, the government measures to tackle the pandemic have drastically affected manufacturing capability and supply chains, which may lead to a long-term shortage of essential health care products. Patients with various health problems, such as respiratory diseases, diabetes, and high blood pressure, are at higher risk of becoming affected by this virus. The mortality rate in patients with diabetes is found to be high relative to the general population. Individuals living with diabetes need constant access to essential medicines, technologies, and treatment. Without or irregular supply of insulin or technologies, a person with diabetes will die within a few days. In order to solve this problem, insulin manufacturing firms are taking several steps to make the product available to patients.
Companies are seeking to offer critical healthcare products through a number of ways, such as the online portal, hospital pharmacies, and emergency medical shops. For example, Medtronic has created an online shopping platform for diabetes products to make purchases more manageable. In addition, Tandem diabetes care, Inc. reported in March 2020 that there is no shortage of insulin pumps and supplies. Understanding the current situation with COVID-19 and increasing the need for remote options to help manage our health. Tandem has also developed the “t: connect” reminder app, which allows the healthcare provider to check the pump data and guide the patient.
Segmentation
The global market for insulin pumps has been segmented into type, accessories, application, and end-user.
Based on type, the global demand for insulin pumps is divided into traditional insulin pumps and disposable insulin pumps. In 2016, the segment for the traditional insulin pump was the largest in the world and held a value of USD 2.696.9 million. Traditional insulin pumps have an insulin container and a pumping mechanism placed to the body with a tube and an infusion set. The buttons in the pump body allow the delivery of insulin for meals. The disposable insulin pump, also called insulin patch pumps, is worn directly on the body. Such insulin patch pumps have a pumping system, a container, and an infusion, all packed in a small case. Patch pumps are wirelessly operated with a separate system that enables the delivery of insulin for meals from the patch.
Based on accessories, the global market for insulin pumps is segmented into insulin reservoirs, infusion sets, and infusion set insertion devices. The segment of the infusion sets is further segmented into a steel cannula and a plastic cannula.
Based on the application, the market for insulin pumps is divided into type I diabetes and type II diabetes.
Based on the end-user, the global demand for insulin pumps is segmented into hospitals, clinics, home care centers, and laboratories. The hospital & clinic segment accounted for USD 2.188.2 million with 45.2% in 2016 and forecasted to hit USD 3.908.8 million by 2023.
Regional Analysis
Based on the region, the global insulin pumps market is segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa.
The global market for insulin pumps is growing steadily. In 2016, North America and Europe had more than half of the market share for insulin pumps worldwide. Increasing investment in R&D and product production is a primary driver of market growth.
North America is a health leader and the world’s largest market for insulin pumps. Due to the availability of state-of-the-art healthcare infrastructure, advanced medical facilities, and the rapid adoption of new products and treatments, the market for insulin pumps in North America is growing steadily. Many leading players are operating in this region, which is leading to innovation and new product developments. Other factors, such as the availability of qualified health practitioners, the availability of products, and high buying power, also fuel the growth of the market.
The Asia Pacific is anticipated to be the fastest-growing region in the global market for insulin pumps due to increasing healthcare costs and the rapidly expanding healthcare sector. Demand is higher in high-income nations, but the market is increasing rapidly in developed and emerging Asian economies, such as China and India. The healthcare sector is also influenced by increasingly changing technology. Health professionals and manufacturing companies are taking steps to bring the best possible solutions to the market.
Key Players
The leading participants in the global insulin pumps market are Abbott Laboratories, Braun Melsungen AG, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Medtronics, Sanofi, and Insulet Corporation.
Company Statements Regarding COVID-19 Impact;
BD, one of the leading medical device companies, has stated that its manufacturing and distribution centers around the globe are operating normally and that in European countries such as Spain, Italy, Ireland, and France, where strict shutdowns have been imposed, appropriate measures have been taken to ensure business continuity.
Insulet, a US-based company, also confirmed that there is no expected supply disruption and no change in the ordering process.
Whereas, Tandem stated that its manufacturing and storage facilities are operating normally and that the company is not awaiting a shortage of infusion sets, pumps, cartridges, or other supplies.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and Wherever Required We Will be Considering Covid-19 Footprints for a Better Analysis of Markets and Industries. Cordially Get in Touch for More Details.