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Insulin Pumps Market (By Product, Key Companies) – Industry Trends, Size, Growth and Forecast to 2028

Insulin Pumps Market (By Product, Key Companies) – Industry Trends, Size, Growth and Forecast to 2028

Insulin Pumps Market (By Product, Key Companies) – Industry Trends, Size, Growth and Forecast to 2028

The Insulin Pumps Market is expected to witness a growth rate of 12% by 2028. Increasing prevalence of diabetes, rising demand for portable insulin delivery devices, technological advancements in insulin pumps,  advantages offered by insulin pumps such as better outcomes, better patient health, lower HbA1c, rise in base population in emerging markets, improving diabetes diagnosis rate, and increasing treatment rate with insulin are some of the key factors driving the global insulin pumps market. To learn more about the research report, fill out a quick inquiry for a sample report.

An insulin pump is a wearable medical device that delivers insulin underneath the skin. Insulin pumps are mostly small, computerized devices that are roughly the size of a juice box or a deck of cards. They serve as an alternative to  frequent insulin injections

Untapped Commercial Opportunities Among Both Type I and Type II Diabetic Patients

Diabetes is a silent epidemic that claims millions of lives each year. It is touted as a pandemic of unprecedented magnitude that is spiraling out of control. According to the International Diabetes Federation (IDF), the total number of people living with diabetes globally is projected to rise to 643 million by 2030 and 783 million by 2045.

People with insulin-dependent diabetes need a continuous supply of insulin. There are two types of insulin therapy practiced today - multiple daily injections (MDI) therapy using syringes or insulin pens and pump therapy using insulin pumps. As per estimates approximately 40% of the Type 1 diabetes patients in the United States and even less of the international Type 1 diabetes patients use insulin pump therapy. An even smaller share of the U.S. and international insulin-intensive type 2 diabetes patients use insulin pump therapy, which presents significant opportunities for the stakeholders globally.

“…… Insulin administration through injections is expected to remain the standard of care across developed markets and emerging markets. However, in developed markets, the penetration of insulin pumps over the next decade is expected to reach ~55-60% for T1 diabetes patients and ~20-25% for T2 insulin-intensive diabetes patients…”

  • Senior Marketing Director, Tier I Insulin Pump Manufacturer, U.S.

Technological Advancements Drive the Global Insulin Pumps Market

Citing the lucrative prospects of the market, several players have launched technologically advanced products in the market, which are expected to further drive the market. For instance,

  • In July 2023, Tandem Diabetes Care received U.S. Food and Drug Administration (FDA) clearance for the Tandem Mobi insulin pump for people with diabetes age 6 and up. The Tandem Mobi is fully controllable from a mobile app and is the world’s smallest durable automated insulin delivery system
  • In April 2023, Medtronic received FDA approval for MiniMed™ 780G System - World's first insulin pump with meal detection technology that provides automatic adjustments and corrections to sugar levels every 5 minutes

Insulin Pumps Market

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Insulin Pumps Market - Competitive Landscape  

Some of the key players operating in the market include Modular Medical, Tandem Diabetes Care, Medtronic, Insulet, Roche, Ypsomed, AgVa Healthcare, Wuxi Apex Medical, SOOIL Development, among others.

Insulin Pumps Market - Constraints/Challenges

Relatively lower cost of injections vs insulin pumps, patients feeling of ‘wearing the disease’ with insulin pumps, simplicity/ease of use of injections vs insulin pumps technology, and sufficient control achieved through the use of injections are some of the key factors that favor the preference of administering insulin through injections vs insulin pumps.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market  

The players operating in this market are adopting organic and inorganic growth strategies such as obtaining approvals from regulatory bodies, launching new products, making strategic investments, and pursuing mergers and acquisitions to enhance their market position and broaden their customer base. For instance, 

  • In Aug 2023, Modular Medical, a development-stage insulin delivery technology company seeking to launch the next generation of user-friendly and affordable insulin pump technology announced a collaboration under which Phillips-Medisize (a MedTech CDMO) will be providing Modular Medical with design, development, and high-volume manufacturing capabilities
  • In February 2023, Insulet Corporation, a global leader in tubeless insulin pump technology acquired assets related to Bigfoot’s pump-based automated insulin delivery (AID) technologies. In the same month, Insulet Corporation acquired the assets of Automated Glucose Control LLC (AGC), a company focused on developing and commercializing automated insulin delivery technology

The Insulin Pumps Market is anticipated to gather increased momentum in the upcoming years owing to the advantages offered by insulin pumps coupled with the use of continuous glucose monitoring technology and automated insulin device (“AID”) algorithms, and increased awareness of insulin pump therapy.

Insulin Pumps Market Scope

Report Metric

Details

Growth Rate

12% in 2028

Historical data

2019 – 2023

Base year

2024

Forecast period

2024-2028

Insulin Pump Size

Small, computerized devices, roughly the size of a juice box or a deck of cards

Insulin Therapy Methods

  • Multiple daily injections (MDI) therapy using syringes or insulin pens
  • Pump therapy using insulin pumps

Technological Advancements

  • Tandem Mobi: FDA-cleared insulin pump controllable from a mobile app
  • MiniMed™ 780G System: World's first insulin pump with meal detection technology

Key Market Players

Modular Medical, Tandem Diabetes Care, Medtronic, Insulet, Roche, Ypsomed, AgVa Healthcare, Wuxi Apex Medical, SOOIL Development

Growth Strategies by Market Players

  • Obtaining approvals from regulatory bodies
  • Launching new products
  • Making strategic investments
  • Pursuing mergers and acquisitions

Anticipated Market Momentum Factors

  • Advantages offered by insulin pumps
  • Use of continuous glucose monitoring technology
  • Automated insulin device (“AID”) algorithms
  • Increased awareness of insulin pump therapy

 

Key Strategic Questions Addressed

  • What is the market size and forecast for the Insulin Pumps Market?
  • What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Insulin Pumps Market?
  • What are the major growth drivers, restraints/challenges impacting the market?
  • What are the opportunities prevailing in the market?
  • What is the investment landscape?
  • Which region has the highest share in the market? Which region is expected to witness the highest growth rate in the next 5 years?
  • Who are the major players operating in the market? What is the competitive positioning of key players?
  • Who are the new players entering the market?
  • What are the key strategies adopted by players?
  1. Research Methodology
    • Secondary Research
    • Primary Research
    • Market Estimation
    • Market Forecasting
  2. Executive Summary
  3. Market Overview
    • Market Dynamics
      • Drivers
      • Restraints
      • Opportunities
    • Industry Speaks
  4. Snapshot: Reimbursement Landscape (Key Countries)
  5. Pricing Assessment: Insulin Pumps and Consumables
  6. Global Insulin Pumps Market - Size & Forecast (2021 - 2028), By Product
    • Insulin Pumps
      • Traditional Insulin Pumps
      • Disposable Insulin Pumps
      • Smart Insulin Pumps
    • Infusion Sets
    • Insulin Cartridges/Reservoirs
    • Infusion Set Insertion Devices
    • Other Products
  7. Global Insulin Pumps Market - Size & Forecast (2021-2028), By Region
    • North America (U.S. & Canada)
    • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
    • Asia Pacific (China, India, Japan, Rest of Asia Pacific)
    • Rest of the World (Latin America, Middle East & Africa)
  8. Competitive Landscape
    • Key Players and their Competitive Positioning
      • Competitive Positioning of Key Players (2022)
      • Offerings Assessment, By Players
    • Key Strategies Assessment, By Player (2021-2023)
      • New Product Launches
      • Partnerships, Agreements, & Collaborations
      • Mergers & Acquisitions
      • Other Developments
  1. Key Companies Scanned (Indicative List)
    • Modular Medical
    • Tandem Diabetes Care
    • Medtronic
    • Insulet
    • Roche
    • Ypsomed
    • AgVa Healthcare
    • Wuxi Apex Medical
    • SOOIL Development
    • Other Prominent Players

The study has been compiled based on extensive primary and secondary research.

Insulin Pumps Market - METHODOLOGY

Primary Research  

To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.  

Supply Side Stakeholders:  

  • Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers 
  • Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants 

Demand Side Stakeholders: Hospitals & Clinics, Patients/Homecare, among others

Insulin Pumps Market - METHODOLOGY

Market Size Estimation

Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.

Data Triangulation

Research findings derived through secondary sources & and internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.

Insulin Pumps Market - Sample Deliverables

 

Insulin Pumps Market - Sample Deliverables

What is the expected growth rate of the insulin pumps market by 2028?
The insulin pumps market is expected to witness a growth rate of 12% by 2028.
What is driving the growth of the global insulin pumps market?
Factors such as the increasing prevalence of diabetes, rising demand for portable insulin delivery devices, and technological advancements in insulin pumps are driving the growth of the market.
How many people are projected to have diabetes globally by 2030 and 2045?
The International Diabetes Federation (IDF) projects that the total number of people living with diabetes globally will reach 643 million by 2030 and 783 million by 2045.
What opportunities exist for insulin pump therapy among diabetic patients?
Approximately 40% of Type 1 diabetes patients in the U.S. and fewer international Type 1 diabetes patients use insulin pump therapy, presenting significant opportunities. Even fewer U.S. and international insulin-intensive Type 2 diabetes patients use insulin pumps.
Who are key players in the insulin pumps market?
Key players include Modular Medical, Tandem Diabetes Care, Medtronic, Insulet, Roche, Ypsomed, AgVa Healthcare, Wuxi Apex Medical, SOOIL Development, among others.