The global insulin pump market is anticipated to grow at a significant CAGR of 8.5% during the forecast period. Insulin pump is a portable device which delivers a specific amount of insulin in the body at specific time interval. Additionally, a user can administer an extra insulin does as per food intake (Bolus doses) to correct the blood glucose level. Insulin pumps are the potential alternatives of the Insulin injections as they reduce the need for multiple insulin jabs and increases the ability to control blood and glucose level in the body. Increasing prevalence of diabetes across the globe and advancements in drug delivery devices are estimated to be the primary factors that are driving the growth of the market. In addition, medical device companies are developing new generation insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the growth of the market. 

Impact of COVID-19 Pandemic on Global Insulin Pump Market

The COVID-19 pandemic emerged as an unusual public health concern across the globe and has highly impacted the global insulin pump market. During pandemic, the use of wearable and portable diabetes devices in hospitals was increased considerably and also influenced the usage of insulin pump in-home care due to less availability of hospital beds. The steps taken by the government to control the pandemic situation disrupted production and supply chain dramatically, however key player in the industry constantly made efforts by providing tele-health facilities and availability of essential healthcare product through different modes such as online portal, hospital pharmacies, and emergency medical stores. For instance, In 2020, Tandem Diabetes Care announced the release of the t:connect Mobile App. The app allows users of the t:slim X2 to view pump and CGM data on their smartphone, enabling wireless cloud data sharing among patients and providers. Moreover, the data can also be shared with family sharing, up to 6 users.

Segmental Outlook 

The global insulin pump market is segmented based on the type and end users. Based on the type, the market is segmented into traditional pumps, disposable pumps, and smart pumps. Based on the end users, the market is sub-segmented into the hospitals and clinics, home care, and laboratories. Among the end users segment, the hospitals and clinics segment is expected to cater considerable growth over the forecast period, due to the availability of skilled healthcare professionals and increasing government funding in the healthcare sector development.

Global Insulin Pump Market Share by Type, 2021 (%)

The Smart Pumps Sub-Segment is anticipated to Hold Prominent Share in the Global Insulin Pump Market

Smart insulin pumps come with additional capabilities of collecting information and doing calculations to assist the user with insulin dosing. They also helps to minimize highs and lows and prevent an overdose of insulin that would cause hypoglycemia by keeping track of insulin been given in the preceding several hours. Most of the pumps have software that let the user to download all the finger-stick glucose and insulin data to a computer and examine the information. For instance, On September 1st, 2020, Medtronic received FDA approval for the MiniMed 770G system which is a new insulin pump system builds on the MiniMed 670G system. The system comes with smartphone connectivity which allows the patient to see continuous glucose monitoring (CGM) data on their personal (or a care partner’s) smartphone. The MiniMed 770G also comes with SmartGuard Auto Mode, which allow it automatically adjusts background insulin every five minutes, 24 hours a day.

Regional Outlooks

The global Insulin pumpmarket is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  Among these, North America is estimated to be the leading region in insulin pump market owing to the presence of high number of diabetic patients in the region.

Global Insulin Pump Market Growth, by Region 2022-2028

The Asia-Pacific Region is Expected to Hold Prominent Share in the Global Insulin Pump Market

The Asia-Pacific region is estimated to be the fastest growing market during the forecast period. Theincreasing diabetic population,rising awareness towards advanced insulin devices, and glycaemic control are estimated to be the major factors that are driving the growth of the market. According to Diabetes Atlas 2021 of the International Diabetes Federation, People with diabetes in India increased from 61.2 million in 2011 to 74.2 million in 2021. Further, technological advancement in insulin pumps in the region is also backing the growth of the market.

Market Players Outlook

The major companies serving the global insulin pump market include Abbott Laboratories, Asante, B. Braun Melsungen AG, Insulate Corp., MiniMed Distribution Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2020, The U.S. Food and Drug Administration (FDA) approved Eli Lilly and Company's new rapid-acting insulin, Lyumjev.  Lyumjev is indicated to improve glycemic control in adults with type 1 and type 2 diabetes and is developed to speed the absorption of insulin into the blood stream and reduce A1C levels.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global insulin pump market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.