New Delhi: As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global insulin pumps market is currently valued at US$ 6.18 billion and is predicted to expand rapidly at a CAGR of 8% from 2022 to 2032.
Insulin pumps are electronic devices that can perform the same functions as the human pancreas. These tiny, sensor-integrated devices are used to continuously provide very small amounts of insulin to diabetic patients after each meal.
The number of people suffering from diabetes worldwide is anticipated to increase by 51% from 463 million in 2019 to 700 million by 2045, according to the International Diabetes Federation (IDF).
According to the Centers for Disease Control and Prevention (CDC), 37.3 million Americans were estimated to have diabetes in 2021.
Diabetes can cause blindness, kidney failure, and stroke, according to the World Health Organization.
As such, the demand for insulin pumps is expected to increase rapidly due to the rising number of diabetes patients around the world. Due to factors such as rising healthcare expenditures, more easy access to medical facilities, and the availability of advanced insulin pumps, global demand for insulin pumps is increasing quickly.
Insulin pumps are compact, portable and reliable. Since they are simple to operate and have an LCD screen for programme display, insulin pumps are very user-friendly. Also, the reservoir and battery compartments are quite small. Since insulin pumps are portable, the distribution of insulin is made simple. Advanced electronic insulin pumps allow more accurate insulin delivery and enhance diabetes management.
Insulin pumps are bifurcated as tethered pumps and patch pumps. Since insulin patch pumps are more discrete & portable, and easier to use than conventional insulin pumps, they are gaining high demand.
North America currently holds a dominant position in the global market due to the rising cases of diabetic patients in the region. The Asia Pacific market is expected to rise at a high CAGR during the forecast period due to developing healthcare facilities and rising production of advanced insulin pumps.
Key Takeaways from Market Study
Global sales of insulin pumps are expected to reach US$ 13.34 billion by 2032.
China’s insulin pumps market is expected to expand at a CAGR of 7.5% from 2022 to 2032.
Demand for patch insulin pumps is predicted to rise at a CAGR of 10% from 2022 to 2032.
Sales of tethered insulin pumps are anticipated to increase at a healthy CAGR of 7.5% during the forecast period.
“As the elderly population is more likely to suffer diabetes in their lifetime, with their growing population, demand for insulin pumps is expected to increase quickly,” says a Fact.MR analyst.
To increase their market share, major players are using tactics such as collaborations, mergers and acquisitions, and the introduction of new, cutting-edge products. To produce technologically improved insulin pumps, major firms are investing much in research and development.
A partnership between Ypsomed, Abbott, and CamDiab to create an integrated (AID) automated insulin delivery system was announced in April 2022. Abbott’s FreeStyle Libre 3 and Ypsomed’s MyLife YpsoPump are connected by the new integrated AID technology to create a smart, automatic process for dispensing insulin with accurate glucose readings.
Get To Know More: https://www.factmr.com/report/insulin-pumps-market