Insulin Pump Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product Type (Pumps and Consumables); Disease Indication (Type 1 Diabetes and Type 2 Diabetes); Distribution Channel (Hospital Pharmacy and Retail & Online Pharmacy); and Region/Country
The global Insulin Pump Market is expected to grow at a significant rate of around 9% during the forecast period. Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin pumps are used for external insulin delivery, providing a convenient option for diabetes treatment. Insulin pumps are observing a significant growth in demand in recent years, owing to an increase in the number of diabetic patients, rising obesity, and a sedentary lifestyle. Furthermore, advancements in human insulin delivery systems, innovations in insulin delivery system techniques, and healthy reimbursement policies, as well as rising awareness among the population about diabetes control and accessibility to insulin delivery systems, are all factors ensuring the market’s growth. For instance, as per CDC, from 1999 –2000 through 2017 –March 2020, US obesity prevalence increased from 30.5% to 41.9%. During the same time, the prevalence of severe obesity increased from 4.7% to 9.2%.
Medtronic, F. Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, Ypsomed, Cellenovo, Sooil Development, Valeritas Inc., JingasuDelfu Co. Ltd., Diabeloop SACA. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, pumps category to witness robust CAGR during the forecast period”
Based on product type, the market is segmented into pumps and consumables. pumps category to witness the fastest growth during the forecast period owing to the rising obesity, awareness towards health, and increasing smoking are the major factors for the growth of this segment. As per Elizabeth Gasser, Pair’s central methodology official, the overall pump reception among patients with type 1 diabetes increments with the entrance in the U.S. also, global business sectors, hitting around 65% and 20% by 2027, individually.
“Amongst disease indication, the type 1 diabetes to hold a significant share in the market in 2020”
On the basis of disease indication, the market is categorized into type 1 diabetes and type 2 diabetes. Among these, type 1 diabetes to hold a significant growth during the forecast period. This is mainly due to the increasing prevalence of type 1 diabetes worldwide. For example, as per the International Diabetes Federation (IDF), around 1.2 million youngsters and youths have type 1 diabetes in 2021. Since patients with type 1 diabetes are insulin-reliant, the requirement for insulin pumps and other consumables is similarly higher among these patients.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the insulin pump industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rising obesity, technological advancement, product launches, and improvements in its healthcare sector and the implementation of advanced medical products are augmenting the demand for insulin pumps in the region that are expected to drive the market in the region. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The elderly population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. For instance, as per CDC, 1.6 million adults aged 20 years or older, or 5.7% of all US adults have been diagnosed with diabetes.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global insulin pump market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Insulin Pump Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global insulin pump market were the three major steps undertaken to create and analyze the adoption of insulin pumps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Insulin Pump Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the insulin pump market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the insulin pump market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, disease indication, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Insulin Pump Market. Further, we conducted factor analysis using dependent and independent variables such as various product type, disease indication, and distribution channels of insulin pumps. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the insulin pump market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global insulin pump market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the insulin pump market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global insulin pump market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global insulin pump market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, disease indication, and distribution channel in the global insulin pump market.
The main objective of the Global Insulin Pump Market Study
The current & future market trends of the global insulin pump market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the insulin pump market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, disease indication, and distribution channel.
- Define and analysis of the regulatory framework for the insulin pump
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the insulin pump market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Insulin Pump Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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