Key Factor Driving the Growth to Insulin Pump Market is Increasing Awareness about Diabetes Preventive Care

Insulin Pump Industry Overview

The global insulin pump market size is expected to reach USD 8.3 billion, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.7% from 2021 to 2028. The key factors driving the growth of the market are the technological advancements and the adoption of pumps over traditional methods. These pumps are very convenient for people who require daily multiple injections of insulin.

Insulin pump is a machine that enables insulin to be delivered either manually or automatically. These pumps can be programmed to deliver a specific set of doses and can also deliver a larger set of doses of glucose whenever required, such as before a meal. Patients can connect these devices to their smartphones to calibrate blood glucose readings. Technological advancement and new product launches across the globe are also fueling the market during the forecast period. For instance, Medtronic’s MiniMed 670G system is the world’s first hybrid closed loop system that acts as an artificial pancreas. The system provides automated insulin delivery as per the patient’s CGM readings.

Insulin Pump Market Segmentation

Grand View Research has segmented the global insulin pump market on the basis of type, product, accessories, end-use, and region:

Based on the Type Insights, the market is segmented into Patch Pumps and Tethered Pumps

• The tethered pumps segment dominated the market and accounted for the largest revenue share of 78.5% in 2020. The segment is expected to witness a CAGR of 9.5% during the forecast period.
• The patch pump segment is expected to witness a robust CAGR of around 10.0% during the forecast period.

Based on the Product Insights, the market is segmented into MiniMed (630G, 670G, and VEO), Accu-Chek (Combo, Insight, and Solo), Tandem (T: slim X2, G4, T: flex Delivery System), Omnipod, My Life Omnipod, and Others

• Medtronic’s MiniMed insulin pumps segment dominated the market and captured the largest revenue share of around 50.0% in 2020 owing to the high adoption rate and advancement in technology.
• The tandem pump segment is expected to exhibit the highest CAGR of 11.2% during the forecast period.

Based on the Accessories Insights, the market is segmented into Insulin reservoir or cartridges, Insulin set insertion devices, and Battery

• The insulin set insertion devices segment dominated the market and accounted for the largest revenue share of 41.3% in 2020.
• The insulin reservoir or cartridges segment is expected to witness a substantial growth rate of CAGR of 9.01% during the forecast period.

Based on the End-use Insights, the market is segmented into Hospitals & Clinics, Homecare, and Laboratories

• The hospitals and clinics segment dominated the market and accounted for the largest revenue share of 44.8% in 2020 and is expected to maintain its dominance over the forecast period.
• The homecare segment is expected to witness the fastest CAGR of 9.17% during the forecast period.

Insulin Pump Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and the launch of new technologically advanced products and services to strengthen their foothold in the market. Key players are significantly investing in research and development to manufacture technologically advanced products.

Some prominent players in the global Insulin Pump market include:

• Medtronic plc
• Hoffmann-La Roche Ltd.
• Tandem Diabetic Care, Inc.
• Insulet Corporation
• Ypsomed
• Cellenovo
• Sooil Development
• Valeritas, Inc.
• JingasuDelfu Co., Ltd.

Order a free sample PDF of the Insulin Pump Market Intelligence Study, published by Grand View Research.