Insulin Pumps Market SWOT and PEST Analysis 2021-2031
The insulin pumps market was valued at US$ 7.81 billion in 2021 and is expected to reach US$ 19.08 billion by 2031. The market is expected to register a CAGR of 11.80% from 2023–2031. Technological advancement is likely to remain key Insulin Pumps Market trends.
Insulin Pumps Market Analysis
Insulin pumps deliver insulin, a hormone that helps reduce blood sugar levels in patients with diabetes. Insulin therapy is an essential treatment for patients with Type 1 and Type 2 diabetes. Diabetes is one of the significant health problems whose prevalence is increasing rapidly. Therefore, there is a need for early diagnosis and management of the disease to avoid further problems such as heart disease. The rising incidences and prevalence of diabetes and associated risk factors, including lifestyle changes, obesity, and the aging population, boost the demand for insulin pumps in the market.
Insulin Pumps Market Overview
Technological innovations and smart solutions continue to influence the insulin pump market significantly.
Asia Pacific is the fastest-growing regional market for insulin pumps. The market in this region is segmented into China, Japan, South Korea, India, Australia, and the Rest of APAC. The growing global prevalence of diabetes, rising incidences of lifestyle-related disorders, and the aging population are expected to drive market growth over the coming years. Insulin pumps are indicated for the diabetic patient population as they mimic the function of a normal pancreas in delivering a basal insulin dose and bolus doses when blood glucose levels rise above the normal range. The growing prevalence is expected to impact the market growth significantly over the forecast period. Additionally, a strong product pipeline portfolio and future commercialization of insulin pumps are expected to provide a future growth opportunity for this market.
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Insulin Pumps Market: Strategic Insights
Market Size Value in US$ 4,421.0 million in 2019 Market Size Value by US$ 8,264.0 million by 2025 Growth rate CAGR of 10.5% from 2019 to 2025 Forecast Period 2019-2025 Base Year 2019
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Insulin Pumps Market: Strategic Insights
| Market Size Value in | US$ 4,421.0 million in 2019 |
| Market Size Value by | US$ 8,264.0 million by 2025 |
| Growth rate | CAGR of 10.5% from 2019 to 2025 |
| Forecast Period | 2019-2025 |
| Base Year | 2019 |
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Insulin Pumps Market Drivers and Opportunities
Mounting Prevalence of Diabetes to Favor Market
As highlighted in the American Diabetes Association report published in 2024, 38.4 million Americans had diabetes in 2021. Among them, 29.7 million were diagnosed, and 8.7 million were undiagnosed. Additionally, the International Diabetes Federation report published in 2022 revealed that North America and the Caribbean accounted for 51 million, Europe accounted for 61 million, Middle East & North Africa reported 73 million, Africa for 24 million, South East Asia for 90 million, Western Pacific for 206 million, and South & Central America accounted for 32 million diabetes cases in 2021.
Thus, the growing prevalence of diabetes and increasing technological advancements in delivery devices drive the growth of insulin pumps.
Growing Medical Tourism– An Opportunity
The technological advancements in the healthcare in developing countries are attracting patients to travel for better and cost-effective treatments and the major players to expand their business. Most manufacturers of insulin pumps focus on emerging markets such as India, Brazil, Argentina and countries in Latin America due to an increase in the prevalence of diabetes and the increasing utilization of devices in the region. In India, medical science has proliferated in the past few decades. Diabetes treatment is cost effective and readily available in the emerging market and people from other countries travel to get themselves treated. The most possible reason might be their country's excessively high healthcare expenses. Due to existing exchange rates and other factors, treatment for diabetes in India has become affordable compared to other foreign countries. Thus, the rising medical tourism in emerging nations such as India is anticipated to provide significant opportunities to the players operating in the insulin pumps market during the forecast period.
Insulin Pumps Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Insulin Pumps Market analysis are type,
product, and application.
- Based on type, the insulin pumps market is divided into tube pumps and patch pumps. The Disposable segment may hold a larger market share in 2023.
- Based on product, the insulin pumps market is bifurcated pumps and accessories. The pumps segment may hold a larger market share in 2023.
- Based on application, the insulin pumps market is bifurcated into Type I Diabetes and Type II Diabetes. The Type 1 Diabetes segment may hold a larger market share in 2023.
Insulin Pumps Market Share Analysis by Geography
The geographic scope of the Insulin Pumps Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the insulin pumps market. The US accounts for a considerable share of the insulin pumps market in North America. The presence of top healthcare service providers in the US are among the most influential factors responsible for market growth. Asia Pacific is projected to grow with the highest CAGR in the coming years.
Insulin Pumps Market Report Scope
Insulin Pumps Market News and Recent Developments
The Insulin Pumps Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Insulin Pumps and strategies:
- Switzerland-based PharmaSens applied for FDA approval for its 'niia essential' insulin patch pump system. The company also achieved ISO 13485 certification in November 2023 for the system's design, development, manufacture, and distribution. The product is a basal-bolus patch pump with a streamlined design that combines the ease of an insulin pen with the advantages of a sophisticated insulin pump. It features an innovative 3ml reservoir, making it one of the most compact patch pumps on the market. The insulin patch pump system also incorporates an automatic needle insertion mechanism and a semi-reusable concept for cost-efficiency and sustainable product design. (Source: PharmaSens AG, Press Release, 2023)
- The US Food and Drug Administration (FDA) approved the Beta Bionics iLet ACE Pump and the iLet Dosing Decision Software for people aged 6 and above with type 1 diabetes. These two devices and a compatible FDA-cleared integrated continuous glucose monitor (iCGM) form a new system called the iLet Bionic Pancreas. The new automated insulin dosing (AID) system uses an algorithm to determine and command insulin delivery. (Source: US FDA, Press Announcements, 2023)
Insulin Pumps Market Report Coverage and Deliverables
The “Insulin Pumps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America dominated the insulin pumps market in 2023.
Factors including increasing incidences of diabetes and rising adoption of home-based healthcare are driving the insulin pumps market growth.
Growing technological advancements in insulin pumps is a future trend in the market.
Insulet Corporation; Medtronic; Tandem Diabetes Care, Inc; Debiotech S.A.; CELLNOVO; SOOIL Developments Co., Ltd; Microport Scientific Corporation; Valeritas Inc.; F. Hoffmann-La Roche Ltd.; and Ypsomed AG are some leading players operating in the Insulin pumps market.
The insulin pumps market is estimated to reach US$ 19.08 billion by 2031.
The insulin pumps market is anticipated to grow at a CAGR of 1119.08 billion.80% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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