Insulin Pump Market Size [2022 – 2028] to reach USD 11.86 Billion [CAGR 16.0%] | Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players

The global insulin pump market size is projected to reach USD 11.86 billion by 2028, exhibiting a CAGR of 16.0% during the forecast period. According to a report published by Fortune Business Insights, titled “Insulin Pump Market, 2022-2028”, the market’s value was USD 3.62 billion in 2020.

Insulet Expands Availability of Omnipod DASH in Europe

US-based Insulet Corporation announced the commercial availability of its much-acclaimed Omnipod DASH insulin delivery system across the Scandinavian countries Denmark, Norway, Finland, and Sweden in September 2020. Over the next few weeks, the system will be made available in Switzerland, Austria, Germany, France, and Belgium, along with Israel, according to the company’s press release. Equipped with an insulin pump, Insulet’s Omnipod is a tubeless insulin management solution that delivers medication non-stop for three days, eliminating the need for daily injections and enabling severe diabetics to independently regulate their condition.

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Soaring Demand for Diabetes Management Devices to Fuel Market Growth

The all-pervading presence of diabetes across countries and age groups around the globe has exacerbated the need for efficient and effective diabetes management solutions and devices. According to the World Health Organization (WHO), diabetes directly contributed to the death of approximately 1.5 million people worldwide in 2019. Furthermore, the International Diabetes Federation (IDF) estimates that roughly 9.3% of adults, globally, aged between 20 and 79, are living with diabetes, with an increasing number of children and adolescents getting afflicted with Type 1 diabetes. Insulin pumps will play an instrumental role in aiding patients with Type 1 diabetes in particular in managing their condition as this form of diabetes requires a constant infusion of insulin to cope control their blood sugar levels.

Development of AI-powered Diabetes Management Devices to Invigorate Market Growth

Leading medical device companies are investing heavily in innovation to design and development diabetes management solutions powered by advanced technologies such as artificial intelligence (AI). For example, in June 2020, the artificial pancreas algorithm developed by DreaMed Diabetes was incorporated into Medtronic’s MiniMed 780G hybrid closed-loop insulin delivery system. DreaMed had also successfully secured approval from the US Food and Drug Administration (FDA) in September 2019 for its AI-driven insulin dosage support solution, DreaMed Advisor Pro, for people with Type 1 diabetes. Medtronic has also been expanding its AI-based insulin pump portfolio. For example, in December 2019, Medtronic acquired California-based Klue, an AI specialist whose technology Medtronic has been integrating with its Personalized Closed Loop system. Thus, the advent of AI in insulin delivery solutions has broadened the growth avenues of this market.

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Segmentation

In terms of product type, this market has been segregated into pumps and consumables. Based on disease indication, the market has been segmented into Type 1 Diabetes and Type 2 Diabetes. On the basis of distribution channel, the market is divided into hospital pharmacies, retail pharmacies, and online stores. By geography, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

COVID-19 Impact

Onset of Diabetes in Recovering COVID-19 Patients May Favor Market Growth

While evidence suggesting an increased severity of COVID-19 in diabetics is well-documented, new research has found that recovering coronavirus patients are at an elevated risk of developing diabetes due to weakened organ functioning. In May 2022, a research team from Missouri’s Veterans Affairs St. Louis Health Care System revealed that COVID-19 non-diabetic survivors have a 39% increased likelihood of developing diabetes within six months following the infection. Similar findings were published by a group of researchers from the Office of National Statistics, UK, University of Leicester, UK, University College London, and Royal London Hospital. According to this study, coronavirus patients have a 50% increased likelihood to develop diabetes within 20 weeks of discharge. The complex linkage between diabetes and COVID-19 is thus expected to heighten the demand for efficient diabetes management devices, with insulin pumps leading the charge.

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