Insulin Pump Market Size, Share, Growth Analysis, By Type(Patch pumps, and Tethered pumps), By Product(MiniMed, Accu-Chek, Tandem, Omnipod), By Accessories(Insulin Eeservoir or Cartridges, Insulin Set Insertion Devices, and Battery), By End Use(Hospitals & Clinics, Homecare, and Laboratories), By Region - Industry Forecast 2024-2031

Global Insulin Pump Market size was valued at USD 5.59 billion in 2022 and is poised to grow from USD 6.05 billion in 2023 to USD 11.38 billion by 2031, growing at a CAGR of 8.22 % in the forecast period (2024-2031).

The Global Insulin Pump Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. A small number of significant businesses control a sizable portion of the market, which is consolidated. With a broad selection of pumps and supplies for the treatment of diabetes, market leader Medtronic maintains a commanding position. The growth of the business is also supported by the regulatory bodies' rising product approvals. Major players are including China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries. 'Medtronic (Ireland) ', ' ', ' ', ' ', 'Hoffmann-La Roche AG (Switzerland) ', 'Tandem Diabetes Care, Inc. (US) ', 'Insulet Corporation (US) ', 'Ypsomed AG (Switzerland) ', 'Sanofi S.A. (France) ', 'Sooil Development (Korea) ', 'Jiangsu Delfu Co., Ltd. (China) ', 'Cellnovo Ltd. (UK) ', 'Valeritas, Inc. (US) ', 'Debiotech S.A. (Switzerland) ', 'CeQur Simplicity (Switzerland) ', 'Microtec Medical Ltd. (UK) ', 'ViCentra B.V. (Netherlands) ', 'EOFLOW CO., LTD. (Korea) ', 'Becton, Dickinson and Company (US) ', 'Abbott Laboratories (US) ', 'Braun Melsungen AG (Germany) ', 'Animus Corporation (US) ', 'Asante (US) ', 'Nipro Diagnostic, Inc. (Japan)'

The market participants are concentrating on R&D of technologically advanced goods and launching new products in response to the growing adoption of these pumps among diabetic patients in developed and emerging nations. Several clinical trials that indicate indications of persistent improvement in glucose control in type 2 diabetes patients receiving pump therapy as opposed to those receiving Multiple Daily Injection (MDI) therapy have complemented R&D.

Intelligent technologies, including AI, have quickly impacted the healthcare IT sector and are currently making steady progress in the management of diabetes. Medical device businesses can actively develop and introduce AI-enabled pumps and other automated drug delivery systems for type 2 diabetes by leading the way in these trends. There is a demand for technologically sophisticated pumps due to the type 2 diabetes population's growing use of these pumps. For instance, according to Medtechdive, the global adoption rate of type 2 insulin pumps is now about 5%, with an expected 15% growth by 2027.

The global market for insulin pumps includes recent trends and potential prospects for each region, including Europe, North America, Asia Pacific (APAC), the Middle East, and Africa (MEA). Due to the increased prevalence of diabetes, North America will dominate the market for these throughout the projection period. In addition, the presence of major industry players in the area, the rising obesity rate, the accessibility of cutting-edge medical facilities, the high consumption of fast food, technological advancements, and consumers' sedentary lifestyles all contribute to market growth. The region's major contributors are the United States and Canada.