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).

Insulin pumps are compact, computerised devices that are programmed to administer a diabetic patient's prescribed amounts of insulin. The demand for portable insulin delivery systems among the diabetic community has increased, and the market for these pumps has grown and developed in recent years to meet this demand. The rising incidence of diabetes, particularly type 1 diabetes, worldwide is the main driver of this industry. Another important growth factor is the creation of sophisticated pumps powered by smart technologies like artificial intelligence (AI) and machine learning (ML) by top medical device manufacturers.

The global market for insulin pumps is expanding at a large rate due to the population's fast increasing prevalence of diabetes and growing understanding of how to treat it. The International Diabetes Federation (IDF) estimates that there were 537 million people with diabetes worldwide in 2019, and that figure is predicted to climb to 783 million by the year 2045. According to the World Health Organization, diabetes can result in blindness, renal failure, and stroke. The market is expanding at a rapid rate due to factors including growing healthcare costs, easier access to healthcare facilities, and the widespread availability of sophisticated insulin pumps.

US Insulin Pump Market is poised to grow at a sustainable CAGR for the next forecast year.