Implantable Insulin Pump Market Growth, Size, Share, Trends, and Forecast 2032
Description
According to the report published by Zion Market Research, the global Implantable Insulin Pump Market size was valued at USD 3,512.03 Million in 2023 and is predicted to reach USD 7,001.49 Million by the end of 2032. The market is expected to grow with a CAGR of 7.83% during the forecast period. The report analyzes the global Implantable Insulin Pump Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Implantable Insulin Pump Market industry.
Global Implantable Insulin Pump Market: Overview
The implantable insulin pump is surgically entrenched under the skin, while a catheter from the pump extends to the peritoneal cavity. The critical difference between eternal and implantable insulin pump is that the insulin delivered to the peritoneal cavity is quickly routed to the liver. Through the implantable insulin pump, the liver receives a high concentration of insulin, keeps a large percentage of it and permits only a small amount to pass to the rest of the body.
One of the prominent contributors includes the increasing awareness about the advantages of implantable insulin pumps created by industry experts. For instance, the Implantable Insulin Pump Foundation works actively to encourage and assist the progress of improved and technologically modern implantable insulin pumps, so that the patient receives a remarkable diabetes management solution.
The underlying diseases of the patient can cause complications and need to be monitored & treated with an utmost essentiality. For instance, congestive heart failure affects 3 to 4 million people in the US. This condition is responsible for nearly 30,000 to 40,000 deaths annually in the country. Thus, drug therapies are not hundred percent effective in such cases, and the need for innovative pumps emerge.
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Global Implantable Insulin Pump Market: Overview
The global implantable insulin pump market growth is rising at a tremendous pace owing to the factors such as the rising diabetic population, rapid urbanization in most developing as well as underdeveloped regions, and the inclination of key players towards creating awareness on the essentiality of implantable insulin pumps.
A tremendous surge in diabetic population across the world pushes the demand for implantable insulin pumps. For instance, according to a report published by the Institute for Health Metrics and Evaluation, the Indian Council of Medical Research (ICMR), and the Public Health Foundation of India, 72 million Indians suffered from type-2 diabetes in 2019, and this number is projected to double to 134 million by 2025. Furthermore, according to the International Diabetes Federation, the number of diabetic populations worldwide was 463 million in 2019. Such shocking statistics will boost the share of implantable insulin pumps market in the forecast period.
The COVID-19 outbreak has disrupted the implantable insulin pump industry during the previous year. Owing to the several restrictions on movement levied by the government all throughout the world, there was a halt in the surgeries performed. Although this situation was for a limited period, the urgent patients received the essential care. With the adoption of alternative approaches of telehealth and COVID risk scheduling techniques in hospitals, the market is set to grow amid the pandemic.
Global Implantable Insulin Pump Market: Segmentation
The global implantable insulin pump market is classified based on type, disease, end user, and region. Based on the type, the global implantable insulin pump market is segmented into closed-loop insulin pump and open-loop insulin pump. On the basis of disease, the global implantable insulin pump market is bifurcated into type 1 diabetes and type 2 diabetes. Based on end user, the market is segmented into hospitals and home care.
Global Implantable Insulin Pump Market: Regional Analysis
The European region is estimated to hold the largest share in the global implantable insulin pump market over the forecast period. The rise in government initiatives, growing concerns regarding insulin administration, diabetes management, & injuries, rise in research activities, and the increase in the number of prominent providers are the key elements driving the growth of the market in this region. For instance, in August 2021, a team of Italian researchers published a study in the Science Robotics journal about a two-component system called PILLSID, which includes an implantable insulin pump that sits in the abdomen area and an ingestible magnetic hormone capsule to refill it. Thus, such promising research directly points towards the significant share of this region in the global implantable insulin pump market.
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Moreover, North America is projected to witness considerable growth in the market due to the growing competition among the manufacturers, as well as increasing clinical trials in the field. The rising medical costs as well as the surging patient population pushes the growth of the North American implantable insulin pump market in the anticipated period. For instance, according to the American Diabetes Association, diabetes mellitus affects an approximate of 16 million people in the US. Out of these, nearly ten percent constitute type 1 diabetes, which can only be managed by injections of insulin. Such groups of patients are likely to benefit most directly from the innovative implantable insulin pump technology.
Global Implantable Insulin Pump Market: Competitive Players
Some of the key players in the global implantable insulin pump market are:
- Diabeloop
- Apex Medical
- CVS Health (Aetna Inc.)
- Diamesco Co., Ltd
- Insulet Corporation
- F. Hoffmann La Roche Ltd
- Johnson & Johnson
- SOOIL Developments Co. Ltd
- Medtronic Plc
- Tandem Diabetes Care
- among others.
Global Implantable Insulin Pump Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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