According to FutureWise analysis the market for insulin pumps in 2023 is US$ 5.36 billion, and is expected to reach US$ 18.07 billion by 2031 at a CAGR of 16.42%.
Insulin Pumps are discreet, electronic medical devices that can be carried on a belt or concealed under clothes. The insulin pump delivers insulin to the body regularly to prevent an increase in blood glucose levels based on the user's basal and bolus rates. The primary drivers of market expansion are the rising incidence of diabetes globally and rising health consciousness. The modernization of the economy has significantly increased the prevalence of several diseases linked to a sedentary lifestyle, including diabetes. Changes in dietary preferences and reliance on prepared packaged meals with artificial substances and preservatives also produce a positive impact. The demand for efficient Insulin Pumps has increased due to the development of very accurate glucose sensors and blood monitoring technology.
Technological developments and the growing preference for insulin pumps over traditional approaches are some of the factors impacting market expansion. For individuals who need several insulin injections each day, insulin pumps are quite practical. Due to their reduced invasiveness, the patient population has largely adopted these devices. The rising elderly population, rising incidence of diabetes, and rising prevalence of obesity are the main factors responsible for the market's expansion. In addition, companies are creating next-generation insulin pumps with cutting-edge technology to offer improved compliance and integration with IT devices, which is helping the market expand. In the near future, it is also projected that technological advancements such as home infusion therapy and artificial pancreas will generate major growth potential. Additionally, growing public knowledge of insulin pumps and their use has fueled market expansion in both developed and developing nations.
FutureWise Market Research has published a report that provides an insightful analysis of insulin pumps market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the insulin pumps market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.