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Implantable Insulin Pump Market Expected to Reach $6.44 Billion by 2030

 
2022
Implantable Insulin Pump Market

Report Code : A03079

quote growth of the global implantable insulin pump market is driven by rise in use of implantable insulin pump devices in the diabetes 1 and diabetes 2 treatment across the globe. Furthermore, increase in innovations in implantable insulin pump products, and rise in number of product approvals are the other factors that contribute toward growth of the market. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, Implantable Insulin Pump Market by Type, Disease, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global implantable insulin pump market size was valued at $2,674 million in 2020, and is projected to reach $6,443 million by 2030, registering a CAGR of 9.1% from 2021 to 2030.  

The implantable insulin pump is a pump that is surgically implanted under the skin and catheter from the insulin pump extends into the peritoneal cavity. The peritoneal cavity has an abundant supply of blood vessels and therefore, absorption of insulin is very efficient in this cavity. These insulin pumps work according to the blood glucose concentration i.e. lower the blood glucose, lower is the concentration of insulin released and higher the blood glucose, higher is the concentration of insulin released. Emergence of such healthcare- technologies have addressed high need for better diagnostics as compared to current insulin supply, as it reduces diabetes related stress, decreases the need for regular blood tests, eliminates the need for insulin supplements, and prevents carbohydrate counting.

Rise in prevalence of diabetes across the globe is the major factor that contributes toward growth of the implantable insulin pump market. In addition, sedentary & unhealthy lifestyles surge all causes of mortality, double the risk of diabetes, because of overweight or obesity, an unhealthy diet and physical inactivity, which account for about 80% of the rise in prevalence of diabetes. Moreover, increase in government expenditure on healthcare, technological advancements in implantable insulin pump, increase in public awareness towards diabetes disease treatments, accuracy in dosage delivery of implantable insulin pump are other factors that further drive the growth of the market. However, stringent government regulations are expected to hamper the market growth during the forecast period. Conversely, high market growth potential in emerging markets is expected to offer lucrative opportunities during the forecast period.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. According to an article by the American Diabetes Association in 2020, people with diabetes are more likely to have serious complications from COVID-19.

Furthermore, having heart disease or other complications in addition to diabetes can worsen the chances of getting seriously ill from COVID-19 as more than one condition makes it harder for patients to fight the infection. This helped major implantable insulin pump players to adopt various strategies to gain maximum share during the COVID-19 outbreak. Thus, the outbreak of COVID-19 positively impacted the growth of the global market.

The implantable insulin pump market is segmented into type, disease, end user, and region.

On the basis of type, the implantable insulin pump market is categorized into closed-loop insulin pump and open-loop insulin pump. The open-loop insulin pump dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. Increase in demand for minimally invasive devices along with surge in incidences of diabetes among population are expected to drive the growth of the open-loop insulin pumps market. In addition, surge in awareness regarding advanced methods for insulin delivery through pumps, increase in investment in research and development (R&D) for open-loop insulin pumps are the major factors which boost the market growth of this segment.

By disease, the implantable insulin pump market is categorized into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment is anticipated to depict significant growth during the forecast period due to rise in prevalence of type 1 diabetes across the globe, increase in demand for implantable insulin pump, rise in number of implantable insulin pump manufacturing companies, and surge in public awareness toward type 1 diabetes treatment methods.

Key Findings Of The Study

  • Based on type, the open-loop insulin pump segment held largest implantable insulin pump market share in 2020, and is expected to remain dominant throughout the forecast period.
  • On the basis of disease, the type 1 diabetes segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.  
  • On the basis of end user, the hospitals segment held largest implantable insulin pump market share in 2020 and is expected to remain dominant throughout the forecast period. 
  • Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 11.5% during the forecast period.

In 2020, North America accounted for the major share in the implantable insulin pump market, owing to increase in incidences of diabetes, supportive reimbursement policies in healthcare system, and rise in geriatric population. In addition, rise in R&D activities towards the development of novel implantable insulin pump products and mergers & acquisitions to acquire novel products boost the growth of the market in this region. However, Asia-Pacific is projected to register the fastest growth during the forecast period, owing to increase in awareness regarding diabetes treatment methods and significant surge in demand for advanced healthcare facilities in the region are the key reasons for the significant growth of the implantable insulin pump market. Moreover, surge in focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high growth opportunities boosts growth of the market.

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quote Implantable Insulin Pump Market by Type (Closed-Loop Insulin Pump and Open-Loop Insulin Pump), Disease (Type 1 Diabetes and Type 2 Diabetes), and End User (Hospitals and Home Care): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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