Tubeless Insulin Pump Market size is set to surpass USD 6.2 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is credited to the growing elderly population base and increase in the prevalence of lifestyle related diseases, including obesity. Obesity is considered as a major risk factor that promotes the risk of numerous non-communicable diseases including diabetes. Among these, type 2 diabetes is most profoundly related to obesity, and the prevalence of obesity-associated diabetes is projected to double to 300 million by 2025.
The rise in the obesity population would promote the target addressable market size. Also, drastic changes in lifestyle including the surged consumption of alcohol and smoking are promoting the number of diabetes patients. Thus, the growing prevalence of obesity globally is contributing to the increasing diabetes prevalence. Type 1 diabetes (T1D) needs simultaneous regulation of blood glucose along with multiple injections of insulin, thereby escalating the demand & adoption for tubeless insulin pump.
Technological developments in tubeless insulin pump are anticipated to boost the market revenue
The notable surge in awareness concerning diabetes management using automated insulin pumps and integrated technology is set to benefit the market. Integration of novel technologies have helped in eliminating certain drawbacks related to conventional insulin delivery approach and are being preferred by both healthcare professionals and patients. This increased preference can be attributed to the development of new-generation tubeless insulin pump that offer more safety, convenience, and deliver precise results as compared to conventional approach.
The incorporation of digital technology allows patients to address their health concerns by connecting with the healthcare professionals and access valuable insights. Continuous efforts by the industry players for developing advanced & innovative solutions offering ease in insulin delivery is expected to accelerate the tubeless insulin pump market revenue.
Browse key industry insights spread across 100 pages with 51 market data tables & 10 figures & charts from the report, “Tubeless Insulin Pump Market Size By End-use (Homecare, Hospitals & Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Australia, RoW), Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing hospital admissions due to the high prevalence of diabetes will escalate the industry growth
The hospitals & clinics segment held 10% of market share in 2021 and is predicted to observe a 20.3% growth rate till 2030 owing to the surged prevalence of diabetes & access to affordable insulin therapy & diabetes management provided by the hospitals & clinics. The heightened prevalence of diabetes mellitus has a significant impact on the utilization of healthcare services, especially hospitals.
Several clinical studies have indicated that people suffering with diabetes have higher hospital admission rates, around 2 to 6-fold times higher than people without diabetes. Thus, the increasing influx of diabetic patients in hospitals to avail affordable diabetes management services are anticipated to spur the acceptance of tubeless insulin pump.
Growing incidence of diabetes and significant diabetes care expenditure will foster the market value in UK Region
The UK tubeless insulin pump market estimated to attain a 21.1% CAGR and is projected to reach around USD 307 million by 2030. This growth is attributed to the rising prevalence of diabetes, high diabetes care expenditure, and well-developed healthcare infrastructure. As per the article Diabetes UK, in 2019, more than 4.9 million individuals were suffering from diabetes with estimates indicating that the number would increase to 5.5 million by 2030.
Moreover, approximately 7% of the UK population is living with diabetes with over one million people have undiagnosed type 2 diabetes. The significant prevalent population base has enforced the government to implement policies supporting diabetes management & thus, has driven the diabetes care expenditure. As a result, the increased diabetes care spending & significant diabetes prevalence is expected to propel the tubeless insulin pump market growth.
Companies are emphasizing on strategic initiatives and innovative product launch to expand business operations
Major participants operating in the tubeless insulin pump industry are Roche Diabetes Care, Insulet Corporation, Terumo Corporation, and Medtrum Technologies among others. These leaders are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors in the market.