Tubeless Insulin Pump Market worth over $8bn by 2027
Published Date: October 12, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Tubeless Insulin Pump Market size is set to surpass USD 8 billion by 2027, according to a new research report by Global Market Insights Inc.
Diabetes is amongst the largest public health concerns, inflicting significant mortalities and socio-economic impact. The rising prevalence of diabetic population have led to surged demand for insulin, thereby offering immense growth potential for prominent players to launch innovative tubeless insulin pump and optimize maximum revenue share.
Escalating number of diabetes patients are expected to stimulate the market growth
Significant increase in the number of patients suffering from diabetes is one of the prominent factors influencing the demand for tubeless insulin pump. With escalating patient population, the industry is poised to foresee tremendous growth owing to the growing preference for these devices due to their reliability and minimized need for multiple injections. According to the International Diabetes Federation, the total number of diabetes patients is slated to grow by 51% from 463 million in 2019 to 700 million by 2045. High incidence rate is also attributable to the adoption of a sedentary lifestyle. Thus, as tubeless insulin pump has offered a simplified and advanced solution to patients for diabetes management, the market is anticipated to experience unprecedented growth in the coming years. Moreover, the pervasiveness of diabetes is higher in the geriatric population, thus, expanding the elderly pool that will further present growth opportunities to the market.
Additionally, to cater to a huge patient population, industry participants operating in the market are increasing investment in product development resulting in more tubeless insulin pump launches and extended availability. Several governments, as well as non-profit organizations, are also undertaking initiatives to create awareness regarding diabetes management among the population. These organizational efforts will positively impact the demand for related products including tubeless insulin pump.
Growing acceptance of remote tubeless insulin pump to fuel the market expansion
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The remote segment held 29% of the tubeless insulin pump market share in 2020 and is estimated to reach more than USD 2.34 billion by 2027 led by the increasing demand of tubeless insulin pump among patients as well as preference by healthcare professionals. Remote controllers are widely used to regulate, deliver and control the attached patch pump to ensure optimal insulin dosing. These remote controllers are generally connected to the patch pump using Bluetooth technology. As these devices provide patient’s insulin therapy information to professionals, it allows physicians to detect abnormal changes. Remote control and real-time monitoring of blood glucose levels and insulin dosage providing convenience in diabetes management will highly impact the product adoption rate. Further, preference for wearable technologies and development of advanced devices with wireless connectivity will strengthen the segment growth during the forecasted timeframe.
Browse key industry insights spread across 134 pages with 118 market data tables & 15 figures & charts from the report, “Tubeless Insulin Pump Market Size By Component (Pod/Patch, Remote), By Distribution Channel (Hospitals, Pharmacies, E-commerce), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing awareness among customers pertaining to a variety of e-commerce options will boost the market revenue
The e-commerce segment was valued at more than USD 1.41 billion in 2020 on account of the considerable increase in number of smartphone users that have positively impacted the internet penetration rate leading to high acceptance of e-commerce platforms. Advantage of home service eliminating the need for hospital or pharmacy visits will further result in increasing preference of e-commerce for product purchase. Growing use of e-commerce platforms with user-friendly and easy to understand interface through mobile apps will drive the product sales. Knowledge and education regarding self-management of diabetes will impel the product distribution through these channels, thus propelling the industry growth. Internet accessibility throughout urban as well as rural areas leading to rising usage of e-commerce platforms will accelerate the product distribution through these channels. Lucrative growth in the number of internet users globally will present numerous growth opportunities to the segment.
Rising diabetes patients population in Germany will augment the industry expansion
Germany tubeless insulin pump market will cross USD 258 million by 2027 due to the presence of large diabetes population, government initiatives to broaden health care catering to burden of chronic diseases including diabetes, etc. As per the International Diabetes Federation (IDF), in 2019, an estimated approximately 9.5 million adults were suffering from diabetes in Germany. The German Diabetes Society is actively operating in collaboration to create public awareness for diabetes and improve the efficiency of the use of available resources to provide the enhanced diabetes care. Furthermore, growing awareness about novel devices, expansion and penetration of digital health technologies and increasing disposable income in Germany will propel the industry progression.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the market are Insulet Corporation, Medtronic, Tandem Diabetes Care, and F. Hoffman La-Roche among others. Prominent leaders implement several strategic formulations such as product commercialization, collaborations, partnerships and geographical expansions to channelize revenue growth.