Insulin Pump Market Size

Insulin Pump Market Size

Insulin Pump Market size was valued at over USD 5.2 billion in 2023 and is expected to witness 12.4% CAGR from 2024 to 2032, led by increasing collaborations with technology firms, research institutions, and healthcare providers to enhance device innovation. These partnerships are focused on integrating AI, improving patient data management, and developing advanced monitoring systems.

To get key market trends

  Download Free Sample

Furthermore, the expansion of these collaborations is leading to the inclusion of more personalized treatment options and real-time data analytics. These ventures are setting the stage for significant improvements in patient outcomes and the overall user experience. For instance, in May 2024, Xeris Biopharma Holdings and Beta Bionics collaborated to develop the world's first dual-hormone pump. This innovative device enables to manage both low and high blood sugar levels more effectively.
 

 The prevalence of diabetes is increasing globally and leading to the higher demand for advanced management tools. To that end, insulin pumps have grown popular as they are evolving to offer better glucose control, convenience, and integration with other diabetes technologies. These devices are streamlining the process of insulin delivery by providing continuous subcutaneous infusion, further helping patients to maintain stable blood glucose levels.
 

Moreover, insulin pumps are incorporated with more advanced features, including AI and real-time monitoring to further enhance the quality of life for people with diabetes. For instance, the International Diabetes Federation reported that the prevalence of diabetes globally is expected to rise to 783 million by 2045. This growing target population will boost the product demand.
 

However, the high cost of insulin pump therapy is limiting its accessibility and exacerbating the risk of hypoglycemia and hyperglycemia. Manufacturers are working on reducing production costs and improving insurance coverage to address these barriers. However, advancements in technology and healthcare policies will continue to mitigate these challenges for ensuring more equitable access to the therapies.