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
The tubeless insulin pump market is anticipated to exhibit substantial growth by 2027 owing to rising prevalence of various lifestyle diseases, including diabetes and obesity, around the world.
Tubeless insulin pumps are non-invasive devices that deliver insulin to control the blood sugar levels in patients suffering from diabetes. It can be worn outside the body and are considered a safer alternative to invasive insulin pumps or injections that may cause injuries and infections. Notably, rapid technological advancements in tubeless insulin pumps have propelled product demand in recent years.
Furthermore, to accommodate surging consumer demand for non-invasive insulin pumps, industry players are implementing strategic initiatives by way of product launches, partnerships, mergers & acquisition, and so forth, which has enhanced the overall business outlook. For instance, in February 2020, Insulet Corporation, a leading manufacturer of tubeless insulin pump technology and pioneer of the Omnipod Insulin Management System, inked a partnership agreement with Abbott Laboratories, a prominent medical devices company.
The deal entailed the amalgamation of Insulet's Omnipod Horizon Automated Insulin Delivery System with Abbott's technology for continuous glucose monitoring (CGM) into an integrated platform to offer a personalized and integrated system for diabetic patients. This integrated system was designed to continually remain in automatic insulin administration mode and could be regulated via an app on a user's own smartphone to manually take a dosage of fast-acting insulin, or bolus, before meals for best performance.
The tubeless insulin pump market has been segmented on the basis of distribution channel, component, and region. With respect to component, the market has further been categorized into remote, pod/patch, and others.
The remote sub-segment garnered a revenue of more than USD 610 million in 2020 and is anticipated to progress at a CAGR of around 21.6% over the analysis period. Remote tubeless insulin pumps offer several advantages, including improved glycemic control as well as advanced features that augment patient satisfaction, which is likely to drive segmental demand in the forthcoming years.
In terms of distribution channel, the market has been divided into pharmacies, hospitals, e-commerce, and others. In 2020, the e-commerce sub-segment held a significant market share with a valuation of about USD 1,410 million and is slated to grow at a robust pace over 2021-2027. Various advantages of e-commerce, such as reduced distribution costs, user-friendliness, and easy access to tubeless insulin pumps, among others, are set to boost segmental expansion through the review timeline.
From the regional point of view, Latin America accounted for a considerable portion of the overall tubeless insulin pump market in terms of revenue in 2020 and is projected to expand at around 24% CAGR over the forecast period. Increasing incidences of diabetes across countries in LATAM are speculated to foster regional market outlook in the future.
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