India Insulin Pumps Market
India Insulin Pumps Market Size Almost Doubles at Significant CAGR of 10% During 2023–2029
Published | 06 April 2023
India insulin pumps market is flourishing because of increasing advent of artificial intelligence in diabetes care devices and rapidly rising number of diabetes patients in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India insulin pumps market size at USD 13.28 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India insulin pumps market size to grow at a significant CAGR of 9.95% reaching a value of USD 25.55 million by 2029. Major growth factors of India insulin pumps market include increasing prevalence of diabetes and growing awareness among patients and healthcare professionals about the benefits of insulin pump therapy. Insulin pumps provide advantages over traditional insulin injections by offering more precise dosing and continuous monitoring of blood glucose levels. As more people become aware of these benefits, the adoption of insulin pump therapy is expected to rise. According to the International Diabetes Federation, India has the second-highest number of people with diabetes in the world, after China, with an estimated 74 million adults diagnosed with diabetes in 2021. The India insulin pumps market is highly competitive, with both domestic and international players vying for market share, leading to innovation and improved access to insulin pump therapy for patients in India. However, high cost of devices is anticipated to restrain the India insulin pumps market during the period in analysis.
India Insulin Pumps Market – Overview
India insulin pumps market refers to the market for medical devices that are used to deliver insulin to people with diabetes. Insulin pumps are small, computerized devices that are worn on the body and deliver insulin continuously throughout the day, according to a programmed schedule. They are an alternative to traditional insulin injection therapy, which involves injecting insulin into the body using a syringe or pen. The India insulin pumps market includes both insulin pump devices and associated accessories, such as infusion sets and reservoirs. The market is primarily driven by the increasing prevalence of diabetes in India and the growing awareness of the benefits of insulin pump therapy among both patients and healthcare professionals. The demand for insulin pumps in India differs widely across regions, mainly influenced by factors such as the prevalence of diabetes, awareness levels, receptiveness to new treatment approaches, and affordability. Kerala, Chandigarh, and Tamil Nadu are some of the states with the highest prevalence of diabetes cases. According to studies, the incidence of Type 1 diabetes is rising at a rate of approximately 3-5 percent per year. While Type 1 diabetes is largely hereditary, it can also be triggered by an autoimmune response to viruses or the environment. Insulin pumps are also frequently utilized by people diagnosed with Type 2 diabetes in India.
Impact of COVID-19 on India Insulin Pumps Market
COVID-19 pandemic had a dual impact on the India insulin pumps market. The disruptions in supply chains, reduced access to healthcare facilities, and economic uncertainty caused by the pandemic have negatively impacted the market. Shortages of insulin pumps and other diabetes care products have arisen due to import restrictions, leading to affected patient access to the devices. Additionally, reduced access to healthcare facilities has made it challenging for patients with diabetes to receive the necessary care, including insulin pump therapy. Conversely, the pandemic has raised awareness of managing chronic conditions such as diabetes, potentially driving demand for insulin pumps. To ensure patients have access to the care and devices they need, it is essential for stakeholders in the market to adapt to the evolving pandemic conditions.
India Insulin Pumps Market – By Accessories
Based on accessories, India insulin pumps market is divided into Insulin reservoir or cartridges, Insulin Set Insertion Devices, and Battery segments. In 2020, the insulin set insertion devices segment was the most dominant in the market. The primary reason for the segment's high market share is the frequency of use, as general infusion sets of insulin pumps need to be changed every two to three days. Additionally, the high cost of infusion sets is another contributing factor. During the forecast period, the insulin reservoir or cartridges segment is expected to experience significant growth. The growth of this segment is mainly driven by the increasing adoption of tethered pumps, which involve loading a cartridge of insulin into the reservoir or drawing insulin from a vial into the reservoir. These reservoirs can hold up to 300 units of insulin and do not require frequent changes, typically lasting 2-3 days. These factors are expected to be major growth drivers for the insulin reservoir or cartridges segment.
Major players operating in India insulin pumps market include Medtronic plc, Hoffmann-La Roche Ltd, Tandem Diabetic Care, Inc., Insulet Corporation, Ypsomed, Cellenovo, Sooil Development, Valeritas, Inc, and JingasuDelfu Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Insulin Pumps Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Insulin Pumps Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- India Insulin Pumps Market - By Type (Patch Pumps, Tethered Pumps); By Accessories (Insulin Reservoir or Cartridges, Insulin Set Insertion Devices, Battery); By End Use (Hospitals & Clinics, Homecare, Laboratories); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: April 2023
Increasing implementation of artificial intelligence in diabetes care devices and rising number of diabetes patients are projected to propel the expansion of India insulin pumps market during the forecast period between 2023 and 2029.
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