Global Wearable Infusion Pumps Market Set For 9.6% Growth, Reaching $1.98 Billion By 2028
Wearable Infusion Pumps Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What does the growth of the wearable infusion pump market look like in recent years?
The wearable infusion pumps market size has shown remarkable growth in recent years. The market size is forecasted to grow from $1.25 billion in 2023 to $1.98 billion in 2028 at a compound annual growth rate CAGR of 9.6%. The significant growth in the historic period can be attributed to the rising prevalence of chronic diseases, increasing global aging population, escalating healthcare spending worldwide, growing awareness and education, as well as advancements in drug formulations.
The wearable infusion pumps market size is expected to see strong growth in the next few years. It will grow to $1.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
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What are the drivers behind the growth of the wearable infusion pumps market?
The soaring prevalence of chronic diseases is expected to fuel the growth of the wearable infusion pump market. Chronic diseases are long-term health conditions, including but not limited to, cancer, heart disease, diabetes, and arthritis, which, more often than not, progress slowly and persist for more than a year. Treatment for these conditions requires ongoing medical attention. The increasing prevalence of these illnesses can be attributed to a mix of genetic, lifestyle, and environmental factors, such as poor diet, lack of exercise, and exposure to toxins. Wearable infusion pumps help patients suffering from chronic conditions by providing a continuous and precise delivery of medications, thereby enhancing adherence and optimizing treatment. For instance, according to the National Health Service of the UK in June 2024, 18% more individuals were registered with a GP for non-diabetic hyperglycemia pre-diabetes in 2023 compared to 2022. This growth highlights a significant rise in pre-diabetes cases year-over-year. Thus, the increasing prevalence of chronic diseases will act as a primary driver for the wearable infusion pump market.
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Who are the key industry players in this market?
The market is facing stern competition with major companies like Fresenius SE & Co. KGaA, Medtronic Plc, Medline Industries Inc., Becton Dickinson and Company, Baxter International Inc., B. Braun Melsungen AG, Nipro Corporation, ICU Medical Inc., Insulet Corporation, Sorenson Medical, Avanos Medical Inc., Vygon SA, pfm medical GmbH, Eitan Medical, Micrel Medical Devices SA, Zyno Medical LLC, Q-Core Medical Ltd., Epic Medical Solutions, MOOG Inc., and Smiths Medical International Ltd., to name a few.
What are the emerging trends in the wearable infusion pumps market?
Leading companies in the wearable infusion pump market are developing innovative products, such as tubeless, wearable, and disposable insulin pumps, to boost convenience for the user, encourage treatment adherence, and offer more efficient and discreet insulin delivery methods for diabetes management. For instance, in February 2023, GulfDrug LLC, a UAE-based healthcare company, introduced EOPatch, an innovative product that is tubeless, wearable, and disposable. Controlled directly from Android and iOS smartphones using the Narsha app, this insulin pump can deliver insulin continuously for up to 84 hours, simplify the replacement cycle to twice a week, and communicate with certain blood glucose meters via Bluetooth.
What does market segmentation look like in the wearable infusion pump market?
This market has been segmented in terms of:
1 Type: Electronic Ambulatory Infusion Pumps, Patient-Controlled Analgesia PCA Pumps, Large Volume Pumps, Syringe Pumps, and Other Types
2 Usage: Disposable, Reusable
3 Application: Diabetes, Antibiotic Infusion, Chemotherapy, Pain Management, Parkinson's Disease, and Other Applications
Which regions lead in wearable infusion pump market growth?
North America was the largest and dominant region in the wearable infusion pump market in 2023. Asia-Pacific, however, is expected to be the fastest-growing region in upcoming years. The regions covered in the wearable infusion pumps market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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