Overview:
Insulin pumps are portable devices that can be attached to the body. These pumps constantly deliver preset amounts of short or quick acting insulin in the body to control diabetes. Treatment of type 2 diabetes require insulin therapy, it may sometimes be required in the type 2 diabetes too. Insulin pumps can act as an effective alternative to insulin injections. These pumps deliver the insulin as per the bodyโs requirement as basal rate, where it delivers small amount of insulin constantly for the whole day to maintain normal body function programmed by healthcare experts. Insulin pumps include main pump unit holding the insulin reservoir i.e. 176-300 units of insulin. In the treatment of diabetes, several types of insulin are used such as rapid, short, intermediate, and long acting insulin.
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Drivers:
Increasing cases of diabetes is expected to propel growth of the global insulin pumps market during the forecast period. For instance, in 2019, the International Diabetes Federation reported that nearly 463 million individuals in the age group of 20 to 79 years were suffering from diabetes and the number is expected to increase by 2045 to 700 million. Furthermore, in 2019, as per the same source, 4.2 million people died due to diabetes. The number of people affected with type 1 diabetes is increasing and type 2 diabetes is expected to affect 374 million people.
Moreover, type 1 diabetes has affected around 1.1 million adolescents and children. The U.S. government spent nearly US$ 760 billion dollars for diabetes as healthcare expenditure.
Factors such as increasing awareness regarding diabetes among people and different types of insulin and their delivery methods are also expected to boost growth of the global insulin pumps market.
Furthermore, favourable reimbursement policies for the patients are also expected to augment growth of the global insulin pumps market during the forecast period. For instance, in 2018, as per the Centers for Disease Control and Prevalence (CDC), the Diabetes Self-Managementย Education and Support (DSMES), spreads awareness regarding diabetes by providing education to patients to increase their awareness and skills to manage the disease in the U.S. The Medicaid funded the DSMES helping to reduce the healthcare cost of the patients.
Market Taxonomy:
By Product Type
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Disposable Insulin Pumps
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Traditional Insulin Pumps
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Smart Pumps
By End Users
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Hospital
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Home Care
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Clinics
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Laboratories
By Region
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North America
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Europe
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Latin America
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Middle East
-
Asia Pacific
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Africa
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Regional Analysis:
Among regions, North America is expected to witness strong growth in the global insulin pumps market during the forecast period due to rise in the number of diabetes in cases in the U.S. For instance, in 2018, the American Diabetes Association estimated, diabetes affected 34.2 million people in the U.S. and out of them, 26.8 million individuals were diagnosed, while the remaining population of 7.3 million was undiagnosed. Furthermore, 14.3 million population includes geriatric population of age 65 years and above suffering from diabetes. The disease causes 76,000 deaths per year in the U.S. making it the seventh leading cause of death.
Furthermore, Asia Pacific is also expected to witness robust growth in the global insulin pumps market, owing to increasing diabetes prevalence in the low- and middle-income countries. For instance in 2018, the International Diabetes Federation reported that diabetes has affected 88 million people in South-East Asia, and the number is expected to increase by 2045 to 153 million, which makes it 74% of increase in the number of diabetes patients.
Middle East and North Africa are expected to witness significant growth in the market due to high number patients suffering from diabetes. Around 55 million people in these regions are affected with diabetes and the number is expected to increase to 108 million by 2045 making it 96% increase in the number of patients suffering from diabetes.
Major Players:
Major players active in the insulin pump market are Braun Melsungen Abbott Laboratories, Dickinson and Company, Insulet Corporation, Medtronics, Becton, Sanofi, and Hoffmann-La Roche AG.
Key Developments:
In January 2020, Tandem Diabetes Care Inc., announced the launch of t:slim X2 insulin pump with Control-IQ technology that operates with Dexcom G6 continuous glucose monitoring (CGM) delivering automated correction doses of insulin to prevent fluctuation in blood glucose.
In October 2019, the U.S. FDA granted approval to Novo Nordisk for using Fiaspย (insulin aspart injection) 100 u/mL in insulin infusion pumps to improve glycemic control in patients with type 1 or type 2 diabetes.
In June 2019, Medtronic partnership with Tidepool for the development of an automatic insulin pump system. Medtronic Planned the development of a Bluetooth-enabled MiniMed pump, compatible with Tidepool Loop, which is an open-source, automated insulin delivery app for iPhone an Apple watch.
In March 2019, Medotronic plc, introduced MiniMed 670G system, which is first ever customised system that delivers the dose of insulin 24 hours a day automatically to prevent hyperglycaemia and hypoglycaemia.
In 2018, Health Canada granted license to Medtronic plc to launch the MiniMed 670G system that is developed to stabilize glucose levels 24 hours a day by adjusting the delivery of insulin automatically depending on patientโs insulin requirements. The system provides advantages to type-1 diabetes patients.
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Frequently Asked Questions:
- What will be the market size and the growth rate by the end of the forecast period?
- What are the key Insulin Pumps Market trends impacting the growth of the market?
- What are the potential growth opportunities and threats faced by the leading competitors in the market?
- What are the key outcomes of Porterโs five forces analysis and the SWOT analysis of the key players functioning in the global Insulin Pumps Market?
- What are the market opportunities and threats faced by the vendors in the Insulin Pumps Market?
Table Of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Insulin Pumps Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Insulin Pumps Industry Impact
Chapter 2 Global Insulin Pumps Competition by Types, Applications, and Top Regions and Countries
2.1 Global Insulin Pumps (Volume and Value) by Type
2.3 Global Insulin Pumps (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Insulin Pumps Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Insulin Pumps Market Analysis
Chapter 6 East Asia Insulin Pumps Market Analysis
Chapter 7 Europe Insulin Pumps Market Analysis
Chapter 8 South Asia Insulin Pumps Market Analysis
Chapter 9 Southeast Asia Insulin Pumps Market Analysis
Chapter 10 Middle East Insulin Pumps Market Analysis
Chapter 11 Africa Insulin Pumps Market Analysis
Chapter 12 Oceania Insulin Pumps Market Analysis
Chapter 13 South America Insulin Pumps Market Analysis
Chapter 14 Company Profiles and Key Figures in Insulin Pumps Business
Chapter 15 Global Insulin Pumps Market Forecast (2021-2027)
Chapter 16 Conclusions
Research Methodology
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