What is Insulin Pump Market?
According to the WHO (World Health Organization) estimation, there was approximately 108 million Diabetic population in 1980s which increased to 422 million in 2014. Moreover, ‘International Diabetes Federation’ states that approximately 1.6 million deaths were reported in 2016. Modernization leading to the high prevalence of several lifestyle diseases including Diabetes, Changing diet and increased dependency on ready-to-eat packaged food consisting of unhealthy artificial ingredients and preservatives can be associated with the factors driving the Insulin pump market. Diabetes is a chronic disease that occurs when the pancreas does not produce enough insulin, which is a hormone that regulates blood sugar. The insulin pump is a portable device which delivers a specific amount of insulin in the body at a specific time interval. The pump is attached to the body to deliver insulin via a catheter that is placed under the skin. It is a programmable device which delivers a specific amount of insulin (Basal rates) to maintain the blood glucose level. Insulin pumps act as a potential alternative for insulin injections.
The market study is being classified by Type (Smart Pumps, Disposable Pumps, Traditional Pumps, Tethered Pumps, Untethered Pumps and Implantable Pumps), by Application (Hospital, Clinics and Health Care market) and major geographies with country level break-up. According to AMA, the Global Insulin Pump market is expected to see growth rate of 9.56% and may see market size of USD7242.77 Million by 2025.
Abbott Laboratories (United States), Animas Corp. (United States), Asante (United States), Becton (United States), Dickson and Company (United States), Braun Melsungen AG (United States), Cellnovo Limited (United Kingdom), Medtronics Inc., (United States) and F. Hoffmann-La Roche Ltd.,(Switzerland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tandem Diabetes and Care Inc., (United States), Animas Corporation (Johnson & Johnson) (United States) and SFC Fluidics (United States).
The global insulin pumps market is fragmented with many top international and regional key players who are anticipated to grow substantially over the forecast period.With the new entrants, the level of competition is likely to intensify in the coming future. Players in the market are constantly looking for ways to enhance their market presence by focusing on the implementation of various new models and M&A such as On September 2018, SFC Fluidics received SBIR II funding to develop dual Hormone Patch pump diabetes patients. SFC fluidics can control the delivery of both insulin and glucagon in a discreet patch pump that is the same size as the insulin-only patch pumps currently in the market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Insulin Pump market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Insulin Pump market by Type, Application and Region. On the basis of Type, Tethered Insulin Pumps are dominating the market in the year 2019
On the basis of geography, the market of Insulin Pump has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increased Prevalence of Diabetes Worldwide
- Benefits of Insulin Pumps over Insulin Injection Such As Improved Glucose Level in the Body
- Increasing Awareness about Diabetes in the Population
- Adoption of Insulin Pumps over Conventional Methods of Diabetes Management
- Electronic Insulin Pumps are Preferred Over Traditional Pumps Due To Their Better Safety Results
- High Cost of the Latest Insulin Pumps
- Availability of Substitutes for Insulin Pumps
- Unfavorable Reimbursement Plans
- Increasing Partnership and Collaboration Activities by Players of the Market
- Technological Advancement in Insulin Pump, for instance, Use of Real-time CGM for Insulin Pumps
- Insulin Pump Replacing Traditional Pumps
- Proper Glycemic Controls are Particularly Difficult for Young Patients Who Do Not Multiple Needle Sticks Required for Measuring Blood Glucose Levels
Market Leaders and some development strategies
On January 2018, Tandem Diabetes (WHO) manufactures only touch screen Insulin pumps) announces FDA approval of t:slim X2 pump with Basal -IQ technology, a predictive low glucose suspend (PLGS) feature designed to help reduce the frequency and duration of low glucose events (hypoglycemia) applicable for children as young as 6 years. First Insulin pump which is compatible with integrated continuous glucose monitoring devices (iCGM) devices. and The FDA classified this product into a new category called as Alternate Controller Enabled Infusion Pumps (ACE pumps).
In 2019, Becton company launched T2 Patch Pump, a disposable, three-day wear tubeless pump offering both basal and bolus dosing. It holds 300 units and has a reusable handheld controller with Bluetooth connectivity to a smartphone app. The company expects to file with FDA in the coming months with a limited launch expected in late '19.
FDA approved Omnipod, a waterproof insulin pump which was approved in mid-2018., The device is Bluetooth enabled and has a touchscreen with a personal diabetes manager (PDM), similar to an Android phone. and This small device can be positioned in areas where insulin shots are usually taken and can be worn up for up to 72 hours.
Key Target Audience
Insulin pump Manufacturers, Venture Capitalists, Traders Distributors and Suppliers of Insulin Pumps, Government and Regulatory bodies, Diabetes Clinics and Hospitals, Industry Associations and Others
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