Insulin Pumps Market Analysis
Insulin Pumps Market - Global Industry Insights, Size, Share, Trends, Outlook, and Opportunity Analysis, 2018-2026
Insulin pump is a portable device, which can be attached to the body and can continuously deliver preset amounts of short or rapid acting insulin in the body to control diabetes. Insulin therapy is required in type 1 diabetes and sometime in type 2 diabetes. It serves as an effective alternative to insulin injections. Furthermore, insulin pump delivers the insulin according to the need of body as basal rate, where small amount of insulin is delivered continuously whole day for maintaining normal function of body that is programmed by health care professionals. Whereas, for bolus dose, the additional dose of insulin required, according to the food supply to correct the blood sugar level of the body. Insulin pump comprises main pump unit that holds insulin reservoir i.e. 176-300 units of insulin. There are various types of insulin used to treat diabetes such as rapid, short, intermediate, and long acting insulin.
The major factors that are expected to drive growth of the market include increasing prevalence of diabetes, awareness about diabetes, and types of insulin and different methods to deliver insulin. Insulin pump device are small and durable. Insulin pumps are user friendly, as they can be programmed easily and LCD screen is available for display of programs. Moreover, battery compartment and reservoir compartment is also compact. Insulin pump are highly portable and it makes the delivery easy. Furthermore, number of insulin injection are reduced due to insulin pumps. Whereas, there is precise delivery of insulin by using insulin pumps to gain better control on diabetes.
The increasing prevalence of diabetes is expected to fuel growth of the insulin pump market over the forecast period. For instance, according to the International Diabetes Federation, in 2019, around 463 million people, in the age group of 20 to 79 years were reported to be suffering from diabetes and it has been estimated that by 2045, the number of diabetes patients will rise to 700 million. Moreover, according to the same source, in 2019 diabetes caused around 4.2 million deaths. The cases of people suffering from type 1 diabetes is increasing in most of the countries and around 374 million people are expected to suffer from type 2 diabetes. Furthermore, over 1.1 children and adolescents are currently suffering from type 1 diabetes. In 2019, around US$ 760 billion dollars were spent by the U.S. government for diabetes as healthcare expenditure.
Insulin Pumps Market – Regional Analysis
North America is expected to hold a dominant position in the global insulin pumps market over the forecast period, owing to the increasing prevalence of diabetes in the U.S. population. For instance, according to American Diabetes Association, 2018, in 2018, around 34.2 million U.S. population were reported to have diabetes. Out of which, 26.8 million were diagnosed and 7.3 million were undiagnosed. Moreover, 14.3 million people constitutes the older population (above the age of 65 years) are suffering from diabetes. Moreover, diabetes is the seventh leading cause of death in the U.S. population with around 76,000 deaths annually in the U.S. every year.
Additionally, reimbursements policies provided by the government to the patients is expected to fuel the global insulin pumps market growth over the forecast period. For instance, according to the Centers for Disease Control and Prevalence (CDC), 2018, in the U.S., Diabetes Self-Management Education and Support (DSMES), provides education for the patients for increasing their knowledge and skills for the management of diabetes. DSMES are funded by Medicaid, which aids in reducing the health care cost of the patients.
In addition, there is rising prevalence of diabetes in middle and low income regions that is expected to drive growth of the insulin pumps market. For instance, according to International Diabetes Federation, 2018, in South-East Asia, around, 88 million people are suffering from diabetes and has been estimated that around 153 million patients will suffer from diabetes in the year 2045. Thus there will be a 74% increase in the number of patients suffering from diabetes. Moreover, in Middle East and North Africa, around 55 million people are suffering from diabetes and it has been estimated that approximately 108 million people will suffer from diabetes in the year 2045. Thus there will be a 96% rise in the number of patients suffering from diabetes. The above factors are expected to boost the global insulin pumps market growth over the forecast period.
Insulin Pumps Market – Competitive Analysis
Key players operating in the insulin pump market include Medtronics, Braun Melsungen Abbott Laboratories, Becton, Dickinson and Company, Sanofi, Insulet Corporation, and Hoffmann-La Roche AG.
Global Insulin Pump Market Taxonomy
By Product Type
By End Users