The global insulin pumps market accounted to US$ 3,822.4 Mn in 2017 and is expected to grow at a CAGR of 10.5% during the forecast period 2018 – 2025, to account to US$ 8,264.0 Mn by 2025.
The factors that are responsible for the type I diabetes include genetics, exposure to viruses and other environmental factors that develops in adults but also typically appears during childhood or adolescence phase. According to the Centers for Disease Control and Prevention (CDC), in 2017, approximately 23 million people had diagnosed with diabetes in the United States, whereas people with type I diabetes accounted for approximately 5% to 10%, or approximately 1.2 to 2.3 million in the country. Furthermore, the IDF also projected with type I diabetes that represent approximately 10% of the diabetes population worldwide. Thus, the increasing prevalence of type I diabetes help to boost the growth of the global insulin market in the coming years.
Over the years, researchers have been carrying out research activities which have resulted to product innovations. Products with increased technology with more effective benefits is a major requirement in the treatment for diabetes. As the prevalence of diabetes is increasing across the world, the demand for more products with advancements is also boosting up. The growing innovations in novel insulin pump products is a boosting factor that helps to propelling the growth for the market.
The increasing technological advancements due to the increased demand for product development. However, the availability of alternatives for insulin delivery pumps are expected to act as major challenges hindering the market growth.
For instance, in July 2018, the Roche received a CE mark for its Accu-Chek Solo micropump system. The system is a small tube-free insulin delivery device that offers to their users the choice to bolus directly from the pump. It is fully functional handheld device that comprise detach and re-attach function of pump without wasting insulin. The Accu-Chek Solo micropump integrates and the Roche’s digital health solutions contributing in a combination to provide more effective and personalized diabetes management to their users. Moreover, in the March 2018, the Medtronic announced to have a FDA approval for their latest smart technology of standalone CGM named the Guardian Connect system. The Guardian Connect system has the advanced feature including alert system that helps in aware people about potential high or low glucose level events, up to 60 minutes in advance.
Increasing prevalence of type I diabetes is driving the market for insulin pumps over the forecast period
The key players operating in the field of insulin pumps market worldwide include Insulet Corporation, Medtronic, Tandem Diabetes Care, Inc, Debiotech S.A, CELLNOVO, SOOIL Developments Co., Ltd, MicroPort, Scientific Corporation, Valeritas Inc., F. Hoffmann-La Roche Ltd., Ypsomed AGand and among others.
The report segments the global insulin pumps market as follows:
Global Insulin Pumps Market – By
Global Insulin Pumps Market – By Type
Global Insulin Pumps Market – By Application
Type I Diabetes
Type II Diabetes
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