DUBLIN, Oct. 9, 2019 /PRNewswire/ -- The "Diabetes Management: Insulin Pumps Market (2019)" report has been added to ResearchAndMarkets.com's offering.
Valued at nearly $3bn in 2018, the Global Insulin Pumps Market is growing at a fast pace - at a compound annual growth rate (CAGR) of approximately 12% - reaching more than $5bn by 2023
The Global Insulin Pumps market is being driven by strong demand, increasing awareness and adoption of next-generation hybrid closed-loop systems, solid clinical outcomes, and good reimbursement. Market penetration is low, leaving much room for growth.
According to the International Diabetes Federation (IDF), approximately 425 million adults (20-79 years of age) have diabetes worldwide, and this number is expected to rise nearly 50% to approximately 629 million by 2045. More than 1.25 million people have type 1 diabetes in the US alone.
There is a strong need for automated continuous insulin delivery as a replacement for cumbersome multiple daily (insulin) injections (MDI) using painful pens/needles, which are prone to user error and may leave many type 1 (and insulin-requiring type 2) patients at risk for dangerous complications.
Overall, the insulin pumps market is an evolving market driven by innovation. While Medtronic clearly dominates, technological advances are spurring intense competition. There is a rush to develop even smarter automated hybrid closed-loop systems (artificial pancreas or AP systems) driven by machine learning or artificial-intelligence-based algorithms. These systems lessen patient burden and autonomously adapt to individuals' glycemic needs and lifestyles to significantly improve blood glucose control and quality of life for millions of diabetes patients worldwide.
This comprehensive medical market and technology report provides:
- An overview of diabetes and prevalence
- A discussion of automated pump technology, product portfolios, and pipelines
- Insight into next-generation hybrid closed-loop insulin pump systems, technical limitations, and innovations
- In-depth market and competitive analyses, including 5-year market forecasts and global/regional market share
- An overview of companies, financials, and strategic growth strategies
Markets covered by this analysis include the US, Japan, the five major EU markets (France, Germany, Italy, Spain, and the UK), and the Rest of World (RoW) markets, which includes all other countries. Market forecasts are for the 2018-23 time period.
- Global sales of automated insulin pumps (and supplies) are expected to increase at a double-digit CAGR of more than 12%, from $2.9bn in 2018 to $5.1bn in 2023
- The major suppliers of insulin pumps products in 2018 included Medtronic, Insulet Corporation, Tandem Diabetes Care, and Valeritas
- While Medtronic dominates the insulin pumps market with the world's first hybrid closed-loop artificial pancreas system, innovation is spurring intense competition, including several startups
- Competitors are in a race to produce more advanced, fully closed-loop automated systems using artificial intelligence and other improved features to more closely mimic the function of the human pancreas
- There is a strong need to lessen patient burden, pain, and device complexity, while improving accuracy, glycemic control, lowering healthcare costs, and quality of life
- Automated insulin pumps are providing a good alternative to cumbersome multiple daily (insulin) injections or MDI using traditional pens/needles/syringes
- Market drivers include: the increasing prevalence of diabetes, low market penetration, strong demand, growing awareness and adoption, good reimbursement, good safety/efficacy, improvement in glycemic control/time-in-range, technological innovation, expansion of indications (eg to younger patients, type 2 insulin-dependent users), and highly lucrative insulin sets/disposables (pump supplies)
- Market limiters include: high cost, strong pricing pressure, technical limitations/complexity, competition with standard insulin injection devices (eg pens), lack of long-term data comparing safety and efficacy of next-generation systems and cybersecurity issues
- Animas/Johnson & Johnson
- Beta Bionics
- Bigfoot Biomedical
- Insulet Corporation
- Tandem Diabetes Care
For more information about this report visit https://www.researchandmarkets.com/r/ghc0vu
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