12 Feburary 2019
The global insulin pump market is anticipated to witness significant growth in the coming years. Insulin pump is a medical device used to administer insulin in diabetic patients at specific intervals. The device is attached to patient’s body and insulin is injected via catheter placed under the skin. It delivers a dose of insulin to control and maintain blood sugar level. The patient can take an extra dose depending on the food intake to keep glucose level under control. These pumps are considered to be an effective alternative to injections owing to their better blood glucose control and fewer jabs than needles.
Rising cases of diabetes owing to increasing obesity and geriatric population across the globe can propel market growth. Type 2 diabetes is expected to play a significant role in the product demand. Diabetes is a condition in which the body starts converting carbohydrates present in the food into energy to increase the blood sugar level. This, in turn, can increase the risk of blindness, heart disease, organ damage, and other serious conditions. Introduction of advanced products offering innovative and effective features to assist diabetic patients can stimulate market growth. Supportive government initiatives and consumer information programs to spread awareness regarding importance and availability of advanced medical devices can drive the market in coming years.
However, high cost and skin infections associated with the devices can hamper market growth. In addition, lack of experienced professionals to handle or use these advanced medical devices can restrain growth of market. Moreover, ongoing research projects related to implantation of insulin producing stem cell can hinder market growth in coming years.
Technological developments, including home infusion therapy and artificial pancreas are likely to create lucrative growth opportunities for the market.
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The market can be segmented on the basis of pump type, accessories, and end-users. Based on pump type, the market can be categorized into smart, disposable, and traditional. In terms of accessories, the market can be classified into insulin reservoirs, infusion sets, and infusion set insertion devices. On the basis of end-users, the market can be divided into home care, hospitals, clinics, and laboratories.
North America is expected to grow fast in coming years attributed to increasing number of diabetic patients in the United States. Growing adoption of insulin pumps in the U.S. and Canada can drive the market in the region. According to a report by Centers for Disease Control and Prevention (CDC), one in three individuals in the U.S. is expected to have diabetes by 2050. Technological developments in medical devices can impel market growth in the region. In addition, launch of advanced infusion pumps by local manufacturing companies can augment growth of market in coming years. For instance, Medtronic launched Guardian Connect CGM system for people with diabetes. This system can alert patients of potential low or high of glucose events up to 60 minutes in advance. Guardian Sensor 3 used in this system is the most advanced glucose sensor made by the company. People using this system can also have access to Sugar.IQ smart diabetes assistant to address common problems related to diabetes. Similarly, Tandem Diabetes Care received approval from the U.S. Food and Drug Administration (FDA) for its slim X2 insulin pump with Basal-IQ technology. Basal-IQ predictive low glucose suspend (PLGS) feature is designed to lessen the duration and frequency of low glucose events.
Asia Pacific is anticipated to witness significant growth in the coming years owing to increasing cases of diabetes in developing countries, such as India, China, and Japan. These countries are expected to contribute to more than 70 percent of the world’s diabetic population. China is estimated to hold the largest share in the market owing to presence of leading market players. For instance, Medtronic announced that it is planning to open its new operation site in China to address the increasing diabetes epidemic in the country.
Some of the leading companies operating in the insulin pump market are Insulet Corporation, Abbott Laboratories, Medtronics, Dickinson and Company, and Braun Melsungen AG.
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