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Industry Insights, Market Size, CAGR, High-Level Analysis: Insulin Pump MarketThe global insulin pump market size was valued at 3.30 billion in 2018 and is projected to expand at a CAGR of 9.6% during the forecast period. Rising technological advancement and adoption of insulin pumps over traditional methods are some of the key market drivers. These pumps are highly convenient for people who require multiple insulin injections on a daily basis. These devices are less invasive and hence, are largely adopted by the patient pool. The growth is majorly attributed to increasing geriatric population and prevalence of diabetes and obesity. Moreover, the companies are developing new generation insulin pumps with advanced technology to provide better compliance and integration with IT devices, which is contributing to the growth. Advancements, such as artificial pancreas and home infusion therapy are also anticipated to create significant growth opportunities in near future. Furthermore, increasing awareness about the product and its advantages is projected to continue driving the market growth in both developed and developing countries. Diabetes is a clinical condition where the inability of the pancreas to produce insulin causes the decreased glucose levels in the body. The rapidly changing lifestyle and rising consumption of alcohol and smoking, are contributing to the prevalence of diabetes, worldwide. Moreover, the rise in obese population is another factor contributing to the high prevalence of diabetes. Type 1 diabetes (T1D) requires continuous monitoring of blood glucose coupled with multiple injection of insulin, thereby increasing the scope for growth of pumps and other insulin delivery devices and glucose monitors. Insulin pump can deliver insulin either manually or automatically. These pumps can be programmed to deliver specific set of doses as well as larger sets of doses whenever required, such as before meals. Patients can connect these devices to their smart phones to calibrate blood glucose reading. Both doctors and consumers prefer electronic insulin pumps owing to increasing awareness regarding diabetes management and care. This can be attributed to the fact that new-generation pumps are convenient, safe, and provide accurate results compared to traditional methods. The anytime-anywhere nature of digital technology enables patients to address their health issues by connecting with the healthcare team and sharing data. These factors are expected to propel the growth of the market.
Type Insights of Insulin Pump MarketBy type, the market has been segmented into patch and tethered insulin pumps. Tethered pumps segment accounted for the largest market size and is expected to expand at a CAGR of 9.2% during the forecast period. These devices have a flexible tubing between the pump and the cannula. The segment growth is majorly attributed to reliability of these traditional pumps and the high products availability. Patch pump segment is expected to expand at a robust CAGR of over 10.9% during the forecast period. Patch pumps are small in size and can be directly attached to the surface of the skin. Features such as lack of may also serve as a blood glucose meter. Moreover, integration of calculators helps determine the exact dosage of insulin required by patients and avoid overdose. These factors are likely to boost the market growth during the forecast period.
Accessories InsightsBy accessories, market has been segmented into insulin reservoir/cartridges, insertion devices set, and batteries. The insertion devices segment held the dominant market share in 2018, attributed to its use as in general infusion set and high cost of infusion sets. Moreover, these devices need to be changed in every two to three days, thereby driving the demand for the product. Reservoir or cartridges segment is expected to witness substantial CAGR of 9.9% during the forecast period. The growth is driven by increasing adoption of tethered pumps. This typically involves loading a cartridge into the reservoir or drawing insulin from vial into the reservoir. These reservoirs have a capacity of holding up to 300 units of insulin lasting for at least 2 to 3 days. These factors are expected to drive the growth of the segment in the forthcoming years.
End Use InsightsBy end use, the market is segmented into hospitals and clinics, homecare, and laboratories. The hospital segment is expected to maintain its dominance over the forecast period, attributed to the availability of skilled healthcare professionals, increasing government funding, and rising private sector investment in the healthcare sector. Homecare segment is expected to expand at the fastest CAGR of 10.1% during the forecast period. The growth of the sector is attributed to the increasing awareness about insulin pumps use and high adoption of these products at home due to their ease of use. Moreover, increasing usage of patch pumps which are small in size and are easy to carry is also expected to propel the market during the forecast period.
Product Insights of Insulin Pump MarketBased on products, the insulin pump market has been segmented into MiniMed (Medtronic Plc), Accu-Chek (F. Hoffmann-La Roche Ltd), t: slim (Tandem Diabetes Care), OmniPod (Insulet Corporation), Mylife OmniPod (Ypsomed AG), and others. Medtronic MiniMed s insulin pumps contributed to the majority of sales in the market owing to high adoption and technological advancements. The growth of MiniMed product line is primarily driven by a strong foothold and regional presence of Medtronic and the launch of its MiniMed 670G system - the worlds first hybrid closed loop system. Insulet Corporation Omnipod is expected to register strong sales over the forecast period. In 2018, the U.S. sales for Omnipod reached USD 323.5 million, witnessing a rise of 19% from the previous year. Furthermore, the product is doing well outside of U.S., in terms of revenue. In 2018, international revenue of Omnipod was USD 172 million, an increase of 43% from 2017. The market is expected to witness substantial growth over the forecast period owing to many product launches and technological advancements. For instance, in June 2019, Medtronic initiated clinical trials of the next-gen MiniMed 780G hybrid closed loop system. At present, 670G is the only automated insulin pump which adjusts delivery of insulin based on CGM readings. MiniMed 780G is designed at par with the MiniMed 670G, in terms of its ability to automate basal insulin levels with an added bluetooth feature. The product, with an expected launch by second quarter of 2020, is likely to strengthen Medtronics position in the overall market.
Regional Insights of Insulin Pump MarketNorth America is leading owing to the presence of major market players. Furthermore, factors such as increasing prevalence of obesity, treatment cost, technological advancements, and product launches are expected to drive the regional growth. Europe is also expected to capture a significant market share over the forecast period, due to an increase in the geriatric population, prone to diabetes. Moreover, improvements in its healthcare sector and the implementation of advanced medical products are augmenting the regional product demand. Asia Pacific is projected to be a lucrative region for insulin pumps. Increasing healthcare funding and government initiatives to promote diabetes awareness are the major factors aiding regional growth. China led the region in 2018 owing to its economic growth and presence of a large number of diabetics. Furthermore, adoption of new technology in developing economies is also anticipated to boost the growth in near future.
Market Share Insights of Insulin Pump MarketIn 2018, Medtronic plc was the leading market player. Other key players include Hoffmann-La Roche AG, Ypsomed AG, and Insulet Corporation. Manufacturers are focusing on novel technologically advanced product launches, acquisitions, and other strategies to expand their business portfolio and to strengthen their market presence. Key market players are also focused on developing next-generation pumps to meet the growing demand for less invasive and accurate insulin delivery systems. For instance, in June 2019, Medtronic announced the partnership with Tidepool to create an interoperable automated system. The former plans to launch a new Bluetooth-enabled MiniMed insulin pump, which will be compatible with Tidepool Loop, a hybrid closed loop system for Apple users.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Insulin Pump Market Research ReportThis report forecasts revenue growth at global, regional, and country levels as well as provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global insulin pump market report on the basis of product, type, accessories, end use, and region:
Type Outlook (Revenue, USD Million, 2019 - 2030)
- Patch Pump
- Tethered Pump
Product Outlook (Revenue, USD Million, 2019 - 2030)
- MiniMed (630G, 670G, and VEO)
- Accu-Chek (Combo, Insight, and Solo)
- Tandem (T: slim X2, G4, T: flex Delivery System)
- My Life Omnipod
Accessories Outlook (Revenue, USD Million, 2019 - 2030)
- Insulin Reservoir or Cartridges
- Insulin Set Insertion Devices
End Use Outlook (Revenue, USD Million, 2019 - 2030)
- Hospitals and Clinics
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Information Procurement 1.2.1 Purchased database 1.2.2 GVR’s internal database 1.2.3 Secondary sources 1.2.4 Primary research 1.2.5 Details of primary research 220.127.116.11 Data for primary interviews in North America 18.104.22.168 Data for primary interviews in Europe 22.214.171.124 Data for primary interviews in APAC | read more...