The Global Market for Insulin Pumps (External) is Projected to Reach US$3.9 Billion by 2022

Rise in Insulin Dependent Diabetes Mellitus & Innovation in Insulin Delivery Techniques Drives Demand for External Insulin Pumps, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Insulin Pumps (External) market. The global market for Insulin Pumps (External) is projected to reach US$3.9 billion by 2022, driven by growing prevalence of diabetes, shift towards more convenient solutions for insulin infusion, and technological developments in insulin pumps.

The market for diabetes monitoring and treatment products is transitioning from conventional devices to more advanced versions. From blood glucose meters, insulin syringes and insulin pens, the market is gradually shifting towards less-invasive solutions and devices that enable inter-device communications for more integrated diabetes management and therapy. Devices that are particularly drawing high attention include continuous glucose monitoring, insulin pumps, and systems that combine the two. Growing prevalence of diabetes worldwide and increasing preference for painless insulin delivery have shot up insulin pumps to fame in recent years, driving their adoption. The therapy involves employing a programmable insulin pump, to release insulin from a storage reservoir through a tube to a cannula or needle placed beneath the skin. Insulin pumps automatically deliver a continuous flow of rapid-acting insulin employing background or one or more basal delivery rates. The similarity of insulin pumps to the functioning of pancreas, combined with fewer requirements of syringes, is a major factor attributed to the rising preference of the device as an alternative to the standard multiple daily injections. Aging population, changing lifestyles, increasing obesity rates, growing number of type I diabetics, current lower penetration levels, increasing evidence of effectiveness of insulin pumps in type II diabetics and growing product options are some of the factors driving growth in the market.

Insulin pump technology has been witnessing continuous product advancements. New devices are not only more attractive, lighter, smaller and accurate but also incorporate diabetes management technologies such as blood glucose monitoring (BGM) and continuous glucose monitoring (CGM). Combination of these and other functionality aid in better management of diabetes, thereby drive their demand over competing insulin delivery mechanisms. Other improvements such as increasing convenience in refilling insulin reservoirs with prefilled cartridges, technological advancement in closed loop CGM system, and improvements in materials used and pricing are expected to fuel their adoption. While pumps are more apt for those who find controlling difficult with multiple daily injections, product improvements and benefits would expand their targeted customers well beyond the current primary market. Emergence and growing options in patch pumps is another major factor driving adoption of insulin pumps, which transformed the convenience factor in this space. Recent advances led to development of tubeless pumps, which make them more comfortable for diabetics to wear, fueling adoption of insulin pump technology.

As stated by the new market research report on Insulin Pumps (External), the United States represents the largest market worldwide. As one of the countries with the highest rates of obesity, the United States is home to a large number of diabetes patients. The number of diabetes patients in the country is set to rise, providing improved market prospects for external insulin pump manufacturers. Asia-pacific represents the fastest growing market worldwide, with a CAGR of 10.9% through the analysis period. Led by factors such as growing awareness about cutting edge diabetes management solutions, increasing preference for alternatives to insulin injections, and improving healthcare spending as a result of rising disposable income and easy access to affordable healthcare services, insulin pump market in Asia-pacific is poised to exhibit fastest growth.

Major players profiled in the report include Debiotech S.A., F. Hoffmann-La Roche Ltd., Insulet Corp., Medtronic Plc., Sooil Development Co. Ltd., Tandem Diabetes Care Inc., Valeritas Inc. and Ypsomed Holding AG among others.

The research report titled “Insulin Pumps (External): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Insulin Pumps (External) in US$ terms for all major geographic markets such as United States, Canada, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of World.

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