Diabetes Management: Insulin Pumps Market
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 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:
- prevalence of diabetes
- insulin pump portfolios, key product features, and technical limitations
- product pipelines
- emerging startups/technologies
- key trends and opportunities
- market drivers and limiters
- market and competitive analysis—including 5-year global and regional market forecasts, global/regional market share (2018), company overview, 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.