Insulin pumps and Accessories Global Market estimated to be worth $5,011.5 million by 2026

The insulin pumps are medical device used in the administration of insulin in the treatment of diabetes mellitus, also known as continuous subcutaneous insulin infusion therapy (CSII). Diabetes is rapidly becoming a major health epidemic in most regions of the world. All patients with type 1 diabetes and a significant number with type 2 diabetes require the use of insulin for controlling blood glucose. There are many ways to induce the insulin such as injections, pens and insulin pumps, Insulin pumps mimic the work of human pancreas by delivering small doses of short and rapid acting insulin continuously, pumps containing insulin in the reservoir is delivered through infusion set through flexible tubing (catheter) and further passed into patient’s bloodstream at a more precise and flexible rate with improved glucose control.  The device releases insulin with a steady flow rate throughout the day and night, called basal insulin, and an extra dose at mealtime, called a bolus.

According to IQ4I estimation, the insulin pumps & accessories global market is valued at $XX million in 2019 and expected to grow at a high single digit CAGR of XX% from 2019 to 2026 to reach $5,011.5 million by 2026. Factors such as the increase in the prevalence of diabetes, advantages of insulin pumps over injections and insulin pens, increase in awareness about insulin pumps over traditional methods and technological innovations are the factors driving the market growth. The increasing product approvals and market expansion in emerging nations are expected to offer potential opportunities. However, various factors such as patient safety risks and medication errors associated with insulin pumps, lack of cyber-security in wireless insulin pumps are limiting the growth of insulin pumps & accessories global market. The threats for the insulin pumps and accessories market include increasing number of insulin pump product recalls due to FDA mandates and stringent regulatory requirement for new products.

The insulin pumps & accessories market is mainly segmented into products, applications, end-users and geography. Among products, Insulin pumps accounted for the largest revenue of $XX million in 2019 and are projected to grow at a high single digit CAGR of XX% from 2019 to 2026, due to increasing prevalence of diabetes, technological advancements, and increased usage of insulin pumps. In application market, type 1 diabetes segment commanded the largest share of XX% and is expected to grow at a high single digit CAGR of XX% from 2019 to 2026 to reach $XX million by 2026, due to rising incidence of diabetes in developed and emerging economies, increasing product launches, development of smart insulin pumps. According to International diabetes federation (IDF) around 464.1 million people are suffering from diabetes worldwide in 2019, (including children and adults) and are going to be 700 million people with diabetes by 2045. In end-users, home healthcare segment commanded the largest revenue of $XX million in 2019 and is projected to be the fastest growing segment with high single digit CAGR of XX% from 2019 to 2026 due to ease of use of device, and improved patient compliance.

Increasing incidence of diabetes in young aged people who require continuous monitoring and insulin administration is emerging as one of the major opportunities for market players to invest more in R&D for designing innovative insulin pumps and to launch new products. For instance, In August 2019, Insulet Corporation launched Omnipod DISPLAY and Omnipod VIEW apps for new Omnipod DASH System. This application is now available to download from the iOS App Store. The Omnipod DISPLAY app allows for a convenient display of Personal Diabetes Manager (PDM) data on the user’s iOS smart phone including, Pod status, insulin therapy history, and alarms, as well as a “Find My PDM” feature. By end of 2019, Medtronic PLC is planning to launch MiniMed 680G, an advanced hybrid closed loop system.

Based on geography, the insulin pump & accessories market is divided into North America, Europe, Asia-Pacific and Rest of the world. The North American region commanded largest market revenue of $XX million in 2019 and is expected to reach $XX million by 2026 growing at a high single digit CAGR of XX% from 2019 to 2026. High investments in healthcare infrastructures and demand for quality services in this market are propelling the market growth. However, Asia-pacific region is expected to grow at low double digit CAGR of XX% from 2019 to 2026 due to increasing healthcare awareness, improved economic growth and increasing healthcare funding by the governments.

The overall insulin pump market is consolidated with five companies commanding a combined share of XX% of the market. To maintain competitive edge these companies have adopted different strategies such as developing technologically advanced products, for instance, by end of 2019, Medtronic is planning to launch MiniMed 680G advanced hybrid closed loop system. Due to the increased competitive pressure some of the companies like Animas a subsidiary of Johnson and Johnson and Cellnovo group were unable to sustain in the market hence they have stopped manufacturing insulin pumps.

The increase in the number of clinical trials performed year-on-year may result in the launch of several new devices in the coming years; this is expected to drive the insulin pump market further. Insulin pump clinical trials data indicate that, XX% clinical trials are in phase 3 stage, and XX% of clinical trials are in phase 2. The majority of clinical trials are focused on type 1 diabetes.

Penetration analysis indicates that insulin pumps and accessories global market has huge opportunity for existing players as there is more approval, acquisitions and product launch. According to IQ4I estimations, globally XX million patients and about XX million type 2 diabetes patients are using insulin pumps. The overall average selling price of insulin pumps is estimated to $XX and the Total Addressable Market (TAM) for insulin pump is expected to be $XX million in 2019, for type 1 diabetes the TAM is estimated to be $XX million and for type 2 TAM is $XX million. According to IQ4I analysis, the insulin pump has reached XX% of insulin dependent population (type 1 and type 2 diabetes) and still there is scope to reach XX% of insulin dependent population.

Major players in insulin pumps & accessories market include F. Hoffmann-La Roche AG (Switzerland), Insulet Corporation (U.S.), Medtronic PLC  (Ireland), Tandem Diabetes Care Inc. (U.S.), Valeritas Holdings Inc. (U.S.) and Ypsomed Holdings AG (Switzerland).

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