Insulin Pumps global Market estimated to be worth $6,412.9 million by 2028
The insulin pumps are medical devices 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 insulin such as injections, pens, and insulin pumps, these pumps mimic the work of the human pancreas by delivering small doses of short or rapid-acting insulin continuously from the reservoir and delivered through the infusion set or through a patch pump which is attached on the body surface of the diabetic patient, at a precise rate to improve glucose levels. 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 analysis, the insulin pumps global market is expected to grow at high single digit CAGR from 2021 to 2028 to reach $6,412.9 million by 2028. Factors such as the increase in the incidence and prevalence of diabetes, advantages of insulin pumps over injections and insulin pens, increase in the use of insulin pumps in home care settings, increase in awareness about insulin pumps over traditional methods and technological innovations are the factors driving the market growth. The increasing product approvals, distribution agreements, partnerships, collaboration activities, and market expansion in emerging nations are expected to offer potential opportunities. However, the high cost of continuous subcutaneous insulin infusion therapy (CSII), lack of cyber-security in wireless insulin pumps, increase in product recalls, privacy concerns and safety issues associated with insulin pumps, stringent regulatory requirements for new products, and inadequate reimbursements are limiting the growth of insulin pumps global market.
The insulin pumps market is mainly segmented into products, applications, pump utility, end-users and geography. The products are segmented into insulin pump devices and consumables, among which, Insulin pumps accounted for the largest revenue in 2021 and are projected to grow at a high single digit CAGR from 2021 to 2028, due to increasing prevalence of diabetes, technological advancements, and increased usage of insulin pumps. The application market is segmented into type-1 and type-2 diabetes, among which, type 1 diabetes segment commanded the largest share in 2021 and is expected to grow at a high single digit CAGR from 2021 to 2028, due to increasing adoption of smart insulin pumps. The market based on pump utility is segmented into disposable and durable pumps among which the durable pump commanded the largest share of the market in 2021, the disposable pump segment is expected to grow at a high single digit CAGR from 2021 to 2028. The end-Users market is segmented into hospitals, ambulatory centers, home care, and others, among which, the home healthcare segment commanded the largest revenue in 2021 and is projected to be the fastest-growing segment with single digit CAGR from 2021 to 2028 due to the ease of device use, 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, according to IQ4I analysis, close to $XX million in funding was provided starting from January 2020 to September 2021. For instance, In July 2020, ViCentra (the Netherlands) received $87.4 million in funding from Invest-NL to boost insulin pump production capacity.
Based on geography, the insulin pump market is divided into North America, Europe, Asia-Pacific, and the Rest of the world. The North American region commanded the largest market revenue of $XX million in 2021 and is expected to reach $XX million by 2028 growing at a CAGR of XX% from 2021 to 2028. High investments in healthcare infrastructures and demand for quality services in this market are propelling the market growth. However, the Asia-pacific region is expected to grow at a strong CAGR of XX% from 2021 to 2028 due to increasing healthcare awareness, improved economic growth, and increasing healthcare funding by the governments.
The overall insulin pump market is consolidated with the top five companies commanding a combined share of XX% of the market. To maintain a competitive edge these companies have adopted different strategies such as developing technologically advanced products, for instance, in July 2021, EoFlow (South Korea) launched the EOPatch insulin pump, it is a tubeless, wearable, waterproof, 3.5-day device (can be used twice in a week) with the thin and light disposable insulin pump unit (patch), smartphone-like color touch screen controller (ADM) with advanced technology managing software tools. This product can be attached to the arms, abdomen, thighs, or any other parts of the body and controls insulin infusion with a controller.
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 trial data indicate that 50.0% of clinical trials are in phase 1 stage, and 50.0% of clinical trials are in phase 2. The majority of clinical trials are focused on type 1 diabetes.
According to IQ4I estimations, in 2021, globally there were 652.9 million diabetic population of which about 66.5 million are with type 1 diabetes and 586.4 million are with type 2 diabetes. With this huge burden of patients, regulatory agencies are changing the approval requirements to increase the access of insulin pumps, In February 2019, FDA gave approval for Tandem’s t:slim X2 insulin pump with interoperable technology under the DE NOVO route called alternate controller enabled (ACE) infusion pump or ACE insulin pump which allows interoperability and flexibility to patients to choose different components that makeup diabetes therapy systems which would comprise of an ACE insulin pump and other compatible medical devices, including automated insulin dosing (AID) systems, continuous glucose monitors (CGMs), blood glucose meters or other electronic devices used for diabetes management. The creation of this new regulatory classification will enable future ACE insulin pumps to go through the more efficient 510(k) review process, helping to advance this innovative technology and increase access to advanced devices.
According to IQ4I analysis, the insulin pumps global market penetration in case of type 1 diabetes has reached XX% or XX million users of the estimated XX million type 1 insulin pump eligible population, (indicating that there is still XX% opportunity). However, regionally, there is a huge variation in market penetration rate, the N.A. region dominates the market with close to XX% penetration, followed by E.U. with XX%, APAC with XX% and RoW with XX% respectively. Similarly, in case of type 2 diabetes, the global market penetration is only XX% or has reached XX million users of the estimated XX million type 2 insulin pump eligible population, (indicating that there is still XX% opportunity for market expansion), here also, the N.A. region has the highest penetration rate of XX% followed by E.U. with XX%, APAC with XX% and RoW with XX% respectively.
The emerging trends in the insulin pump market includes, companies developing artificial intelligence (AI) based algorithms for determination of basal insulin doses for type 1 diabetes patients and AI based tools for optimal diet and activity planning. Preference of patients leaning towards tubeless insulin pumps (patch pumps) from pumps with tubes, adoption of disposable insulin pumps.
Major players in the insulin pumps market include Tandem Diabetes Care, Inc. (U.S.), Insulet Corporation (U.S.), Medtronic, PLC (Ireland), F. Hoffmann-La Roche AG (Switzerland), Ypsomed Holdings AG (Switzerland), Zealand Pharma (Valeritas) (Denmark), Microport Scientific (China), SOOIL Development Co., Ltd. (South Korea), Medtrum Technologies (China), EoFlow (South Korea), ViCentra B.V. (The Netherlands), CeQur S.A. (Switzerland), Debiotech S.A. (Switzerland), Terumo Corporation (Japan), MicroTech Medical, Inc. (China), Wuxi Apex Medical (China), LenoMed Medical (China), Zhengzhou Phray Technology Co., Ltd. (China), Jiangsu Delfu medical device Co., Ltd. (China), and Medzer (China).