This market research report identifies Insulet Corp., Medtronic plc, MicroPort Scientific Corporation, F. Hoffmann-La Roche, and Tandem Diabetes Care, Inc. as the major vendors operating in the global insulin pumps market. This report also provides a detailed analysis of the market by product type (Tethered insulin pump, Untethered insulin pumps, Implantable insulin pump), end-users (Hospitals, Homecare, Clinics, and Others), and region (North America, Europe, Asia Pacific, and Rest of the World).
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Overview of the Global Insulin Pumps Market
Trends market research report predicts that the global insulin pumps market will grow at a CAGR of 9.7% during the forecast period 2018–2024. The major drivers of the insulin pumps market are the increased prevalence of diabetes, growing popularity of advanced insulin pumps, and the introduction of new technologies.
According to the insulin pumps market analysis, North America is set to be the leading region for the insulin pumps market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in patient population and focus toward healthcare infrastructure.
North America is leading with technological innovations, followed by Europe and Asia Pacific. Asia Pacific is expected to witness rapid growth during the forecast period due to increased incidence of diabetes in the region. However, the high cost of infusion pumps, development of oral insulin, and insulin aerosols in the form of inhalers can pose a challenge to the insulin pumps market in future.
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The insulin pumps market has the lowest penetration in emerging regions, and most of the vendors are targeting India, Thailand, Indonesia, and Vietnam. These countries are the major revenue contributors in the APAC region. A higher incidence of obesity will fuel the market expansion, which will result in the high prevalence of diabetes. Around 114.1 million people in China are suffering from diabetes (type 1 & type 2), among which type 2 diabetes is more prevalent. China lacks innovative technologies and access to current trends in diabetes management, which further adds to the growth of diabetic population in the region. However, the high cost of insulin pumps, expensive consumables cost, lack of proper reimbursement policies, lack of awareness about insulin pumps in developing countries will have a significant impact on the overall market growth.
Competitive Analysis and Key Vendors
The insulin pumps market is highly fragmented and has immense growth opportunities for vendors, especially in developing regions. The market has the presence of many global, regional, and local players with strong competition among each other.
According to the WHO estimates, the number of people with diabetes has increased from 108 million in 1980 to 422 million in 2014. The market for insulin pumps is growing due to increase in the number of diabetes cases among all age groups. The demand for insulin pumps is high due to varied features and functionalities. The insulin pumps market has been segmented into traditional insulin pumps, disposable insulin pumps, smart pumps, insulin reservoirs, insulin infusion sets, and other devices. Diabetes is one of the most prominent non-communicable diseases prevailing globally. According to the seventh edition of IDF Atlas, in 2015, there were 415 million people with diabetes (aged 20–79 years), and the number is expected to reach 642 million by 2040.
Some of the key vendors in the market are:
- Insulet Corp.
- Medtronic Plc
- MicroPort Scientific Corporation
- Hoffmann-La Roche
- Tandem Diabetes Care, Inc.
Segmentation of product type
- Tethered Insulin Pump
- Untethered Insulin Pump
- Implantable Insulin Pump
Tethered insulin pump is dominating with more than 70% of the market share. Tethered insulin pumps have a long flexible tube and are the most common pumps used among diabetic patients. Increasing aging population, rise in prevalence of diabetes, need for early prevention of diseases, and growing awareness about a healthy lifestyle are expected to drive the market growth. The high cost of insulin pumps is the primary concern and challenge to the market. Many insurance providers do not have complete reimbursement for insulin pumps, and the usage of these pumps is subjective to the insurance provider in most of the developed countries. An insulin pump is cost-effective only if it is covered under health insurance.
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Segmentation of end-users
The report provides detailed information about the usage and adoption rate of insulin pumps for the treatment of diabetes. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward insulin pumps in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in the insulin pumps market.