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Insulin Pump Market Size, Share & COVID-19 Impact Analysis, By Product Type (Pumps (Tethered Pumps, Patch Pumps, Others) and Consumables); By Disease Indication (Type 1 Diabetes, and Type 2 Diabetes), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Stores) and Regional Forecast 2021-2028

Region : Global | Format: PDF | Report ID: FBI102735

 

KEY MARKET INSIGHTS

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The global insulin pump market size was USD 3.62 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with insulin pump witnessing a negative impact on adoption rate across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 11.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 4.13 billion in 2021 to USD 11.86 billion in 2028 at a CAGR of 16.0% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Insulin pumps are small, computerized devices designed and programmed to deliver pre-determined doses of insulin into a diabetic person. The market for these pumps has grown and developed in recent years to cater to the rising demand for portable insulin delivery devices among diabetics. The major factor propelling this market is the increasing prevalence of diabetes, especially Type 1 Diabetes, worldwide. Moreover, the development of such advanced pumps powered by smart technologies, such as artificial intelligence (AI) and machine learning (ML), by leading medical device manufacturers has also emerged as a vital growth determinant for this market.  



  • For example, Tandem Diabetes has developed the t: slim X2 insulin pump with an enhanced algorithm that transforms the pump into an automated delivery device, regulating insulin dosage according to fluctuations in blood glucose levels.


Such delivery systems can significantly improve sugar monitoring, remove the need for constant adjustments, and prevent erratic fluctuations. Another example is the 2018 innovation launched by Medtronic called Sugar.IQ, which it co-developed with IBM. Sugar.IQ is a diabetes assistant mobile app that uses predictive analytics and machine learning to analyze data related to blood glucose levels, food logs, and hypoglycemia.


COVID-19 Impact


Heightened Need for Portable Diabetes Management Solutions amid COVID-19 May Favor the Market


The outbreak of the COVID-19 pandemic has triggered an unprecedented global health emergency. Healthcare facilities are overwhelmed with coronavirus patients and in countries such as the UK and the US, national health authorities have suspended all non-essential surgeries and procedures to devote their attention and resources to COVID patients. These announcements, however, have proven disastrous for diabetics as they need frequent access to insulin medications to control their blood sugar levels. According to organizations such as the International Diabetes Federation and the American Diabetes Association, diabetes patients and other such preexisting conditions are likely to experience more severe symptoms and complications of COVID on account of their weakened immune systems.


Thus, the close linkage between chronic diseases and the severity of COVID-19 symptoms has heightened the need for effective and efficient diabetes management solutions amid this crisis. Portable and/or wearable insulin delivery devices are being increasingly seen as a viable solution in this dire scenario and the opportunities thus created have been leveraged by leading players in this market. Tandem Diabetes, for instance, reported in November 2020 that it achieved record sales in the third quarter of 2020, driven by the surging adoption of its Control-IQ technology, the first algorithm cleared by the US Food and Drug Administration (FDA) to be used in automated insulin pumps. Similarly, Insulet also registered higher earnings and revenues owing to the increasing uptake of its pumps by Type 2 diabetics. The company is also planning on launching a novel interoperable pump system in early 2021.


LATEST TRENDS


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Incorporation of Smart Technologies to Fuel Growth


Smart technologies such as AI have rapidly penetrated the healthcare IT landscape and are now making steady headway in diabetes management. Spearheading these trends are medical device companies that are actively developing and introducing AI-enabled pumps and other automated drug delivery solutions. For example, Medtronic’s 670G system has been programmed to suspend insulin delivery in cases of actual or anticipated hypoglycemia (low blood sugar). On the other hand, the system has also been calibrated to automatically adjust base insulin rates for hyperglycemia.


These innovations are accelerating the transition from traditional insulin injections to more efficient and convenient pumps, resulting in greater patient satisfaction. Enabled by these factors, the market is expected to rise significantly during the forecast period.   


DRIVING FACTORS


Increasing Prevalence of Diabetes Worldwide to Aid Lasting Market Growth


Diabetes is a metabolic disease wherein the body is unable to convert the sugar in carbohydrates and fats into energy due to the inability of the body to produce insulin (Type 1 Diabetes) or the ineffective use of insulin production by the body (Type 2 Diabetes). As a consequence, glucose levels in the blood rise, necessitating an artificial infusion of insulin into the body, either through frequent injections or through these pumps. Thus, one of the most prominent factors catalyzing the insulin pump market growth is the rising number of diabetic patients around the globe. According to the International Diabetes Federation (IDF), in 2019, roughly 463 million adults worldwide were suffering from diabetes. By 2045, the IDF estimates that this number will swell to 700 million. Further, IDF’s analysis shows that over 1.1 million children and adolescents are living with Type 1 diabetes, while the proportion of people with Type 2 diabetes is expanding in most countries. Therefore, these pumps are set to play an instrumental role in supporting the management of this chronic disease in the next two decades.


Distinct Advantages of Insulin Pumps over Conventional Therapies to Boost the Market


The increasing popularity of these pumps is primarily stoked by the tangible benefits of these devices compared to the conventional multiple daily injections (MDI) therapy. A person with Type 1 diabetes, for instance, requires a daily infusion of insulin to maintain blood sugar levels. In the case of MDI, such infusion will either require the patient to visit a health facility every day or a health professional to jab the patient at home. These pumps remove this inconvenience entirely because these devices are attached to the patient and are programmed to deliver the medication as per the doctor’s recommendation. Furthermore, since the cannula of the pump is inserted into the skin, the need for frequent injections is thus eschewed altogether. In addition, as insulin supply can be adjusted on these pumps according to individual needs, the probability of elevated blood glucose levels in the morning or the occurrence of hypoglycemic episodes is substantially reduced. The considerable advantages offered by this computerized device over the MDI-based therapy are pushing patients towards adopting these compact machines and fueling their market in the process.


Furthermore, the advent of closed-loop insulin delivery systems has opened a new avenue of growth for this market. In a closed-loop system, an insulin device and a continuous glucose monitor (CGM) are connected through a smartphone app, such as CamAPS® FX, which runs on Android devices. Acknowledging the vast potential of this technology, regulatory bodies are also providing the necessary support to medical device companies. In December 2019, for instance, the US Food and Drug Administration (FDA) cleared Control-IQ, a closed-loop insulin pump-CGM system developed and manufactured by Tandem Diabetes Care.


RESTRAINING FACTORS


Prohibitive Costs to Impede Growth


Modern drug delivery devices, such as insulin pumps, have disrupted traditional healthcare dynamics and have heralded the dawn of a new era in the healthcare industry. However, these devices come with a hefty price tag, making them virtually unaffordable to the average income earner. In the US, for example, without insurance, the out-of-pocket cost for a new device is around $6,000, with an additional $3,000-$6,000 for batteries and sensors. With the number of uninsured people in the US growing every year, coupled with the rising prevalence of diabetes, these insulin drug delivery systems are not accessible to a significant chunk of the American public. The situation is adverse in developing countries. For example, in India, the cost of these pumps is anywhere between INR 1lakh and INR 4lakh. Moreover, they are not covered under any health insurance scheme. Non-upgraded health reimbursement policies in developing economies and high costs of insulin devices in developed nations will be the two key growth-limiting factors for this market.


Alternative devices such as insulin pens may hamper market growth as they are cost-effective. For example, Companion Medical’s InPen, the only FDA-cleared advanced insulin pen, consists of a reusable injector smartpen that is connected to a phone app. The pen stores the insulin settings for the user and is programmed to calculate and manage the Multiple Daily Injections (MDI). This pen helps diabetic patients to take the right dose at the right time and track the data in real-time. Further, the smart device also stores the patient’s injection history, which can be shared with healthcare providers.


SEGMENTATION


By Product Type Analysis


Pumps Segment to Experience Dynamic Growth through 2028


Based on product, this market has been categorized into pumps and consumables. Here, the pumps segment is set to lead the insulin pump market share on account of the growing adoption of these pumps among diabetics, underpinned by the significant advantages they offer over conventional injection-based treatments.


The consumables segment is expected to display a modest growth trajectory during the forecast period as insulin consumables, besides pumps, are also being increasingly adopted for managing diabetes. For example, insulin pens allow quick infusion of insulin into the body in case of an emergency.


By Disease Indication Analysis


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Type 1 Segment Comprehensively Dominated the Global Market in 2020


On the basis of disease indication, the market has been divided into Type 1 diabetes and Type 2 diabetes. Among these, the Type 2 diabetes segment dictated the market share in 2020 owing to the rising prevalence of Type 1 diabetes across the globe. For example, the IDF estimates that worldwide, more than 1.1 million children and adolescents are living with Type 1 diabetes. Since patients with Type 1 diabetes are unable to produce insulin, their need for such pumps and other consumables is the highest.


The Type 2 diabetes segment’s share is also expected to expand steadily throughout the forecast period due to the increasing incidence of Type 2 diabetes around the world.


By Distribution Channel Analysis


Retain Pharmacy to Gain Substantial Traction


In terms of distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, and online stores. With the growing availability of diabetes management devices and solutions in retail pharmaceutical outlets, the retail pharmacies segment is well poised to gain larger ground in this market.


However, the hospital pharmacies segment is anticipated to lead the market during the forecast period as the majority of patients prefer purchasing critical medical devices from pharmacies based in or affiliated with hospitals/clinics. Moreover, the prescription for the required insulin dosage is also provided by doctors in hospitals (in most cases), which favors this segment.


The proliferation of online medical stores is expected to enlarge the online stores segment’s share in the forthcoming years.


REGIONAL INSIGHTS


North America Insulin Pump Market Size, 2020 (USD Billion)

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By geography, the market has been grouped into North America, Europe, Latin America, and the Middle East & Africa.


North America is foreseen to command the market share over the forecast period on account of the favorable reimbursement environment in the US for insulin pumps. For example, Medicare Parts A & B cover tubeless and tubed pumps, respectively, requiring the patient to pay only 20% of the cost of the pump. In addition, the presence of medical device companies, such as Tandem and Insulet, in the region will also help the growth of the market.


In Europe, the market will be primarily driven by the rising incidence of diabetes. According to the World Health Organization (WHO), approximately 60 million people are affected by diabetes across Europe, with high blood sugar killing roughly 3.4 million annually in the region. The WHO also estimates that diabetes-related deaths will double by 2050 in Europe. This is likely to surge the demand for these pumps and other such diabetes management devices in the region.


The global insulin pumps market in Asia Pacific is expected to rise at a substantial rate in the foreseeable years. The growth is attributed to the rising prevalence of chronic diseases such as diabetes, primarily due to the adoption of unhealthy lifestyles is contributing to the growth of this market. Another factor responsible for the growth is the increasing geriatric population. For instance, according to the World Bank, senior citizens accounted for 28.4% of the total population in Japan in 2018. The demand for advanced insulin delivery devices is increasing and this has encouraged researchers to invest more in R&D for manufacturing smart devices that can provide personalized results to the patients, thereby improving their quality of life. However, the high cost of these insulin pens is the only restraining factor in this region.


In Latin America and the Middle East & Africa, the steady rise in the incidence of diabetes is envisaged to spawn enormous opportunities for insulin pump manufacturers. For example, a study conducted by researchers from the National Institute of Minority Health and Health Disparities (USA), Ponce Health Sciences University (Puerto Rico), and Kaiser Permanente Health Research Center (USA) in October 2020 found that the prevalence of diabetes was high in Mexico, Haiti, and Puerto Rico, with nearly 50% of those affected being unaware of their condition. Similarly, in the Middle East & East Africa, the IDF estimates that diabetes will afflict around 108 million adults by 2045.


KEY INDUSTRY PLAYERS


Monopolistic Competition to Govern Market Dynamics


The market is deeply consolidated, with medical device industry giants, such as Medtronic and Tandem, dominating the competitive landscape of this market. Strengthened by their financial prowess, these companies are making heavy investments in research & development activities to bring out innovative insulin delivery offerings in the market. The most notable strategies adopted by key players in this market include geographic expansion, product launches, portfolio diversification, collaborations with competitors and pharmaceutical companies, and attaining timely regulatory approvals.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • September 2020: Insulet Corporation, a pioneer in tubeless insulin pump development, announced that its Omnipod DASH® Insulin Management System will now be commercially available in Israel, Switzerland, Austria, Germany, Belgium, and France in the next few weeks. This product is already available in Denmark, Norway, Finland, and Sweden.

  • September 2020: Medtronic announced that it has secured approval from the US FDA for its MiniMed™ 770G hybrid closed loop system. Equipped with the company’s highly advanced SmartGuard™ technology, this inventive insulin delivery solution can be connected to a smartphone and can be modulated for children as young as two years of age.

  • June 2020: Tandem Diabetes Care and Abbott entered into a partnership to develop and commercialize integrated diabetes management solutions. These offerings will combine Abbott’s industry-leading continuous glucose monitoring technology with Tandem’s path-breaking insulin delivery systems to improve the management of blood sugar levels in diabetics.

  • July 2018: Hoffman-La Roche successfully acquired the CE Mark for its Accu Chek® Solo micropump system. A tubeless insulin pump, the Accu Chek Solo allows patients to deliver the medication directly or from a fully functional handheld device. Armed with this certification, Roche will launch the pilot commercialization phase of this system in the UK, Switzerland, Poland, and Austria. 


REPORT COVERAGE


An Infographic Representation of Insulin Pump Market

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The market research report provides qualitative and quantitative insights into the market at global as well as regional level along with the detailed analysis of market size and growth rate for all possible segments in the market.


Moreover, the industry analysis report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the market, such as mergers & acquisitions, healthcare industry overview by key countries, and overview of latex allergy along with competitive landscape and company profiles.


Report Scope & Segmentation














































 ATTRIBUTE



  DETAILS



Study Period



   2017-2028



Base Year



   2020



Forecast Period



   2021-2028



Historical Period



  2017-2019



Unit



   Value (USD Billion)



By Product Type



 



  • Pumps

    • Tethered Pumps

    • Patch Pumps

    • Others



  • Consumables



By Disease Indication




  • Type 1 Diabetes

  • Type 2 Diabetes



By Distributional Channel




  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Stores



 


 


By Geography




  • North America (U.S., and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, South east Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size stood at USD 3.62 billion in 2020 and is projected to reach USD 11.86 billion by 2028.

In 2020, the market value was USD 2.12 billion.

The market is expected to register a CAGR of 16.0% during the forecast period.

By disease indication, the Type 1 diabetes segment is set to lead the market in the foreseeable future.

The increasing prevalence of diabetes worldwide will be the key factor driving the growth of the market.

Medtronic, Tandem Diabetes Care, and Insulet Corporation are the major players in this market.

North America held the largest market share in 2020.

The incorporation of smart technologies in insulin delivery systems is the prominent trend in the market.

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Insulin Pump Market Size, Share and Global Industry Trend Forecast till 2026
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