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Insulin Pump Market Size, Share & Industry Analysis, By Product Type (Pumps (Tethered Pumps, Patch Pumps, and 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, 2020-2027

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

 

KEY MARKET INSIGHTS

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According to the Centers of Disease Control and Prevention, in 2018, 34.2 million people in the United States had diabetes. This rising prevalence of diabetes is one of the major causes of cost burden not only in the U.S. but also in the other nations. Diabetic patients often require insulin administration to maintain their blood glucose levels. This is one of the important factors that is increasing the demand for insulin pumps and consumables. Furthermore, the introduction of integrated pumps and smart pumps for diabetes patients that can detect the blood glucose level of the patient and self-administer insulin accordingly has revolutionized the market. In the current scenario, these devices have very less usage rate among the type 2 diabetes patients. However, increased efforts form the manufacturers to drive the adoption of these devices is anticipated to augment the market.


MARKET TRENDS


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Increased Efforts by Manufacturers to Utilize the Growth Opportunities in the Type 2 Diabetes Segment


According to a presentation of Cellnovo Group, among the 9.2 million type 2 diabetes patients, only 1% use insulin pump. Prominent use of Multiple Daily Injections (MDI) is considered to be the key reason for less preference of pumps. This also creates a huge business opportunity for the manufactures, becoming an essential insulin pump market trend. The manufactures are coming up with various marketing strategies and are engaging in collaborations to surge their adoption. For example, in October 2019, Abbott announced its partnership with Tandem Diabetes Care for the development and commercialization of integrated diabetes solutions by combining glucose sensing technology of Abbott with Tandem’s insulin delivery systems.


MARKET DRIVERS


Increasing Prevalence of Diabetes to Boost the Market


Rising prevalence of diabetes is the key factor for the insulin pump market growth. Insulin administration is the standard treatment for diabetes patients, especially those having type 1 diabetes.


According to the International Diabetes Federation, nearly 463 million adults were living without diabetes in 2019 which is expected to reach 700 million by 2045. This is anticipated to significantly increase the demand during the forecast period. Apart from this, the rising geriatric population and significant increase in their demand for type diabetes 1 are expected to foster the market growth.


New Product Launches to Favor Growth of the market


With the advent of technological development in drug delivery systems, new products are being introduced in the market. This, in turn, is estimated to accelerate the growth of the insulin pumps and consumables market. For example, in January 2020, Tandem Diabetes Care announced the commercial launch of t:slim X2 insulin pump with a technology called Control –IQ which can predict glucose level and adjust insulin delivery.  Moreover, the manufacturers are constantly focusing on increasing the penetration and usage of insulin pump among type 2 diabetes patients through reimbursement and awareness initiatives. It is expected to help the market to flourish during 2020-2027.


MARKET RESTRAINT


Less Penetration of Insulin Pump to Hamper Growth


One of the major factors restricting the market growth is the lesser penetration of insulin pumps. In the emerging countries, the high cost of pumps is considered to be the main reason for less adoption. According to a presentation of Cellnovo Group, insulin pumps penetration is just around 17% in North America and in the major European countries. Many diabetes patients depend on various types of insulin delivery devices such as injections, insulin pens, and others, which make the penetration of pumps difficult, in turn, hindering the market revenue.


SEGMENTATION


By Product Type Analysis


Consumables Segment to Account for the Maximum Market Share


On the basis of product type, the market can be segmented into pump and consumables. The pump segment can be further categorized into tethered pumps, patch pumps, and others. The consumables segment which includes reservoirs, infusion sets, and others dominated the market in 2018. High changing frequency of consumables and the rising adoption of devices are the primary factors responsible for the expansion of the segment. The pumps segment is projected to grow owing to favorable reimbursement, rapid adoption of disposable patch pumps, and technological advancements during 2020-2027.


By Disease Indication Analysis


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Higher Number of Device Users to Render Dominant Position to Type 2 Diabetes Segment


Based on disease indication, the market is segmented into type 1 diabetes and type 2 diabetes.  The type 1 diabetes segment accounted for the maximum portion of the market in 2019 and is estimated to dominate throughout the forecast period. High number of pump users and greater penetration of insulin pumps as compared to the type 2 diabetes segment are key factors attributed for the dominant share of the type 1 diabetes segment. According to the Centers of Disease Control and Prevention, in 2018, 1.4 million adults aged 20 years or above with type 1 diabetes reported using insulin in the U.S. This is also poised to surge the type 1 diabetes segment. The type 2 diabetes segment is projected to exhibit a remarkable growth owing to the increased efforts of the manufactures to generate awareness regarding insulin pumps, new product launches, and favorable health reimbursement. 


By Distribution Channel Analysis


Hospital Pharmacy Segment to Account for Major Portion of the Market


In terms of distribution channel, the market is segmented into hospital pharmacy, retail pharmacy, and online stores. The hospital pharmacy segment generated the maximum revenue in 2019 owing to the active government interventions for diabetes patients, improving guidelines, and favoring health reimbursement policies. The retail pharmacy segment is expected to grow during the forecast period mainly due to the significant increase in the number of disposable devices users and improving health infrastructure. Growth of the online stores segment is likely to propel owing to the increasing prevalence of diabetes and attractive discounts and coupons on online sales.


REGIONAL ANALYSIS


North America Insulin Pump Market Size, 2019 (USD Billion)

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The insulin pump market size in North America stood at USD 2.11 billion in 2019. Active government support in reducing the cost burden of diabetes through the supply of pumps covered by Medicare is a key factor for the demand for pumps and consumables in North America. In Europe, the market for these pumps is poised to surge owing to their rising adoption and increasing cases of diabetes. According to the International Diabetes Federation, the number of diabetes patients is expected to reach 66 million by 2030. This is likely to augment the market growth in Europe. The gradual shift of manufacturers to emerging nations, increasing disposable income, and rising geriatric population are expected to drive the market in Asia Pacific. India and China are fast emerging as diabetes hotspots with the highest prevalence which is projected to foster the market. In the Middle East & Africa and Latin America, the market is likely to propel owing to the improving health infrastructure, increasing supply of insulin, and rising awareness regarding these pumps.


KEY INDUSTRY PLAYERS


Capture of Johnson & Johnson Customers to Provide Leading Position to Medtronic


In terms of market revenue, Medtronic accounted for the maximum portion of the market which can be attributed to the increasing sale of MinMed and the company’s monopoly in India. In October 2017, Animas Corporation, a company of Johnson & Johnson decided to exit the insulin pump industry and selected Medtronic for the transition of its customers. This provided Medtronic nearly 60% of Johnson & Johnson customers which is likely to increase the market share of Medtronic in the forthcoming years.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2020 - Tandem Diabetes Care announced the commercial launch of t:slim X2 insulin pumps with a technology called Control –IQ which can predict glucose level and adjust insulin delivery. 

  • October2019 - Abbott announced its partnership with Tandem Diabetes Care for the development and commercialization of integrated diabetes solutions by combining glucose sensing technology of Abbott with Tandem’s insulin delivery systems.

  • October 2017 - Animas Corporation, a company of Johnson & Johnson decided to exit the insulin pumps industry and selected Medtronic for the transition of its customers.   


REPORT COVERAGE


The insulin pump market report offers an elaborative analysis of numerous factors affecting the market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, the report further helps in analyzing, segmenting, and defining the market based on different segments such as product type, disease indication, and distribution channel. It also provides various key insights such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Product Type



  • Pumps

    • Tethered pumps

    • Patch pumps

    • Others



  • Consumables



By Disease Indications



  • Type 1 Diabetes

  • Type 2 Diabetes



By Distribution Channel



  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Stores



By Geography



  • North America (the U.S. and Canada)

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

  • Asia-Pacific (Japan, China, India, Australia, Southeast 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

The value of the global market was USD 4.15 billion in 2019.

Fortune Business Insights says that the market is projected to reach USD 8.50 billion by 2027.

The value of the market in North America was USD 2.11 billion in 2019.

The market is projected to rise at a CAGR of 9.4% during the forecast period (2020-2027).

Type 1 diabetes segment is the leading segment in this market during the forecast period.

Increasing prevalence of diabetes and new product launches are the key factors driving the market.

Medtronic and F. Hoffmann-La Roche Ltd. are the top players in the market.

North America is expected to hold the highest market share.

An increased effort by key manufacturers to utilize the growth opportunities in the type 2 diabetes segment is the key trend of the market.

Insulin Pump Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2020
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