Growing diabetes occurrence, rising demand for portable insulin delivery devices, technological advancements in insulin pumps, benefits of insulin pumps such as better outcomes, better patient health, lower HbA1c, rise in base population in emerging markets, improving diabetes diagnosis rate, and increasing insulin treatment rate are some of the key factors driving the global insulin pumps market.
An insulin pump is a wearable medical device that distributes insulin beneath the skin. Insulin pumps are mainly compact, computerized devices that are around the size of a juice box or a deck of cards. They provide an alternative to frequent insulin injections.
To more about the research, fill out a quick inquiry for a sample report: https://meditechinsights.com/insulin-pumps-market/request-sample/
Untapped Commercial Opportunities Among Both Type I and Type II Diabetic Patients to boost the Insulin Pumps Market
Diabetes is a silent epidemic that claims millions of lives each year. It is touted as a pandemic of unprecedented magnitude that is spiraling out of control. According to the International Diabetes Federation (IDF), the total number of people living with diabetes globally is projected to rise to 643 million by 2030 and 783 million by 2045.
People with insulin-dependent diabetes require a constant dose of insulin. There are two forms of insulin therapy used today: multiple daily injections (MDI) therapy using syringes or insulin pens, and pump therapy with insulin pumps. According to estimates, roughly 40% of Type 1 diabetes patients in the United States and even fewer of Type 1 diabetes patients worldwide utilize insulin pump therapy. Insulin pump therapy is used by an even lower proportion of insulin-intensive type 2 diabetes patients in the United States and abroad, creating considerable prospects for stakeholders worldwide.
“…… Insulin administration through injections is expected to remain the standard of care across developed markets and emerging markets. However, in developed markets, the penetration of insulin pumps over the next decade is expected to reach ~55-60% for T1 diabetes patients and ~20-25% for T2 insulin-intensive diabetes patients…” – Senior Marketing Director, Tier I Insulin Pump Manufacturer, U.S.
Technological Advancements Drive the Global Insulin Pumps Market
Citing the industry’s lucrative possibilities, some companies have released technologically improved goods that are projected to boost the market even higher. For instance,
- In July 2023, Tandem Diabetes Care received U.S. Food and Drug Administration (FDA) clearance for the Tandem Mobi insulin pump for people with diabetes age 6 and up. The Tandem Mobi is fully controllable from a mobile app and is the world’s smallest durable automated insulin delivery system
- In April 2023, Medtronic received FDA approval for MiniMed™ 780G System – World’s first insulin pump with meal detection technology that provides automatic adjustments and corrections to sugar levels every 5 minutes
Competitive Landscape Analysis of the Insulin Pumps Market
Some of the key players operating in the market include Modular Medical, Tandem Diabetes Care, Medtronic, Insulet, Roche, Ypsomed, AgVa Healthcare, Wuxi Apex Medical, SOOIL Development, among others.
Key Constraints of the Insulin Pumps Market
Some of the key factors that favor administering insulin through injections vs insulin pumps are the lower cost of injections, the patients’ feeling of ‘wearing the disease’ with insulin pumps, the simplicity/ease of use of injections vs insulin pump technology, and sufficient control achieved through the use of injections.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Insulin Pumps Market
To improve their market position and increase their client base, market players use both organic and inorganic growth methods such as getting regulatory permissions, releasing new goods, making strategic investments, and pursuing mergers and acquisitions. For instance,
- In Aug 2023, Modular Medical, a development-stage insulin delivery technology company seeking to launch the next generation of user-friendly and affordable insulin pump technology announced a collaboration under which Phillips-Medisize (a MedTech CDMO) will be providing Modular Medical with design, development, and high-volume manufacturing capabilities
The Insulin Pumps Market is expected to grow in the coming years due to the benefits provided by insulin pumps, combined with the use of continuous glucose monitoring technology and automated insulin device (“AID”) algorithms, as well as increased awareness of insulin pump therapy.
Get Detailed Insights on the Insulin Pumps Market @ https://meditechinsights.com/insulin-pumps-market/
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Contact:
Ruta Halde
Associate, Medi-Tech Insights
