An insulin pump is a wearable medical device that delivers insulin underneath the skin. Insulin pumps are mostly small, computerized devices that are roughly the size of a juice box or a deck of cards. They serve as an alternative to frequent insulin injections
Untapped Commercial Opportunities Among Both Type I and Type II Diabetic Patients
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 need a continuous supply of insulin. There are two types of insulin therapy practiced today - multiple daily injections (MDI) therapy using syringes or insulin pens and pump therapy using insulin pumps. As per estimates approximately 40% of the Type 1 diabetes patients in the United States and even less of the international Type 1 diabetes patients use insulin pump therapy. An even smaller share of the U.S. and international insulin-intensive type 2 diabetes patients use insulin pump therapy, which presents significant opportunities for the stakeholders globally.
“…… 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 lucrative prospects of the market, several players have launched technologically advanced products in the market, which are expected to further drive the market. 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
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Insulin Pumps Market - Competitive Landscape
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.
Insulin Pumps Market - Constraints/Challenges
Relatively lower cost of injections vs insulin pumps, patients feeling of ‘wearing the disease’ with insulin pumps, simplicity/ease of use of injections vs insulin pumps technology, and sufficient control achieved through the use of injections are some of the key factors that favor the preference of administering insulin through injections vs insulin pumps.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market
The players operating in this market are adopting organic and inorganic growth strategies such as obtaining approvals from regulatory bodies, launching new products, making strategic investments, and pursuing mergers and acquisitions to enhance their market position and broaden their customer base. 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
- In February 2023, Insulet Corporation, a global leader in tubeless insulin pump technology acquired assets related to Bigfoot’s pump-based automated insulin delivery (AID) technologies. In the same month, Insulet Corporation acquired the assets of Automated Glucose Control LLC (AGC), a company focused on developing and commercializing automated insulin delivery technology
The Insulin Pumps Market is anticipated to gather increased momentum in the upcoming years owing to the advantages offered by insulin pumps coupled with the use of continuous glucose monitoring technology and automated insulin device (“AID”) algorithms, and increased awareness of insulin pump therapy.
Insulin Pumps Market Scope
12% in 2028
2019 – 2023
Insulin Pump Size
Small, computerized devices, roughly the size of a juice box or a deck of cards
Insulin Therapy Methods
- Multiple daily injections (MDI) therapy using syringes or insulin pens
- Pump therapy using insulin pumps
- Tandem Mobi: FDA-cleared insulin pump controllable from a mobile app
- MiniMed™ 780G System: World's first insulin pump with meal detection technology
Key Market Players
Modular Medical, Tandem Diabetes Care, Medtronic, Insulet, Roche, Ypsomed, AgVa Healthcare, Wuxi Apex Medical, SOOIL Development
Growth Strategies by Market Players
- Obtaining approvals from regulatory bodies
- Launching new products
- Making strategic investments
- Pursuing mergers and acquisitions
Anticipated Market Momentum Factors
- Advantages offered by insulin pumps
- Use of continuous glucose monitoring technology
- Automated insulin device (“AID”) algorithms
- Increased awareness of insulin pump therapy
Key Strategic Questions Addressed
- What is the market size and forecast for the Insulin Pumps Market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Insulin Pumps Market?
- What are the major growth drivers, restraints/challenges impacting the market?
- What are the opportunities prevailing in the market?
- What is the investment landscape?
- Which region has the highest share in the market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the market? What is the competitive positioning of key players?
- Who are the new players entering the market?
- What are the key strategies adopted by players?
The study has been compiled based on extensive primary and secondary research.
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants
Demand Side Stakeholders: Hospitals & Clinics, Patients/Homecare, among others
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & and internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.