An insulin pump is a computerized device that delivers small doses of insulin continuously, just like the human pancreas. The device is usually of the size of a smartphone or a deck of cards and is worn outside the body. It delivers insulin through a catheter that is connected to a thin cannula. The cannula is placed under the skin, usually in the stomach area. The device, by delivering insulin continuously in small doses, helps diabetic people in managing their condition by keeping blood sugar levels within the safe range.
The global insulin pump market is anticipated to cross USD 8 billion by 2024, mainly due to increasing aging and diabetic population. According to a report by the Centres for Disease Control and Prevention (CDC), by 2050, about one in three individuals in the US is expected to have diabetes. With an increase in the incidence of diabetes, the demand for insulin pumps will also witness an upward trajectory.
The introduction of new products with innovative and effective features will also boost the growth of the insulin pump market across the globe. Further, supportive government initiatives, coupled with programs to spread awareness about insulin pumps, will stimulate the market growth. However, factors like high costs, skin infections associated with the device use, complicated software used in devices, stringent regulatory processes, and the invention of artificial pancreas can hinder the growth of the market.
In the coming years, the markets in India, China, and Brazil are expected register high growth rates, mainly due to the rising diabetic population. However, the US is presently controlling more than 50% of the global insulin pump market. Among the European countries, Germany has the largest number of insulin pump clients.
The Asia-Pacific market is expected to witness rapid growth in the coming years due to increasing incidences of diabetes in countries like China, India, and Japan. In the Asia-Pacific region, China is estimated hold the largest share in the market due to the presence of leading market players in the country. For example, Medtronic, the global leader in medical technology, services, and solutions, has announced the plan to open its new operation site in China.
The major players operating in the global insulin pump market are, Medtronic, Animas Corporation (Johnson and Johnson), Cellnovo Group SA, F. Hoffmann-La Roche Ltd., Valeritas, Inc., Tandem Diabetes Care, Inc., SOOIL Developments Co., Ltd., Insulet Corporation, Ypsomed AG, and Jiangsu Delfu Co., Ltd. In the coming days, these organizations are likely to focus on improving their product portfolio and pump designs so as to make their products more user-friendly.
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