The global human insulin market has witnessed strong growth over the past five years, posting a CAGR of more than 10% between 2015-2019. This growth is expected to continue over the next few years, which is driving the demand for insulin pumps. With the increasing focus on diabetes management, the global insulin pump market is likely to have a positive outlook through 2020, accelerating at a CAGR of more than 8%.
Several emerging trends are expected to gain traction within the global insulin pump market during the forecast period and positively impact market growth. These top trends include advances in insulin pumps, adoption of insulin pumps over conventional methods, and a growing competitive scenario. Electronic insulin pumps are increasingly being preferred over traditional methods as they provide better results and are safer to use. Companies are developing new-generation insulin pumps with advanced features like better compliance and integration with IT devices, which in turn will contribute to the growth of the insulin pump market over the next few years.
Many countries such as the US, Canada, India, and Japan have dedicated specialty clinics for diabetes management. Factors such as limited visiting slots and high consultation fees are driving patients to look for alternatives. Specialty clinics offer less waiting time and provide additional benefits like health insurance cards, which allow patients to avail discounts on medical bills and buy insulin delivery devices at reduced prices. Also, the growing competition in the insulin delivery systems market has led vendors to offer insulin delivery devices such as insulin pumps at competitive prices. Hospitals also work closely with suppliers, reimbursement authorities, and government organizations to procure devices such as insulin pumps at cost-effective prices.
Patients are preferring the use of portable equipment such as insulin pumps to manage diabetes at their convenience. To capitalize on this trend, vendors are developing innovative products that help patients diagnose, monitor, and treat diabetes at home. This is also helping diabetes patients cut treatment costs and avoid hospital stays. Moreover, the rise in geriatric population has increased the prevalence of chronic diseases such as diabetes. These factors will increase the demand for insulin pumps.
The growth of the global insulin pump market is being driven by four main factors being the increased prevalence of diabetes, an increase in the older adult population, growing focus on diabetes management, and a rise in public awareness.
According to the International Diabetes Federation (IDF), 642 million adults aged 20-79 will be affected by diabetes worldwide by 2040. According to the IDF, China and India were the major countries with the highest number of diabetic patients and are a major contributor to the growing demand for insulin pumps.
The World Health Organization states that the number of people aged 60 years and above will reach 2 billion by 2050 and nearly one-third of this population will be affected by diabetes. The percentage of the older population is still relatively low in the Asia-Pacific, however, it is expected to rise rapidly during the forecast period and will have a positive effect on the growth of the global insulin pumps market.
Due to the positive results of insulin pumps, there has been an increase in the awareness regarding insulin pumps among patients and physicians. Vendor-sponsored awareness programs have been facilitating cost-free checking of blood glucose levels, which is helping companies attract new customers. Additionally, major market players like Roche Diagnostics are developing products that are designed to implement glucose monitoring technologies in disease management.
Knowledge about the advantages of insulin pump systems over traditional injections, meters, and other glucose monitors has led to market growth in developed countries. Non-profits organizations and institutions like the American Diabetes Association and the CDC have been organizing programs and circulating magazines about diabetes to spread awareness of diabetes, which is further contributing to the growth of insulin pump popularity.
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Within our insulin pump industry research, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by tethered insulin pumps, untethered insulin pumps, implantable insulin pumps, smart insulin pumps, and traditional insulin pumps.
Our insulin pump market segmentation research offerings include:
In addition to the above-mentioned insulin pump research reports, our market research also helps clients gain market insight on the diabetes care devices that will define the future growth of the industry.
We at Technavio, with our comprehensive understanding of the insulin pump market analysis, have been monitoring the latest industry trends to develop an in-depth portfolio of insulin pump market reports that are based on a broad knowledge of this healthcare and life sciences sphere. Our insulin pump market research covers the following: