Increasing Prevalence of Diabetes and Technology Advancements Drive the Global Insulin Pumps Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Insulin Pumps markets. The global market for Insulin Pumps (External) is projected to reach US$1.5 billion by 2018. Growth in the market is primarily driven by the increasing incidence of Type 1 diabetes and growing awareness levels among patients. Diabetes patients are increasingly adopting Insulin Pump therapy due to a host of benefits including efficiency in delivering small boluses of Insulin and the potential to reduce long-term complications. In addition, the introduction of ergonomically designed Insulin Pumps with advanced features and rapid technological advancements is providing further market impetus.
San Jose, CA (PRWEB) October 29, 2012
Follow us on LinkedIn – Insulin pump therapy has gained increased attention, given its relatively painless approach for insulin delivery as compared to conventional insulin injections. A growing number of diabetes patients are moving away from syringes towards insulin pumps. The therapy revolves around the use of a programmable insulin pump, which is conveniently connected to the patient for insulin delivery through a storage reservoir. This type of insulin delivery mechanism closely mimics the natural insulin secretion from pancreas and thus aids in better management of diabetes. Currently less than 10% of insulin users are on pumps, which indicates the large untapped potential market for insulin pumps world over. However, given the elective nature of insulin pump for diabetes management and the high costs associated with the product, the current macroeconomic factors could dent near term prospects of the product.
Growth in the market is primarily driven by the rise in Type 1 diabetes prevalence rates, increasing patient awareness and advancements in technology. The market is also driven by growing need for an efficient control over blood sugar levels and availability of reimbursement for such devices in several developed nations including the UK and the US. Other factors, such as absence of severe reactions, monitoring and controlling blood sugar levels while traveling and during varying work schedules and the ability to avoid all major complications associated with diabetes contribute to the growth in demand for insulin pumps.
Ever since the introduction of insulin pumps, various technological developments have taken place in the manufacture of external insulin pumps. With successful implementation of various models, manufacturers have improved the flexibility and programmability of external insulin pumps with various convenient features. The Next-generation devices mainly feature improvement in accuracy and functionality. One such product to receive significant boost in recent times is the patch pump. Currently the number of patients being treated with patch pumps is far below 3.0% thereby indicating huge market potential for growth in the upcoming years. These pumps are gaining share due to user-friendly features and the unfettered approach compared to conventional pumps. At present, Insulet is the only company that offers patch pumps. Competition in the market is expected to intensify further with the introduction of patch pumps from other companies, including Roche's Solo Insulin Patch Pump System, Debiotech's Jewel Pump, and Cellnovo's EMI-Patch Pump.
As stated by the new market research report on Insulin Pumps (External), the US is the largest market for external insulin pumps worldwide. Growth in the market is mainly driven by rapid increase in number of diabetics among all age groups, growing obesity levels, and Medicare coverage for insulin pumps. Next generation pumps are expected to gain wider penetration in the European market, owing to the recent product approvals in the region. With the increasing incidence of diabetes on rise at an alarming rate in several Asian countries such as India, China and Indonesia and in the Middle East, demand for insulin pumps is projected to grow strongly in these markets.
Medtronic, Animas and Roche are the leading manufacturers of insulin pumps globally. However, with companies such as Insulet and Valeritas penetrating the market with compact and affordable insulin pumps, competition in the market in expected to intensify further. Major players profiled in the report include Animas, Debiotech S.A., D. Medical Industries Ltd., Roche, Insulet, Medtronic Diabetes, Valeritas, and Ypsomed Holding, among others.
The research report titled "Insulin Pumps (External): A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections across geographic markets such as the US, Europe, and Rest of World.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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