Market Trends of Australia Insulin Infusion Pump Industry
The Insulin Pump Segment is Expected to Witness Growth Over the Forecast Period
The insulin pump market is poised for significant growth, attributed to technological advancements and increasing adoption among individuals with type 1 diabetes (T1DM). This device simulates the human pancreas and administers insulin continuously or on demand, offering an alternative to daily injections or insulin pens.
Popular among those with T1DM, insulin pump therapy provides a time-tested solution, especially when the pancreas fails to produce insulin. Notably, pumps with remote controls empower parents to manage insulin dosages from a distance, ensuring seamless care even during playtime or meals.
Australia has a variety of insulin pumps to address the growing demand for insulin pumps. For instance, in April 2023, a report by Diabetes Australia suggested Accu-Chek Solo and Omnipod DASH Insulin Management System as tube-free insulin pumps. A key advantage is their versatile placement, as they can be worn on the arms, stomach, thighs, or buttocks, a departure from traditional tubing pumps.
Universities and hospitals actively participate in refining insulin delivery. For instance, in February 2022, a collaborative effort between the University of Melbourne, St. Vincent’s Hospital Melbourne, and Royal Melbourne Hospital conducted the 'ORACL' trial. This pioneering study focused on 'closed-loop' automated insulin delivery for older individuals with type 1 diabetes. The results were promising, showcasing superior glucose management with closed-loop therapy, dispelling any notion that age might hinder its efficacy.
The insulin pump market is anticipated to witness significant growth owing to technological advancements and increasing acceptance among T1DM patients. Continuous innovation and research will likely further enhance the efficacy and convenience of insulin pumps, solidifying their role in diabetes management.
The Prevalence of Diabetes is Rising in Australia
The rising prevalence of diabetes in Australia is set to drive the demand for insulin pumps over the forecast period. For instance, according to the International Diabetes Federation (IDF), the diabetic population is projected to grow from 1,693 thousand in 2030 to 1,935.2 thousand by 2045. Moreover, data from the Australian Bureau of Statistics, as of December 2023, revealed that 24% of people with diabetes used insulin daily in 2022.
With diabetes rates rising, regulatory bodies are increasing efforts to ensure easier access to insulin pumps. In 2023, the Department of Health and Aged Care initiated an open tender process to set up new insulin pump supply agreements, replacing the previous ones. In October 2023, the Department designated the mylife YpsoPump as the exclusive pump available through the Insulin Pump Program. The insulin infusion pump was included in the Prostheses List, mandating private health insurers to cover products listed on it.
Hence, the increasing prevalence of diabetes in Australia is significantly influencing the insulin infusion pump market. Regulatory measures and new supply arrangements are expected to boost the accessibility and adoption of these essential medical devices.
