Market Trends of Global Insulin Infusion Pumps Industry
This section covers the major market trends shaping the Insulin Infusion Pumps Market according to our research experts:
Insulin Pump is Expected to Witness Growth Over the Forecast Period
An insulin pump is a device that delivers insulin continuously or whenever required automatically. The pump mimics the human pancreas. The insulin infusion pump works as an alternative to the traditional system of daily injections or an insulin pen.
Insulin pump held a major market share in the insulin delivery devices market in 2021 and is expected to grow with a CAGR greater than 6.3% in the market during the forecast period because of the increasing technological advancement and preference over other traditional methods due to continuous insulin administration.
Insulin pump therapy is a well-established insulin administration method for type 1 diabetes (T1DM). Pumps are a validated, time-tested therapeutic option in T1DM at all ages, enabling near-physiological insulin delivery in situations where the pancreas does not produce insulin. There are even pump models with remote controls enabling parents of young children to either suspend or bolus insulin from a distance when the child is playing or eating. The insulin infusion pumps reduce the large swings in blood glucose level, induce less pain, and deliver more accurately when compared to injections. These advantages of insulin pumps over the traditional delivery system are expected to boost the market.
Continuous subcutaneous insulin infusion (CSII or insulin pumps) and continuous glucose monitoring systems (CGMs) have improved patient care and quality of life and are widely used in the ambulatory setting. Increasingly, this technology is also being used in the hospital setting.
Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, and the increasing number of Type-1 diabetes patients, it is likely that the insulin infusion pumps market will continue to grow.
North America is Expected to Dominate the Insulin Infusion Pump Market
North America holds the largest market share in the insulin pumps market and is also expected to register the highest CAGR of 6.9% during the forecast period.
North America is expected to dominate the market owing to factors such as the easy availability of insulin delivery devices, high awareness among consumers, and reimbursement policies.
The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in the United States indicates the increasing usage of diabetes care products. In the United States, according to the Academy of Managed Care Pharmacy, insulin pumps cost between USD 4,500 and USD 6,500 for individuals without insurance. The price varies depending upon the pump's features, brand, and size. For example, the Accu-Chek Spirit Insulin Pump costs about USD 4,600 and includes a few features, such as software that allows readings to be downloaded to a personal digital assistant (PDA). The Minimed Paradigm 522 is more expensive, retailing at about USD 5,200, but includes more features, like continuous glucose monitoring. Some insurance plans will cover the cost of the pump. Patients with insurance can expect typical copay and coinsurance rates ranging from USD 5 to half of the pump's total cost. Despite prices, diabetes patients in the United States use insulin delivery devices more often. Although the pump and its supplies (tubing, insulin cartridges, and infusion sets) continue to be expensive, insurance coverage has improved considerably over the years.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North America Region.
