Insulin pumps are extremely useful for patients who need several insulin injections on a daily basis. Since these devices are less intrusive, they are widely used by patients. An insulin pump is equipment that delivers insulin either manually or automatically. These pumps can be designed to provide a specific set of dosages as well as a larger set of doses as needed, such as before a meal. Patients can calibrate their blood glucose levels by connecting these devices to their cellphones. Diabetes patients have several everyday obstacles, such as determining what to eat, comprehending medical advice, and recognizing the influence of food and activities on blood sugar levels. Due to all these reasons, the demand for insulin pumps is growing.
The global insulin pump market is divided into two categories- types and end users. The type segment is divided into regular pumps, disposable pumps, and smart pumps. Further, the market is divided into three segments based on end users- hospitals and clinics, home care, and laboratories.
Industry Demand and Key Trends
According to OMR Research, the global insulin pump market is expected to grow at a significant CAGR of 8.5% during the forecast period (2023-2029). The diabetic community's demand for portable insulin delivery devices has expanded, and the market for such pumps has grown and improved in recent years to accommodate this demand. The expanding global prevalence of diabetes, particularly type 1 diabetes, is the primary driver of this sector. For instance, according to the T1D Exchange registry, more than 60% of Type 1 diabetes (T1D) Exchange members use an insulin pump. Further, according to the International Diabetes Federation (IDF), there were 537 million diabetics globally in 2021, with that figure expected to rise to 783 million by 2045.
Another key driver of growth is the development of sophisticated pumps driven by smart technologies such as artificial intelligence (AI) by leading medical device makers. Additionally, electronic insulin pumps are becoming more popular among both doctors and patients as diabetes treatment and care become more prevalent. Market players are also launching insulin pump supported devices as a comfortable and improved option for diabetic patients. For instance, in November 2022, Medtronic plc, a worldwide pioneer in healthcare technology, announced the launch of the Medtronic Extended infusion set in the US, the first and only infusion set labeled for up to 7-day use. An infusion set is a piece of tubing that administers insulin from an insulin pump to the body and must be changed every two to three days.
Another driving factor of the market is the increase in government and public or private organizations’ initiatives to treat diabetes throughout the globe. For instance, the World Health Organization (WHO) established the Worldwide Diabetes Compact in April 2021, a global project aimed at long-term improvements in diabetes prevention and care, with a special emphasis on low- and middle-income nations. The Compact brings together all stakeholders to work toward a common goal of lowering the risk of diabetes and ensuring that all persons diagnosed with diabetes get fair, comprehensive, inexpensive, and high-quality treatment and care. Besides, the World Health Assembly passed a resolution in May 2021 to promote diabetes prevention and control. It recommends actions such as boosting insulin access and fostering convergence and harmonization of regulatory standards for insulin and other diabetic treatments and health goods. Further, in May 2022, the World Health Assembly adopted five worldwide diabetes coverage and treatment objectives to be met by 2030.
Recent Developments
Abbott Laboratories, Asante, B. Braun Melsungen AG, Insulate Corp., MiniMed Distribution Corp., and others are among the key businesses providing the worldwide insulin pump industry. To remain competitive in the market, industry players are significantly contributing to market growth via the implementation of different strategies such as mergers and acquisitions, partnerships, collaborations, investment, and new product launches. Some recent key activities in the market include-
• In December 2022, wearable drug delivery system (DDS) supplier EOFlow Co., Ltd. reported that on December 27, it had submitted a 510(k) application to the US FDA (Food and Drug Administration) for its wearable disposable insulin pump, EOPatch. The company officially debuted EOPatch in Europe in September 2022, received clearance from the U.A.E. in September 2022, and received approval from Indonesia in October 2022 as EOFlow starts to broaden its market reach outside of Korea. The company's most recent action in relation to its worldwide growth goal is the 510(k) submission. The company hopes to reach a distribution arrangement in the first half of 2023, while it is presently in negotiations with potential US distributors.
• In December 2022, Tandem Diabetes Care, a renowned insulin delivery and diabetes technology business located in San Diego, announced its acquisition of AMF Medical, another insulin pump manufacturer, to rapidly quadruple its diabetes technology capabilities. The total deal value is 200 million Swiss francs, or around $216 million.
• In July 2022, Tandem Diabetes Care, Inc. announced the acquisition of Capillary Biomedical, a manufacturer of infusion sets. Tandem will leverage this acquisition to create new and creative infusion set solutions that will increase wear time and improve user experience while decreasing occlusions, body load, and waste.
• In February 2022, Tandem Diabetes Care, Inc. announced that the t:slim X2 insulin pump has received FDA clearance for bolus insulin dosing via the t:connect mobile app. This is the first FDA-approved smartphone application that can initiate insulin administration on both iOS and Android operating systems. The revised t:connect mobile app allows t:slim X2 insulin pump users to program and reject bolus insulin requests from the comfort of their compatible smartphone.