GlobalData: Insulin Pumps - Analysis, Opportunitys, Forecasts to 2016 on reports-research.com
The Global Insulin Pumps Market is Forecast to Reach $1,051m in 2016 after Growing at a CAGR of 9% During 2009-2016
The global insulin pumps market was valued at $586.4m in 2009, and is forecast to reach $1,051m in 2016 after growing at a Compound Annual Growth Rate (CAGR) of 9% from 2009 to 2016. The growth in the market is primarily being driven by increases in the elderly population and obesity rates, advances in technology (the emergence of an artificial pancreas and an insulin and glucagon delivery system) and rising patient awareness. Due to the advantages of flexibility and tighter control over glucose offered by insulin pumps to niche patient groups like pregnant women and children, the insulin pumps market has grown rapidly in the past few years.
The US Remains the Largest Insulin Pumps Market Driven by Increasing Patient Awareness and Greater Penetration and the Existence of Well-Established Players
The US insulin pumps market is expected to reach $843m in 2016, growing at a CAGR of 9% from 2009 to 2016. The traditional insulin pumps segment was valued at $394m in 2009 and the disposable insulin pumps segment was valued at $58.9m in 2009. The US remains the largest insulin pumps market. The insulin pumps market in the US is going to be driven by the increased penetration of well established players and next generation pumps such as artificial pancreases and the simultaneous delivery of insulin and glucagon.
Increasing Prevalence of Diabetes to Drive the Market
Diabetes results in nearly four million deaths every year. The International Diabetes Federation (IDF) estimates that by 2025, nearly 380 million people worldwide will have diabetes. The diabetic population is going to grow in developing countries due to people leading more sedentary lives, changes in diet and urbanization. Seven out of the ten countries with the highest number of people with diabetes are in the developing world. China, India and the US constitute the majority of the diabetic population. The obesity rate has increased globally over the past few decades. Currently, more than one billion adults are overweight worldwide, which is a major risk factor for diabetes. This increases the prevalence of diabetes and is expected to drive the insulin pumps market.
Medtronic and Roche, with a Combined Market Share of Nearly 70%, Dominate the Global Insulin Pumps Market
The leader of the insulin pumps market is Medtronic with 58% of the market in 2009. Medtronic’s MiniMed Paradigm sells well in the insulin pumps market as it was the first insulin pump to be integrated with the company’s REAL-Time Continuous Glucose Monitoring (CGM) system and so provides tighter control over glucose levels and a better quality of life. Roche is the second largest company in the insulin pumps market with a market share of 12%. Roche’s Accucheck spirit insulin pump has shown strong growth in the insulin pumps market due to features such as three operating menus, four bolus options, five basal rate profiles and smaller size. MiniMed (Medtronic) and Disetronic Medical Systems (Roche) were major players in the insulin pumps segment until the year 2000. The market subsequently fragmented with the entry of companies such as Animas Corporation with its R1000 insulin pump and Deltec with its Cozmo insulin pump. The acquisition of MiniMed, which was the leading manufacturer of insulin pumps in the US, by Medtronic, and the acquisition of Disetronic, one of the largest insulin pump manufacturers in Europe, by Roche, helped these companies to regain their shares and dominate the worldwide insulin pumps market. Animas Corporation currently has a global market share of 11% giving close competition to Insulet Corporation with the global market share of 10%. As Insulet is the only company currently offering disposable insulin pumps, it has quickly gained market share since its market entry in 2005.
Technological Advances such as the Artificial Pancreas to Drive the Insulin Pumps Market
Products such as artificial pancreases, disposable insulin pumps, insulin patch pumps, nanopumps and insulin, glucagon delivery pumps are under development. These are expected to be more efficacious, smaller in size and to be less likely to malfunction than the currently marketed products. Feature such as the presence of an algorithm enable exceptional overnight control of glucose levels without any incidence of hypoglycemia and enable patients to regulate their blood glucose as well as a functioning pancreas system. The insulin glucagon delivery system also helps to control blood sugar levels without hypoglycemia, even after high-carbohydrate meals. These technological advances are expected to drive the insulin pumps market.
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