Westford, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Type 1 Diabetes shares 5% of the diabetic population in the global insulin pump market. Every year over 20 million people are affected by it. SkyQuest’s research shows that in 2021 as many as 537 million were affected by diabetes between the age of 20 to 79. Out of 4, 3 people in low and middle-income countries are affected by diabetes. It is expected that by 2030, 623 million will be affected by diabetes, which can rise up to a glaring number of 783 million by 2045.
Insulet, one of the leading players in the global insulin pump market, has fully launched Omnipod 5, the automated insulin pump in August, designed for Type 1 diabetes, after being cleared by the Food and Drug Administration (FDA) in January. It serves patients ages 6 and above. It can be synchronized with smartphones and Dexcom’s G6 CGM (continuous glucose monitor). It can now be bought from retail stores and online pharmacies. It is making the rounds in the news due to the removal of upfront cost and the four-year lock-in period which is common for conventional Durable Medical Equipment (DME), making it easier to access for patients with Type 1 diabetes.
Insulin pumps have taken over the insulin pump market recent years to cater to the demanding hike in portable delivery devices of insulin among diabetes patients. These are small devices that are designed in such a way that they release insulin doses into the body of the diabetic person at programmed times. Every day the popularity of these devices grows and thus the demand for them. The advancement of technology caters to the powering of these devices like artificial intelligence (AI) and machine learning (ML).
SkyQuest has published a report on insulin pump market which consists of a detailed study of the increase in diabetes and the recent developments in the market available for treatment and prevention of Type 1 and Type 2 Diabetes using insulin pumps. This opens the scope for businesses to grab the market by getting an insight into the current trend and demand and its future dimensions.
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What are the recent developments in this growing insulin pump market?
In March 2022, Medtronic, one of the largest players in global insulin pump market, launched the MiniMed 780G system, a closed-loop insulin pump system for the treatment of Type 1 diabetes for ages 7 and older. This pump comes with customizable target settings which can be set as low as 100mg/dl. It is lower than any other hybrid closed-loop insulin pump. The innovations in the product are seen in its implementation in Bluetooth technology, where it can be connected to a smartphone, and the patients, as well as their caretakers, can keep a track of the real-time glucose data.
In February 2022, Tandem Diabetes Carer designed FDA cleared insulin delivery pump with t:connect app which allows remote bolusing or insulin dosing with the help of smartphones for t:slim X2 insulin pump platform for its users. Paving the way for future innovations, Tandem’s t:slim provides a wide range of benefits like being waterproof, providing touchscreen benefits, a rechargeable battery, and insulin storage of 300 units.
In July 2021, Ypsomed AG diversified its range of products and features. YpsoPump System was added with new features, which allow patients to manage their doses without hassle with the help of their smartphones, brought to them by the app-based integration of the Dexcom G6 CGM system.
In May 2021, MySugr Mpump Control was launched by F. Hoffmann-La Roche Lt. under the mySugr app which similarly made it accessible for the patients to control and manage these pumps with the help of their smartphones. It can also be used to view the status of the glucose data and import it.
SkyQuest have tracked the on-going development in the global insulin pump market and prepared report on the same. The report would help the market participants in identifying key growth areas, competitive landscape, revenue pockets in the global market, recent developments as per the company, detailed analysis of top players in the global insulin pump market, their market share analysis. In addition to this, the report provides market forecast, value chain analysis, pricing analysis, among others.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/insulin-pump-market
What can you expect from this increasingly growing insulin pump market?
The increase in the population suffering from diabetes is raising the demand for these insulin pumps in the market. It is observed that 90% to 95% of the total diabetes population in the world suffers from type 2 diabetes. Smart technologies are increasingly growing to take over the healthcare landscape with the help of AI-enabled pumps and automated drug delivery through such pumps. Sky Quest’s research shows that the top players in the market are investing in research and development to dole out products that continue to maintain the competitive edge in the market. While new innovations start to fill the insulin pump market, more is expected from these key players in the upcoming years. The market is growing as there is a clinical trial that points towards the success in controlling glucose levels as catered by insulin pumps than by Multiple Daily Injections (MDI) therapy. According to Medtechdive, the rate of global adoption of insulin pumps for Type 2 diabetes is set to increase from the current 5% to 15% by 2027.
Insulet is looking forward to launching a device for Type 2 diabetes with Abbott Laboratories’ and Dexcom, after it passes the clinical trial with targetted patients and in Europe.
Tandem is set to launch a “pint-sized” insulin pump which is in the final stages of testing. It is set to be cleared by FDA and launched by the initial months of 2023. This device is almost half the size of Tandem’s t:slim insulin pump and it can be fully controlled by the user. Tandem is similarly collaborating with Dexcom and Abbott to integrate its insulin pump devices with the glucose monitor LifeStyle Libre 3 by Abbott.
Ypsomed AG is partnering with Abbott and Camdieb to develop and market an integrated automated insulin delivery (AID) system in the global insulin pump market which will help users with diabetes with round-the-clock management and it will initially focus on commercializing this product in European countries, with the help of Abbott’s FreeStyle Libre 3 sensor.
Dexcom’s G7 is also set to clear the FDA check and launch it be late 2022. It has more accuracy level than any CGM available in the United States currently. Its goal is to cater to patients with Type 2 diabetes and is focused on expanding it to dole out for users without diabetes.
However, insulin pumps are exorbitant in their price and difficult to be afforded without insurance. With there is a huge scope for emerging businesses to make their foothold in this market, it much is kept in mind that underdeveloped and emerging counties are yet to have regular usage of such pumps due to the weak healthcare systems.
SkyQuest’s research gives a detailed analysis of the top 100 recent developments in the insulin pump market after a meticulous study on the market. The innovations, trends, and demands of the market are studies where the key players of the market are concerned and a report is produced. This will allow businesses to understand the scope and the gaps in the rising insulin pump market which requires fulfilling, allowing them to align their strategies accordingly.
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Top Players in the Insulin Pump Market
- Sanofi SA (France)
- Medtronics Plc (Ireland)
- Insulet Corporation (US)
- F. Hoffmann-La Roche AG (Switzerland)
- Braun Melsungen AG (Germany)
- Becton Dickinson and Company (US)
- Abbott Laboratories (US)
- Tandem Diabetes Care, Inc. (US)
- Ypsomed AG (Switzerland)
- Insulet Corporation (US)
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