The insulin pumps market is estimated to account for US$ 8,264.01 Mn by the end of 2025, escalating at a CAGR of 10.5% during the forecast period from 2018 to 2025, rising from US$ 3,822.44 Mn in 2017.
The increasing rise in the geriatric population is the significant factor that is expected to drive the growth of the global insulin pumps market. The number of ageing people with diabetes is increasing due to increased lifespan and the increased prevalence of diabetes in the geriatric population in the United States and worldwide. According to the report of United Nations, in 2017, there were approximately 962 million people aged 60 or over across the globe, that consists of 13% of the global population. The population aged 60 or above is growing at a rate of about 3 per cent per year. The approximate population is around 137 million in 2017 which will reach up to 425 million in 2050. The value is expected to increase to 909 million in 2100, around seven times its value in 2017. However, the high cost of insulin pumps can be a major threat for the insulin pumps market.
According to the Academy of Managed Care Pharmacy, the cost of the insulin pumps is approximately between $4,500 and $6,500 for individuals and without insurance. The price of the insulin pumps varies that depending upon the features, brand and size of the pump. For instance, the Accu-Chek Spirit Insulin Pump costs is about $4,600 which includes a feature that is a software that allows readings to be downloaded to a personal digital assistant (PDA). Furthermore, the pump named Minimed Paradigm 522 is more expensive that retailing at about $5,200 with more features. Thus, the rising population will contribute to grow the insulin pumps market in the coming years.
The pumps market is holding the largest share in the current market arena, by the product segment. The pumps are mimic the function of a normal pancreas that delivering a basal insulin dose, and bolus doses at mealtime, when blood glucose (sugar) levels is increased above than normal rate. These are portable devices that are used in the diabetes management for the administering of continues fast acting insulin in the body. The insulin pumps typically hold between 176 and 300 units of insulin. Thus, the increasing demand for insulin pumps is expected to help the insulin pumps market to grow.
In the insulin pumps market, the tethered pumps segment held the largest share in the forecast period, by type segment. It is a portable device that basically connected with an infusion set, where a length of tubing attached to a plastic or metal cannula that is placed in the subcutaneous tissue of body. These pumps are available as a portable device that combined with insulin pumps and continuous glucose monitoring systems that provide sensor-amplified pump therapy. It can be worn in a pocket or clipped to a belt which is usually hidden by the clothing. Tethered pumps also found with a remote access device in the market, such as a remote control or a special glucose meter that can wirelessly trigger the pump to deliver a bolus. The pump reservoirs hold from 180 to 300 units.
The insulin pumps market was estimated through extensive primary and secondary sources that included a vast array of government authorized websites such as World Health Organization (WHO), Centers for Disease Control & Prevention (CDC), Centers for Disease Control and Prevention (CDC), Food & Drug Administration (FDA), United Nations (UN), International Diabetes Federation (IDF), National Institute of Health (NIH) and others. The primary respondents included chair-holders and representatives of the demand and supply side for healthcare industries as well as medical professionals at various research centers.