Insulin Pump Market Rising in United States | Fortune Business Insights
The global insulin pump market size is projected to reach USD 11.86 billion by 2028, exhibiting a CAGR of 16.0% during the forecast period. According to a report published by Fortune Business Insights, titled “Insulin Pump Market, 2022-2028”, the market’s value was USD 3.62 billion in 2020.
Insulet Expands Availability of Omnipod DASH
in Europe
US-based Insulet
Corporation announced the commercial availability of its much-acclaimed Omnipod
DASH insulin delivery system across the Scandinavian countries Denmark, Norway,
Finland, and Sweden in September 2020. Over the next few weeks, the system will
be made available in Switzerland, Austria, Germany, France, and Belgium, along
with Israel, according to the company’s press release. Equipped with an insulin
pump, Insulet’s Omnipod is a tubeless insulin management solution that delivers
medication non-stop for three days, eliminating the need for daily injections
and enabling severe diabetics to independently regulate their condition.
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|
North America |
United States, Canada and Mexico |
|
Europe |
Germany, UK, France, Italy, Russia and Turkey
etc. |
|
Asia-Pacific |
China, Japan, Korea, India, Australia, Indonesia,
Thailand, Philippines, Malaysia and Vietnam etc. |
|
South America |
Brazil, Argentina, Columbia etc. |
|
Middle East & Africa |
Saudi Arabia, UAE, Egypt, Nigeria and South
Africa |
Soaring Demand for Diabetes Management Devices to Fuel Market Growth
The all-pervading
presence of diabetes across countries and age groups around the globe has
exacerbated the need for efficient and effective diabetes management solutions
and devices. According to the World Health Organization (WHO), diabetes
directly contributed to the death of approximately 1.5 million people worldwide
in 2019. Furthermore, the International Diabetes Federation (IDF) estimates
that roughly 9.3% of adults, globally, aged between 20 and 79, are living with
diabetes, with an increasing number of children and adolescents getting
afflicted with Type 1 diabetes. Insulin pumps will play an instrumental role in
aiding patients with Type 1 diabetes in particular in managing their condition
as this form of diabetes requires a constant infusion of insulin to cope
control their blood sugar levels.
Development
of AI-powered Diabetes Management Devices to Invigorate Market Growth
Leading medical device companies are investing heavily in
innovation to design and development diabetes management solutions powered by
advanced technologies such as artificial intelligence (AI). For example, in
June 2020, the artificial pancreas algorithm developed by DreaMed Diabetes was
incorporated into Medtronic’s MiniMed 780G hybrid closed-loop insulin delivery
system. DreaMed had also successfully secured approval from the US Food and
Drug Administration (FDA) in September 2019 for its AI-driven insulin dosage
support solution, DreaMed Advisor Pro, for people with Type 1 diabetes.
Medtronic has also been expanding its AI-based insulin pump portfolio. For
example, in December 2019, Medtronic acquired California-based Klue, an AI specialist
whose technology Medtronic has been integrating with its Personalized Closed
Loop system. Thus, the advent of AI in insulin delivery solutions has broadened
the growth avenues of this market.
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