Implantable Insulin Pump Market Segment Analysis By Product Type
Based on Product Type, Closed-Loop Insulin Pump Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 7.3% in the forecast period 2021-2026. Closed loop insulin pumps, also known as “artificial pancreas,” are insulin pumps that are linked together to respond automatically to readings from a continuous Blood glucose monitoring that the user must wear throughout the day. It is able to detect the insulin requirement in real time and provide the appropriate insulin amount through insulin pod. It would be able to adjust the infusion rate when the patient’s activity level varies, and it would ideally be housed within the patient’s body, removing the need for external equipment. To adapt to changes in blood glucose monitoring levels and guarantee that blood glucose levels stay within acceptable levels, a thorough set of rules and algorithms is necessary, and these pumps are currently in the research stage of development driving the segment growth. Open-Loop Insulin Pump segment is anticipated to grow with the fastest CAGR during the forecast period 2021-2026. In order to administer insulin, all open loop delivery methods necessitate some amount of patient or clinician involvement. This will necessitate a blood glucose test, a guess at the meal to be ingested, and a calculation to arrive at an empirical estimate of the insulin requirement. The open loop method, with the exception of the insulin pump, requires a patient to live a predictable lifestyle in which his or her meal is made particularly for the provided insulin bolus and exercise is limited to the insulin received accelerating the segment growth in the forecast period.
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Implantable Insulin Pump Market Segment Analysis By End Use
Based on End Use, Hospitals/Clinics accounted for the largest revenue market share in 2020. This is owing towards ease of availability experienced healthcare workers, increased government funding, and increased private sector investment in the healthcare industry for Blood glucose monitoring devices. Implantable insulin pod pumps are currently considered novel, although they may provide better treatment options for diabetics. The rise in the number of people suffering from diabetes, as well as increased awareness of the many insulin treatments available on the market, are driving the industry’s expansion. Homecare is projected to witness the fastest CAGR of 7.7% during the forecast period 2021-2026. The sector’s rise can be linked to rising awareness regarding the use of insulin pod pumps, as well as widespread adoption of these items at home due to their ease of use. Moreover, throughout the forecast period, the market is likely to be propelled by an increase in the use of patch pumps that are small in size and convenient to carry.
Implantable Insulin Pump Market Segment Analysis By Geography
Based on Geography, Europe Implantable Insulin Pump Market accounted for the 34.7% revenue share in 2020. Pump used in paediatric populations in Europe has risen dramatically in recent years, owing to evidence-based demonstrations of pump therapy’s benefits in the patients, like Blood glucose and led to an international agreement on pump indications and practice. Despite the financial burden on healthcare insurance systems, a significant expansion of insulin pod pump therapy based on consensus-based indications is still expected, thanks to physicians’ growing knowledge of technologies and patients’ growing interest in using technology to improve their diabetes control and health-related quality of life. Thousands of people with diabetes use the external pump, and the implanted pump is approved for artificial pancreas use in Europe. The year-round availability of high-quality raw materials at reasonable rates enable important manufacturers to sell Implantable Insulin Pump at competitive prices, making it a big potential market for Implantable Insulin Pump producers.
North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased product developments and expansion over the projection period. The rising use of wireless technology in health monitoring devices, which improves simplicity of use, connectivity, and data analysis in the region propels the Implantable Insulin Pump Market. For instance, Cheetah Medical was acquired for $190 million by Baxter International Inc., in September 2019. With patient monitoring technology, this transaction is anticipated to broaden Baxter’s product line and improve clinical outcomes.
Implantable Insulin Pump Market – Drivers
Rising Number Of Diabetic Patients And Technological Advancements In Insulin Pump:
The rising number of diabetic patients and technological advancements in insulin delivery devices is increasing the growth of the implantable insulin pump market. In 2016, the World Health Organization (WHO) estimated that 1.6 million people died as a result of diabetes. Diabetes is no longer limited to the elderly; it now affects people of all ages. One of the main aspects propelling the insulin pump market forward is the increasing number of diabetes cases around the world. The market size for smart insulin pumps is expected to grow in tandem with the decline in demand for traditional implantable insulin pod pumps, according to estimates. Diabetes is a condition that happens when blood glucose levels are abnormally high. Blood glucose is the most important source of energy obtained from diet. Diabetes is defined as a chronic disease characterized by unusually high blood sugar levels. The pancreas produces insulin, which reduces blood glucose levels. Insulin deficiency is caused by a lack of or insufficient production of insulin pods, which are used to treat diabetes via blood glucose monitoring devices. Emerging technologies for improved care of patients with diabetes include new methods for monitoring glucose, including non-invasive, minimally invasive, continuous, and alternate site measurement technologies; new methods for integrating Blood glucose monitoring and insulin dosages. These new technologies are set to facilitate the proper treatment of diabetes and improve the lives of affected patients, thereby, aiding expansion to the Implantable Insulin Pump Industry.
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Implantable Insulin Pump Market – Challenges
Device Safety Concerns:
The Implantable Insulin Pump Market’s growth is hampered by the stringent government regulations globally. Concerns about the safety of implantable infusion pumps are a major impediment to the market’s expansion. Although the magnetic resonance system can aid in the diagnosis of a wide range of ailments and diseases, patients with implantable infusion pumps should avoid the MRI environment. In 2018, the US Food and Drug Administration obtained proof of dangerous negative effects from the use of implanted infusion pumps in the MR Field, including patient damage and death. As a result, safety concerns about implantable infusion pumps are projected to impede the market’s growth.
Implantable Insulin Pump Market – Landscape
The Implantable Insulin Pump Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Implantable Insulin Pump Market top 10 companies are Johnson & Johnson, Tandem Diabetes Care, Inc., Medtronic, Insulet Corporation, F. Hoffmann La Roche Ltd., Baxter International Inc., Ivenix, Inc., SOOIL Developments Co., Ltd. and Aetna Inc.
In May 2021, Smiths Medical and Ivenix, Inc. have partnered to deliver a full suite of infusion management solutions to meet healthcare demands across the continuum of care in the United States. The long-term deal, which includes a strategic investment from Smiths Medical, brings together two innovators who share the goal of improving infusion management to improve patient safety and meet the demands of healthcare providers.
Rising healthcare providers and increasing incidence of diabetes along with enhancement on Blood glucose monitoring devices is likely to fuel the Implantable Insulin Pump industry’s expansion.
Geographically, Europe Implantable Insulin Pump Market held the largest revenue share in 2020 owing to favorable government policies on Implantable Insulin Pump products in the region. The scope of the Implantable Insulin Pump Market for various regions will be provided in the final report.
The market’s growth will also be fuelled by ongoing research and advancements in product type is pushing the Implantable Insulin Pump industry forward during the forecast period 2021-2026.
Fluctuating cost of raw material for Implantable Insulin Pump and changes in government policies results in variation in demand needs which is poised to create hurdles for the Implantable Insulin Pump Market.
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