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Insulin Pumps - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017
The Global Insulin Pumps Market is Forecast to Reach $1.2 billion by 2017
By: Rajesh Gunnam
Annual Growth Rate (CAGR) of 7.8% to reach $1.2 billion in 2017. The market is expected to be driven by
a rapid increase in the prevalence of diabetes, availability of reimbursement, positive clinical outcome in studies regarding the use of insulin pumps, and advantages offered by insulin pumps to niche patient groups. Globally an estimated 285 million people were suffering from diabetes in 2010. At the current growth, the number is expected to rise up to 438 million by 2030.
The US insulin pumps market was valued at $518.5m in 2010, and is expected to grow at a CAGR of 8.5% to reach $915.4m by 2017. The market growth is expected to be fuelled by a number of factors, such as increase in the incidence of diabetes among people of all ages, higher penetration of insulin pumps in the market, and availability of reimbursement.
Insulin pumps are used more commonly in the US as compared to European countries. According to an article published in the Journal of Diabetes Science and Technology in May 2010, entitled “Evolution of
Diabetes Insulin Delivery Devices”, insulin pumps are used more in the US for insulin delivery, whereas in the European countries insulin pens are a more common mode of insulin delivery. According to the Juvenile Diabetes Research Federation (JDRF) estimates, about 400,000 people in the US with type 1 diabetes use insulin pumps.
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In 2010, Medtronic, Inc. was the leading player in the global insulin pump market with a share of about
56%. The leadership of Medtronic can be attributed to its research and development capabilities, extensive marketing channels and strong brand image in the insulin pumps market.
Medtronic has developed diabetes solutions for both healthcare professionals and patients, and introduced the world's first integrated insulin pump, and CGM System. Medtronic Diabetes invested over $100m during the past decade in research and development (R&D). Annually, it invests over 12% of its revenue to conduct R&D activities across all business segments. The company’s strong R&D activities allow it to gain competitive advantage and drive its product portfolio, helping it to gain a larger market share.
According to the recent estimates by International Diabetes Federation (IDF), about 366 million people have diabetes in 2011 and this number is expected to rise 552 million by 2030. IDF also estimates that globally about 183 million people or 50% people with diabetes are undiagnosed. Globally 4.6 million people died due to diabetes in 2011. About 80% of people suffering from diabetes live in low or middle income countries. Incidence of type 1 diabetes is increasing among children and IDF estimates that 78,000 children develop diabetes every year
According to the IDF about 23.7 million people have diabetes in the US in 2011. The IDF also estimates that about 180,000 people died due to diabetes in the US in 2011, which is highest in the world. An estimated 94,700 children live with type 1 diabetes in North America and the US accounts for about 90% of the total number of new cases of type 1 diabetes in children
GlobalData’s new report, “Insulin Pumps - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017” provides key data, information and analysis on the global insulin pumps market. The report provides market landscape, competitive landscape and market trends information on the insulin pumps market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market’s dynamics. The report also reviews the competitive landscape and technology offerings.
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