Insulin Pump: A Savior Among Diabetics Globally

The International Diabetes Federation (IDF) reports that in 2020 an astounding 643 million people have diabetes. Moreover, diabetes caused around 4.2 million deaths in 2019 globally. With several people falling prey to lifestyle diseases, diabetes has been termed a giant killer.

Several people with diabetes are injecting themselves with insulin to monitor their blood glucose levels. However, one such treatment solution for diabetes that has gained traction is the insulin pumps that replicate the functioning of the pancreas while allowing greater flexibility for the people in their professional and personal life. According to Fortune Business Insights, the global market size is expected to reach USD 11.86 billion by 2028 while exhibiting an exceptional CAGR of 16.0% between 2021 and 2028.

Top Reasons Driving the Demand for Insulin Pumps:

Opportunity for Higher Penetration: Only 1.15 Million Patients Use Insulin Pumps Globally

Presently, only 1.15 million patients are using insulin pumps, out of which the patients with Type 1 diabetes account for about 95% of the product users. These pumps can be beneficial for every Type 1 and Type 2 patient on multiple insulin injections daily. With over a staggering 11 million patients with both types receiving multiple insulin injections, the opportunity to penetrate the product is lucrative worldwide. Below are some facts that highlight more clearly that the demand for insulin pumps is likely to soar with companies tapping in on the opportunities available.

• The penetration of these pumps among 4 million Type 1 patients on multiple daily insulin injections is 25%-30%.


• Only around 0.5%-1.0% of 7 million Type 2 patients on multiple daily insulin injections use such pumps.

Availability of Favorable Reimbursement Policy to Support Growth

Medicare is the leading player that provides health coverage for people with diabetes in the United States. Patients with Medicare get coverage for insulin pumps, syringes, pumps, etc., under their comprehensive term plans. One vial of insulin costs around USD 285, with most diabetic patients requiring two vials per month. Similarly, the average cost of an insulin pump can range from USD 4,000 to USD 6,000, and the cost of consumables can range from USD 3,000 to USD 6,000 per year. This can be a costly affair and burn a hole in the pocket of the patients. Therefore, the presence of favorable reimbursement policies globally presents a remunerative opportunity to adopt such pumps.

Product Approvals and Presence of Robust Pipeline

The clinical benefits offered by these pumps are paving the way to develop new products with technologically advanced features such as portability, improved connectivity with continuous glucose monitoring (CGM) devices, and smartphones. The companies heavily invest in R&D activities to develop effective products to cater to the growing demand from healthcare professionals and patients worldwide. In addition to this, several products received approvals for their adoption from the apex government bodies, being perceived as a shot in arm for the market's growth. For instance,

• In September 2020, Medtronic secured the U.S FDA approval for its MINIMED 770G insulin pump system. According to the company, the new pump provides smartphone connectivity to its customers and can be used for patients between 2 to 6 years of age.

COVID-19 Impact: Insulet Profit Grows by Astonishing USD 102 Million

The resurgence of COVID-19 cases in November and December 2020 has left several MedTech companies stumbling into 2021. However, companies working in the diabetic care space such as Insulet and Tandem Diabetes Care, closed out the year with significant profit margins. They predicted the momentum to continue in the following year.

In 2020, manufacturers such as Insulet and Tandem announced that their profit margins increased by a whopping USD 102 million and USD 66 million, which resonates to a rise of up to 21% and 34%, compared to 2019 respectively. Advanced diabetes technology has witnessed resilience during the global COVID-19 pandemic as virtual care, and remote monitoring experienced considerable rise worldwide. The companies have exceeded the pre-pandemic expectations and further focus on the untapped patient population suffering from Type 1 and Type 2 forms of diabetes. 

Product Innovation by Companies hold the key to Future

In March 2021, Insulet Corporation introduced Omnipod 5 Automated Insulin Delivery System that includes an advanced tubeless and wearable insulin pump. The company informs that the product helps people with Type 1 diabetes to improve their blood sugar control and enables continuous insulin modulation. With the growing awareness regarding the efficacy of these pumps, major companies such as Tandem Diabetes Care, Insulet, and Medtronic are focusing on product innovations that will boost the growth of the market during the foreseeable years.

The evolving technology and the surging demand for wearables in the diabetes category hold the global market in good stead in the coming time. No doubt, a survey by health providers from SVN Leerinks estimates that the adoption of these pumps by patients globally is likely to surge by about 21% in 2021 and 17% in 2022. The time ahead is certainly positive for the global insulin pump market.