GiiResearch.com: Insulin Pumps – Availability of Reimbursement and Favorable Clinical Trial Data to Drive Market Growth
FARMINGTON, Conn., Dec. 1, 2011 /PRNewswire-iReach/ — Global Information, Inc. (GII) presents Insulin Pumps – Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017 by GlobalData.
Insulin pump are small computer-driven mechanical devices that deliver insulin in a precisely controlled manner at pre-programmed intervals, and are extremely helpful to diabetic patients who need several daily injections of insulin to control their blood glucose levels.
Insulin can be delivered through various modes such as insulin pens, syringes, jet injectors and insulin pumps. Insulin pumps are an alternative to repetitive insulin injections for diabetics.
An insulin pump includes an assortment of a pump, a battery, an insulin reservoir and a computer chip in a plastic case. It is worn externally attached to a belt. Implantable insulin pumps need to be surgically implanted under the skin in diabetic individuals. Many modern “smart” pumps have a “bolus wizard” that calculates how much bolus insulin the patient needs, considering his or her expected carbohydrate intake, blood sugar level, and still-active insulin. Insulin pumps help in improving the quality of life of patients by controlling and balancing the blood glucose level, which is beneficial in reducing the incidence of long-term complications.
High Prevalence of Diabetes is Major Driver for the Insulin Pumps Market
GlobalData estimated the global insulin pumps market to be valued at $725.9m in 2010. The market is forecast to reach $1.2 billion in 2017 growing at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period.
The market is expected to be driven by a rapid increase in the prevalence of diabetes especially increase in the incidence of childhood insulin dependent 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. Many studies suggest that the incidence of diabetes in children younger than 18 years is increasing rapidly. According to a study conducted by EURODIAB and published in the journal The Lancet in June 2009, prevalence of type 1 diabetes among children younger than 15 years of age in Europe is projected to increase from 94,000 in 2005 to 160,000 in 2020.
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.
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 and $465 billion were spent as healthcare expenditure on diabetes. 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.
The US has the Highest Market Penetration Rate for Insulin Pumps
Insulin pumps are used more commonly in the US as compared to European countries, where the majority of patients use insulin pens. 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, whilst insulin pens are more commonly used in European countries. Insulin pens are used by the majority of diabetes patients in Europe, whereas in the US they are used by only about 15% of diabetes patients.
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.
Find catheter equipment market research, industry forecasts, and business analysis: http://www.giiresearch.com/topics/MC05_en.shtml
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SOURCE Global Information, Inc.