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MarketResearchReports.Com: Global Insulin Delivery Devices Market Is Expected to Reach a Value of $13.8 Billion by 2019; Reveals New Report

Market Research Reports, Inc. has announced the addition of “Insulin Delivery Devices Market to 2019 - Simplified Pump Solutions and Low Cost Pens Represent Distinct Regional Growth Drivers” research report to their offering.


Lewes, DE -- (SBWIRE) -- 04/10/2014 -- The global insulin delivery devices market was valued at $8.8 billion in 2012 and is forecast to reach $13.8 billion by 2019, at a CAGR of 7%. Growth in developed economies such as the US and Europe is attributed to an increasing preference for insulin pumps and the uptake of technical advances such as artificial pancreas devices. Supply-side initiatives aim to develop artificial pancreas devices that closely mimic the pancreas by using rapid-acting insulin and multiple hormone-secreting devices for the effective control of blood glucose. The growth in developing economies is attributed to the high prevalence of diabetes and low penetration of insulin delivery devices in these countries.

Collaborations among companies and research foundations such as the Juvenile Diabetes Research Foundation (JDRF) help foster innovation in the diabetes care devices market. Many of these collaborations aim to develop artificial pancreas devices that can effectively replace the pancreas, ensuring the effective management of diabetes.

Emerging economies such as India and China are expected to grow at the fastest pace during the 2012-2019 forecast period. While developed economies will witness increasing uptake of technically advanced devices, emerging economies will continue to see increasing uptake for conventional insulin delivery devices such as insulin pens, due to their lower cost.

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New Entrants Act as Catalysts in Transformation from a Physician-Driven to Consumer-Driven Market -

New entrants such as Insulet Corporation and Asante act as catalysts in transformation of the insulin pumps from a physician-driven to a consumer-driven market. The change of perception of insulin pumps from being a medical device to a commodity is increasingly observed in developed economies such as the US. This is vindicated by companies such as Insulet and Asante, who have developed insulin pumps with simplified solutions that save time in administration. For instance, Asante Snap is a recently launched insulin pump that has a unique approach to using pre-filled cartridges that simplifies the use of an insulin pump. So far, the company has been targeting new patients who shift from conventional Multiple Daily Injection (MDI) to insulin pump therapy. The use of pre-filled cartridges eliminates the need for insulin reservoirs and reduces the weight of the insulin pump by 25%. These glass pre-filled cartridges are proven to be an effective way of storing insulin and maintaining it at a high quality. The Asante Snap automatically fills the tubing, which results in time savings. The device’s battery does not need to be replaced or charged, which increases patient convenience and saves the time and cost involved in charging or replacing the pump battery.

Similarly, Insulet Corporation’s OmniPod insulin pump comes bundled with accessories such as an insulin reservoir, angled infusion sets, an automated inserter and a pumping mechanism. The overall package just covers two parts, the OmniPod and the Personal Diabetes Manager (PDM). While the PDM sends information wirelessly to control optimal insulin delivery, the pod holds and delivers the insulin. The OmniPod is waterproof and can be used even while taking a bath, ensuring nonstop insulin delivery. The patient only has to push the button on the PDM and the OmniPod activates to provide virtually painless insulin delivery.

When publisher interviewed industry experts, this is what one of the key opinion leaders had to say about the commoditization of insulin pumps in the future:-

“The insulin pump market is evolving from being a space for medical devices driven by clinicians to being a market driven by consumers. Until recently, real world simplicity was not much of a part of the design for insulin pumps. New entrants like Asante are making it a consumer-driven market where people with diabetes are looking for simple solutions that take less time. As pump options become more streamlined and user friendly, more of the MDI market will convert to insulin pumps, fueling the growth of the market.” US Key Opinion Leader, February 2014

Large Players’ Market Shares Decline as New Entrants Introduce Consumer-Friendly Features in the US-

The market share of major players such as Medtronic and Animas will continue to decline as new entrants such as Asante and Insulet Corporation introduce more consumer-friendly features in their insulin pumps. While major players promote sales of insulin pumps as conventional medical devices, new entrants continue to commoditize insulin pumps with features such as pre-filled cartridges that save time in administration. Currently, the top two players, Medtronic and Animas Corporation, account for 80% of insulin pump sales in the US. Insulet Corporation, with its flagship insulin pump OmniPod, holds about 15% of the market, while other small players such as Tandem, Asante and Roche hold a combined market share of 5%. GBI Research expects new entrants to gain market share primarily through competitive conversions, though patients who are new to insulin pump therapy could also contribute significantly. According to GBI Research estimates, competitive conversions will account for about 60% of the sales generated by new entrants such as Insulet Corporation, Tandem Diagnostics and Asante in the future. Patients who are new to insulin pump therapy will contribute close to 40% of the sales generated by new entrants. As competitive conversions increase as a percentage of the overall insulin pump sales of new entrants, major players such as Medtronic and Animas Corporation will continue to witness a decline in terms of market presence.

The ever-expanding target population for insulin pumps that was initially used only in type 1 diabetes patients is now being used in type 2 diabetes patients as well. As more and more patients start using insulin for diabetes management, the natural shift from insulin pens to insulin pumps will be witnessed due to a need for improved glucose control and flexible, lifestyle-compatible treatment options.

Increasing Prevalence of Diabetes to Continue to Drive Growth in the Insulin Delivery Devices Market -

The increasing prevalence of type 1 and type 2 diabetes around the world will continue to drive the growth of the insulin delivery devices market. As awareness of the importance of effective diabetes management grows, the increasing prevalence of the disease will translate into greater potential target populations for companies in the insulin delivery devices market. The worldwide prevalence of diabetes in 2013 was 381.8 million, and this is projected to increase by 55% to 591.1 million by 2035. It is also estimated that 175 million diabetics remain undiagnosed, which accounts for 46% of all diabetics worldwide. The majority of diabetics are aged between 40 years and 59 years and 80% of all diabetics live in low and middle income countries. Additionally, 21 million women worldwide suffer from gestational diabetes, which translates to 17% of live births that have some form of high blood glucose in pregnancy. Moreover, 497,100 children worldwide suffer from type 1 diabetes and more than 79,000 children develop type 1 diabetes every year. The disease burden in terms of mortality and healthcare costs due to diabetes is huge, causing 5.1 million deaths and costing $548m in 2013. Spending related to diabetes worldwide accounts for 11% of the total healthcare spending on adults. China, India and the US are the top three nations in terms of diabetes prevalence, in 2013, China had a diabetes prevalence of 98.4 million, followed by India with 65.1 million and the US with 24.4 million. At the current rate, diabetes prevalence in China is expected to increase to 142.7 million by 2035, while in India it is expected to rise to 109 million by 2035. In 2013, the US spent $239 billion on diabetes, accounting for 36% of its healthcare expenditure, while China, the country with the highest number of diabetics globally, spent only $38 billion on diabetes, accounting for 7% of its healthcare costs. A large proportion of diabetics in countries such as India and China remain undiagnosed. In developed economies, one-third of diabetics remain undiagnosed, while this increases to 60% in countries such as India and China.

Insulin Pumps Drive Growth in Developed Economies as Insulin Pens Drive Adoption in Emerging Economies-

Globally, insulin pumps and insulin pens are expected to be the fastest-growing segments during the forecast period. Insulin pumps will continue to find rapid adoption in North America, where patients are shifting from conventional insulin delivery devices such as insulin syringes and pens to insulin pumps due to the need for improved glucose control and flexible, lifestyle-compatible treatment options. The availability of reimbursement for insulin pumps is another major factor that drives adoption in North America, as the high upfront cost of insulin pumps cannot be met through out-of-pocket payments. The European market will remain driven by insulin pens due to their low cost and ease of use. Inadequate reimbursement and the lack of a national diabetes plan in many European countries will limit the adoption of insulin pumps during the forecast period. Fear of injections and a cultural misconception that views the use of injections over oral tablets as a sign of deteriorating health rather than a more effective method of delivery, have negatively impacted the adoption of insulin delivery devices in Asia-Pacific. However increasing awareness of the benefits of insulin in the effective management of diabetes has significantly improved the adoption of insulin syringes and pens over the historic period. Lack of reimbursement is another major restraint that has slowed down the adoption of premium-priced devices such as insulin pumps. However countries such as India and China will witness the rapid adoption of insulin pens during the forecast period due to benefits such as their low cost, ease of use and minimal pain.

Collaborations Foster Innovation to Address Unmet Need in Artificial Pancreas Systems-
As the global insulin delivery market evolves, collaborations between companies and research foundations are helping to promote innovations in this market. The JDRF has emerged as a key source of funding and clinical support for companies directing their efforts towards developing an artificial pancreas that can closely mimic the pancreas. Leading companies such as Medtronic, J&J, Becton & Dickson Co., and Tandem Diagnostics have joined hands with JDRF to develop artificial pancreas systems. The JDRF provides funding to these programs based on milestones achieved by these companies and their progress in developing an artificial pancreas system. Medtronic is working with JDRF to develop a fully automated artificial pancreas system that features a redundant sensor to improve its safety and accuracy. Tandem Diagnostics is another company that has partnered with the JDRF. The JDRF is providing funding assistance to Tandem to develop infusion pumps that are capable of delivering more than one hormone. The JDRF’s collaboration with BD is similar to its collaboration with Medtronic, where the company is working towards developing a single optimized device that would replace multiple dwelling units for Continuous Glucose Monitoring (CGM). The ability to perform these metabolic actions automatically and accurately without the need for patient intervention is an important step in the development of an artificial pancreas.

Public Funding of Insulin Pumps will Provide Long-Term Economic Benefits -
Government investment in insulin pumps will result in long-term economic benefit by reducing the cost involved in managing complications associated with diabetes. The use of insulin pumps improves glucose control, which results in fewer hypoglycemic events. This reduces the chances of long-term diabetes complications such as myocardial infarction, amputation, stroke and end-stage renal disease. Therefore the cost involved in managing these complications arising due to diabetes could be saved through the use of insulin pumps. According to a study conducted by the Canadian Diabetes Association in 2013, the annual cost of implementing insulin pumps and the annual cost of managing complications arising from diabetes were compared. The study showed that the annual cost of providing insulin pumps was projected from $8.6 billion in 2012 to $15.1 billion by 2032. The annual cost of treatment for serious complications from diabetes was projected from $8.8 billion in 2012 to $25.1 billion by 2032. These are the direct costs related to the management of serious complications from diabetes. Considering only the direct costs, government investment in insulin pumps could save $200,000 in 2012 and $10 billion by 2032. Taking indirect costs into account, such as costs associated with mortality and disability arising from diabetes, the net savings will increase to $800,000 in 2012 and $10.8 billion by 2032.

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