Automated Insulin Delivery Market to Receive Overwhelming Hike in Revenues by 2027
Automated Insulin Delivery Market: Introduction
- Automated insulin delivery system is a technology, which continuously delivers insulin for management of diabetes. Insulin delivery and bolus size are either pre-planned or may fluctuate on the basis of continuous blood glucose level monitoring.
- Surge in adoption of technologically advanced products and demand for integrated diabetes management with continuous glucose monitoring and automated insulin delivery using digital platforms is likely to drive the adoption of automated insulin delivery devices. Moreover, rise in geriatric population and sedentary lifestyle are estimated to increase diabetes patient population, thus driving the automated insulin delivery market.
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Key Drivers of Global Automated Insulin Delivery Market
- Increase in prevalence of diabetes due to change in lifestyle, dietary habits, obesity, etc., is projected to boost the growth of the global market. For instance, according to the Centers for Diseases Control and Prevention, in 2017, an estimated 100 million people had diabetes in the U.S.
- According to the American Diabetes Association, in 2015, an estimated 30.3 million people in the U.S. had diabetes, of which, 1.25 million patients were children
- According to the World Health Organization, an estimated 1.6 million deaths occurred due to diabetes in 2016
- Increase in awareness about diabetes is likely to fuel the growth of the global automated insulin delivery market in the near future. For instance, in November 2018, the American Diabetes Association entered into a partnership with the American Heart Association to increase awareness about cardiovascular diseases caused due to Type 2 diabetes.
- In March 2015, NHS and Public Health England launched a National NHS Diabetes Prevention Program; the prevalence of Type 2 diabetes reduced in the U.K. through this program
- Rise in adoption of technologically advanced products due to better patient compliance is likely propel the growth of global automated insulin delivery market
- Market players are investing in research and development for developing new products, which is expected to create lucrative growth opportunities in the near future. For instance, Control-IQ Hybrid Closed Loop System offered by Tandem Diabetes Care Inc. is a combination of insulin pump and a CGM system.
- Rise in prevalence and awareness of diabetes in emerging markets is fueling market growth. Market players are focusing on strategic development to consolidate their position in the market and expand their business units. For instance, in April 2018, Tandem Diabetes Care entered into a distribution agreement with New Zealand Medical & Scientific Ltd (NZMS) and Australasian Medical & Scientific Ltd (AMSL) for the distribution of t:slim X2 insulin pump in New Zealand and Australia.
North America to Hold a Major Share of Global Automated Insulin Delivery Market
- North America is expected to hold a major share of the global automated insulin delivery market due to the presence of key players and early adoption of technologically advanced products. In August 2017, Tandem Diabetes Care, manufacturer of touchscreen insulin pump, received the approval of the U.S. FDA for t:slim X insulin pump with Dexcom G5 mobile CGM integration. This approval enabled the company to strengthen the product portfolio and customer reach.
- The automated insulin delivery market in Europe is expected to hold a significant share and this market in the region is projected to grow due to strategic development by key players. For instance, in July 2018, F. Hoffmann-La Roche Ltd received the CE mark for Accu-Chek Solo Micropump System. This approval has enabled the company to expand diabetes product portfolio. Additionally, this approval expands access to insulin pump therapy for diabetes patients.
- The automated insulin delivery market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to increase in prevalence, awareness of diabetes, and surge in geriatric population with diabetes. For instance, diabetes is the leading cause of death in India. The Ministry of Health and Family Welfare (MoHFW) launched mDiabtes, a mobile health initiative for the prevention and care of diabetes, in collaboration with the WHO Country Office for India and other partners.
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Key Players Operating in Global Market
The global automated insulin delivery market is highly concentrated due to the presence of key players. A large number of manufacturers hold a major share in their respective region. Key players are engaged in strategic developments, such as product launches, approvals, and mergers & acquisitions. For instance, in February 2019, Medtronic’s Personalized Closed Loop (PCL) insulin pump system received breakthrough designation from the U.S. FDA. In December 2018, Diabeloop received the CE mark for DBLG1, a hybrid closed loop system. This has enabled the company to launch automated insulin delivery system in Europe. In June 2018, the U.S. FDA extended approval for Medtronic’s MiniMed 670G hybrid closed looped system.
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