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.
Browse this report: http://mrr.cm/Zim
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%. The 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. The 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.
Browse this report: http://mrr.cm/Zim
Related Reports are;
1st- Glucose Monitoring Device Market to 2019 -
Technology Adoption and Increasing Health Awareness Serve as Distinct Regional Growth
Drivers - See more at: http://mrr.cm/Zis
2nd- NSCLC
Therapeutics in Asia-Pacific Markets to 2019 - Personalized Therapies Focus on
Untapped Segment of Squamous Cell Carcinoma to Expand Treatment Pool - See more
at: http://mrr.cm/Zie
3rd- Epilepsy
Therapeutics in Asia Pacific Markets to 2019 - Treatment Options Enhanced As
Novel Next Generation AEDs Show Improved Safety and Tolerability - See more at:
http://mrr.cm/Zin
No comments:
Post a Comment
Note: only a member of this blog may post a comment.