NEW YORK, Aug. 25, 2020 /PRNewswire/ -- The rise in the global incidences of diabetes, increasing geriatric population, growing rate of obesity, favorable reimbursement policies, increasing strategic initiatives such as product launches or collaborations, and favorable investment scenarios are among the key factors contributing to a high CAGR for the Automated Insulin Delivery Systems Market during the forecast period.
Market Size – USD 4.91 Billion in 2019, Market Growth - CAGR of 6.0%, Market Trends– Technological advancements and rising demand for user-friendly point-of-care insulin delivery system
According to the current analysis by Reports and Data, the Global Automated Insulin Delivery Systems Market was valued at USD 4.91 billion in 2019 and is expected to reach USD 7.81 billion by the year 2027, growing at a CAGR of 6.0% throught the forecast period. The Automated Insulin Delivery Systems (AID) market is majorly driven due to the increasing prevalence of diabetes across the globe. Diabetes is a chronic metabolic disease characterized by increased blood glucose levels or blood sugar, which is likely to lead to heart disorders, damage to blood vessels, eyes, kidneys, and nerves. In 2019, nearly 463 million adults from 20 to 79 years old had diabetes, and the number is estimated to rise to about 700 million by 2045 globally, according to the International Diabetes Federation.
The continuous growth in the target population has promoted a rise in technological advances in the field emerging tremendous future opportunities for Automated Insulin Delivery Systems. For instance, one of the leading players in the industry Bigfoot Biomedical is engaged in developing its advanced AID system Autonomy with the use of a screenless pump, a smartphone app, and the FreeStyle Libre CGM; which is estimated to be launched by 2023. Increasing technological developments, favorable reimbursement policies, and increasing awareness programs are estimated to support market growth. Furthermore, the rising diabetic population worldwide has attracted research investments from private and public organizations towards diabetes management. For instance, the NIH has invested in collaboration with four institutions to support the development of closed-loop insulin delivery technology or Automated Insulin Delivery Systems for pregnant women with type 1 diabetes in 2019.
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COVID-19 Impact Analysis
The pandemic outbreak of COVID-19 is estimated to contribute to the market growth of Automated Insulin Delivery Systems. The virus has impacted more than 200 economies and has affected more than 20 million health globally. Individuals with an existing chronic illness like diabetes, heart disorders, and other chronic ailments are highly prone to the infection. Risk of hospital-acquired infection, several pandemic control practices like physical distancing and restricted movements has resulted in reduced hospital visits and consequently increased the demand for point of care diabetes management devices such as Automated Insulin Delivery Systems. However, disturbed logistics and changed equation among international trading have significantly affected the market growth. As many parts of different economies have started to ease the lockdown and have started construction of a strong distribution network to regain the loss and avoid discontinuation in business market players, the market demand for Automated Insulin Delivery Systems is expected to surge. Furthermore, government bodies are engaged in the promotion of technologies that provide efficient patient care at-home settings, which includes Automated Insulin Delivery Systems. Furthermore, globally increased engagements in tele-consultancy for follow up and routine check-ups during the pandemic are likely to enhance market growth for point of care technologies such as Automated Insulin Delivery Systems.
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Further key findings from the report suggest
- To capture significant clientele, companies are engaged in developing advanced automated products with enhanced efficiency and ease of use. For instance, in June 2020, Medtronic received the CE-Mark for its MiniMed 780G. The device automatically adjust basal insulin rates after every five minutes and is suitable for a diabetic of 7- 80 years old
- Expansion of application range of products to address a larger set of customers is another strategic initiative to enhance the business target, which is likely to promote sales of AID products. For instance, in October 2019, Novo Nordisk received the U.S. Food and Drug Administration (FDA) approval for the expanded application of its Fiasp as insulin infusion pumps in adults with type 1 or type 2 diabetes as an improvement of glycemic control
- The rising diabetic population globally, many companies are investing in developing advanced technology. For instance, in February 2020, Becton, Dickinson, and Company completed a clinical trial of its BD Libertas a wearable injectors
- Emerging technologies in the medical device sector have been playing a great role in boosting the growth of AID. For instance, in March 2019, Abbott Laboratories and Novo Nordisk entered into a non-exclusive partnership that will incorporate insulin dose data from Novo Nordisk pre-filled and durable connected pens directly into the digital health tools compatible with the FreeStyle Libre system
- North America dominated the Automated Insulin Delivery Systems market, with a revenue of USD 2.16 billion in 2019. Due to the higher prevalence of diabetes, and adoption of developed technologies the region is expected to rise during the forecast period
- The devices type segment held significant market share in 2019. The development of technologically advanced and cost-effective products is major factors driving the market growth
- Owing to the larger target population, type 2 diabetes mellitus application segment accounted for the highest market share in 2019 and is estimated to boom in the forecast period. The expected surge in the diabetic population due to pandemic lockdown restriction in various parts of the world and rising geriatric population are among major factors contributing to the expected market growth of this segment.
- Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Biocon, Ypsomed, Wockhardt, Digital Medics, Abbott, Companion Medical, F. Hoffmann-La Roche, Ltd., BD, Animas LLC, Medtronic., Tandem Diabetes Care, Inc, Diabetes Care, BIGFOOT BIOMEDICAL, INC, DreaMed Diabetes, Ltd, and WTWH Media LLC are the key players in the Automated Insulin Delivery Systems Market.
For the purpose of this report, Reports and Data has segmented the Global Automated Insulin Delivery Systems Market on the basis of types, end-use, and region:
Product Type Outlook (Revenue in Million USD; 2017–2027)
- Reusable Insulin Pens
- Disposable Insulin Pens
- Insulin Pumps
- External/ Tethered Pumps
- Patch Pumps
- Implanted Insulin pump (IIP)
- Closed loop insulin pump (artificial pancreas)
- Pen Needles
- Standard Pen Needles
- Safety Pen Needles
- Insulin Syringes
- Software & Mobile App
Applications Outlook (Revenue in Million USD; 2017–2027)
- Type 1 Diabetes Mellitus
- Type 2 Diabetes Mellitus
End-Use outlook (Revenue in Million USD; 2017–2027)
Regional Outlook (Revenue in Million USD; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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