Since its discovery over 100 years ago, insulin has experienced marked growth in the drug delivery market. With so many insulin delivery options available today, this market segment still presents many opportunities for growth while already leading the wider drug delivery market. Insulin pumps are poised to remain near the top of the drug delivery market throughout 2022 as these products experience new market trends and innovations throughout the year and into 2023.
As the needs of the diabetic population increase, insulin pumps of various types have shown continued growth in the drug delivery market as new products have become available and companies evolve to meet patient needs. While drug delivery markets thrive following COVID-19, the insulin pump segment is seeing rapid growth due to consistently increasing population needs.
As a whole, the drug delivery market has only been minorly impacted by COVID-19, according to the Q1 Impact Analysis Update from the LSI’s Medtech Pro COVID-19 Impact Tracker. Throughout the pandemic, the demand for many devices and products in this market segment, including insulin pumps, has increased. Since insulin pumps remain essential regardless of the pandemic’s influence, Medtronic’s Diabetes franchise sales declined less than 5% throughout the pandemic.
Medtronic stands out among market competitors, taking the lead in external insulin pumps with a 66% market share in 2018, according to Medtech Pro Opportunities in Global Medical Devices & Diagnostics Market Report. The company continues to innovate in the insulin pump and drug delivery area, most recently in 2020, by acquiring smart insulin pen startup Companion Medical, allowing Medtronic to offer yet another new method of insulin delivery. Along with its 2019 deal with Tidepool to develop an automated insulin delivery system using its Bluetooth-enabled MiniMed pump, Medtronic has come to dominate this sector of the insulin drug delivery market. The drug delivery insulin pump market segment connects directly with other areas, such as wearables, by boosting technology and innovations put forth by other companies. For example, Alertgy, which presented its non-invasive blood glucose monitoring wearable device at LSI’s virtual event, the 2020 Virtual Wearables Spotlight, makes it possible for companies like Medtronic to cater to areas highlighted by these devices. The drug delivery market is currently split among three major suppliers, though Medtronic holds the top spot when it comes to the insulin pumps market. North America dominates the insulin pump market, largely due to healthcare spending in the United States and Canada.
Above all, the increasing need for insulin drives the prevalence of insulin pumps in the drug delivery market, with 537 million people living with diabetes worldwide. Additionally, the market faces a higher demand for and investment in innovation when it comes to drug delivery in the face of increased spending from consumers in this market. As medical professionals see higher caseloads and labor costs, these factors will boost the need for insulin pumps in drug delivery. Additionally, with patients spending nearly $10,000 a year per person, they need more accessible and affordable insulin delivery options. In 2021, the drug delivery market saw $23.85 billion in sales, including $4.42 billion in insulin pumps alone, at a 6.4% CAGR.
The rising prevalence of diabetes makes insulin pumps necessary for consumers, and because insulin remains the most effective therapy for diabetes, the industry has seen minimal threat from the pandemic. However, it is important to note that the same cannot be said when it comes to surgeries used to help treat diabetes, as insulin is not the only treatment. Surgeries to treat Type 2 Diabetes also account for a large percentage of general, colorectal, vascular, and oncologic procedures performed yearly across the globe in LSI Medtech Pro Global Procedure Volumes. General surgeries alone saw a 21% decrease between 2019 and 2020, and after a dramatic increase in procedures in 2021, 2022 is finally seeing more stabilization when it comes to diabetes surgeries, including gastric sleeve, bypass, duodenal switch, and elective surgeries to benefit the condition of diabetic patients.
LSI market analysts predict moderate growth for insulin pumps in the drug delivery market segment. According to the Medtech Pro Market Summary, insulin pumps in drug delivery are projected to grow at their usual rate as 2022 sales return to normal compared to pre-pandemic sales. Drug delivery is projected to grow to $26.2 billion in 2023 with a 4.82% CAGR that has boosted the market by almost $6 billion over five years, according to LSI Medtech Pro analysts.
As more consumers and companies adopt automated insulin pumps and artificial intelligence, this segment of the drug delivery market will have more opportunities for expansion, even in the face of challenges like a lack of awareness of diabetes and drug delivery options. In particular, analysts expect the patch pump to create the most opportunity, while homecare-based solutions experience the greatest CAGR growth. The insulin drug delivery market has, in recent years, worked to keep up with diabetic patients’ understanding and needs related to their conditions. As consumer knowledge increases and more patients become well-informed about diabetes, companies have responded by creating less intrusive, more convenient, and more user-friendly devices. Along with better treatments and user-friendly devices, it is imperative to continue making knowledge of diabetes available to patients, families, and providers. For more information on insulin pump and drug delivery projections, including a comprehensive market analysis, see LSI’s Medtech Pro Opportunities in Global Medical Devices & Diagnostics Market Report.
Schedule an exploratory call
Request Info© 2024 Life Science Intelligence, Inc., All Rights Reserved. | Privacy Policy
