North America Insulin Infusion Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Insulin Infusion Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Insulin Infusion Pump Market is expected to register a CAGR greater than 6% over the forecast period, 2022-2027.

In North America, till April 2022, the United States is having the highest COVID cases with 82 million, the country also registered the highest death rate. According to the Diabetes Voice article published in May 2020, close to 40,000 deaths of people who are having diabetes. In the North American region diabetes patients are more concerned about stocking up the monitoring and managing devices due to this the market increased during these years.

The North American region had witnessed an astounding increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people.​ Patients with Type 2 diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates. ​Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia.​ Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy.

An insulin pump (also known as continuous subcutaneous insulin therapy) is a medical device used to administer insulin to treat diabetes. Insulin pumps make it possible to deliver continuous infusion amounts of insulin at regular intervals. It is predicted to result in long-term cost savings relative to multiple daily injections. The traditional pump includes the pump (including controls, a processing module, and batteries), a disposable reservoir for insulin (inside the pump), and a disposable infusion set, including a cannula for subcutaneous insertion (under the skin) and a tubing system to connect the insulin reservoir to the cannula. The device configuration may vary depending on the design. However, the application of infusion pumps is increasing significantly across the world.

Key Market TrendsInsulin Pump Monitors Hold Highest Market Share in North America Insulin Infusion Pump Market

In North America a variety of insulin pumps are available. Traditional insulin pumps have an insulin reservoir (or container) and pumping mechanism attached to the body with tubing and an infusion set, and the other insulin patch pumps are worn directly on the body and have a reservoir, pumping mechanism, and infusion set inside a small case. Patch pumps are controlled wirelessly by a separate device that allows programming of insulin delivery for meals from the patch. Most insurance companies in North America cover insulin pump therapy with variable out-of-pocket expenses.

According to the Academy of Managed Care Pharmacy in North America, insulin pumps cost between USD 4,500 and USD 6,500 for individuals without insurance. The price varies depending upon the pump’s features, brand, and size. Some insurance plans will cover the cost of the pump. Patients with insurance can expect typical copay and coinsurance rates ranging from $5 to half of the total cost of the pump. Millions of Americans are still unemployed and facing financial hardship as a result of the COVID-19 pandemic, especially those from underrepresented or underserved populations. As recently as October 2021, about one-third of Americans report having difficulty paying for household expenses, including medications. Insulin, a diabetes medication that over 9 million Americans take, made headlines in recent years for its skyrocketing prices. Unfortunately, insulin prices have only dropped slightly since the start of the pandemic. From 2014 to 2019, the average cash price for insulins climbed substantially the average price per insulin unit rose 54%, from USD 0.22 to USD 0.34. Then, from January 2020 to October 2021, it dropped 5% from about USD 0.33 to USD 0.31.

The technology combines glucose monitoring using a CGM with advanced algorithms in the insulin pump to predict low glucose and suspend insulin delivery. The technological innovation in the insulin pump device market is likely to drive the market during the forecast period.

The United States Holds Highest Market Share in North America Insulin Infusion Pump Market.

North America is expected to dominate the market owing to factors such as the easy availability of insulin delivery devices, high awareness among consumers, and reimbursement policies.

The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in the United States indicates the increasing usage of diabetes care products. In the United States, according to the Academy of Managed Care Pharmacy, insulin pumps cost between USD 4,500 and USD 6,500 for individuals without insurance. The price varies depending upon the pump’s features, brand, and size. For example, the Accu-Chek Spirit Insulin Pump costs about USD 4,600 and includes a few features, such as software that allows readings to be downloaded to a personal digital assistant (PDA). The Minimed Paradigm 522 is more expensive, retailing at about USD 5,200, but includes more features, like continuous glucose monitoring. Some insurance plans will cover the cost of the pump. Patients with insurance can expect typical copay and coinsurance rates ranging from USD 5 to half of the total cost of the pump. Despite prices, diabetes patients in the United States are using Insulin delivery devices more often. Although the pump and its supplies (tubing, insulin cartridges, and infusion sets) continue to be expensive, insurance coverage has improved considerably over the years.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The new technologies in Insulin Infusion Pump devices increased the market for Insulin Pump devices. Animas had to exit the insulin pump market, owing to the rising competition. Medtronic is the market leader, and it is expected to maintain its position during the forecast period.

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