Medtronic, Insulet Lead Insulin Pump Market in Europe Fueled by Favorable Reimbursement Rates and Increased Adoption
January 17, 2017 (PRLEAP.COM) Health NewsJanuary 17, 2017 - Vancouver, BC – According to a new series of reports on the European market for diabetes monitoring, treatment and drug delivery by iData Research (www.idataresearch.com), insulin patch pumps are growing in popularity due to a significantly lower initial purchase price, relative to traditional insulin pumps. The number of patch pump users is expected to continue to grow and gradually acquire significant market share in the total insulin pump market. The growth of the total traditional insulin pump market will be driven by increases in unit sales and limited by modest declines in average selling prices.
"Unit sales are expected to grow in response to favorable reimbursement rates and greater adoption of pump usage in Europe," explains Dr. Kamran Zamanian, CEO of iData. "Recent clinical trials have shown evidence of superior health benefits in type 2 diabetic patients on pump therapy, relative to patients on multiple daily injections. These results will contribute to the growth of the pump market and increase the possibility of reimbursement for type 2 patients."
Differences in reimbursement policies will result in varying unit growth across regions in the European market. Regions with relatively low penetration rates, such as Spain and Portugal, are expected to experience higher growth than regions such as Germany, where pumps have an established market and the installed base is much larger. The insulin pump market penetration rates in Scandinavia, the Netherlands, Germany and France are historically high, rates ranging from 15% to over 30%.
Traditional pumps are sold with a warranty that covers a four year product lifespan. Due to the frequent technological advancements made in this market, patients tend to replace pumps with newer models once the warranty has expired. The frequent replacement of pumps will contribute to increasing unit sales as patients adopt new products in order to benefit from smaller device sizes and new features.
Medtronic is the leading competitor in the European traditional pump market, offers insulin pumps through the MiniMed® brand, which features continuous glucose monitoring integration when used with the company's Enlite® sensors. Insulet is the leading competitor in the European insulin patch pump market, whose products are distributed through Ypsomed in Europe. The company currently offers the OmniPod® System and is expected to release a new personal diabetes manager device in the near future. Their new product will feature a larger screen with touch navigation, decreased device size and Bluetooth capability to pair with DexCom's G5® CGM sensors and smartphone application. Additional competitors in the European insulin pump market include Roche, Animas, Sooil, Cellnovo and Ypsomed among others.
For Further Information
More on the diabetes device market in Europe can be found in a series of reports published by iData Research entitled the European Market Report Suite for Diabetes Monitoring, Treatment and Drug Delivery. The suite covers reports on the following markets: blood glucose meters, blood glucose test strips, lancets and lancing devices, continuous glucose monitoring (CGM), flash glucose monitoring (FGM), insulin, insulin pens, insulin syringes and insulin pumps.
The iData report series on diabetes devices covers the U.S. and 15 countries in Europe including Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Reports provide a comprehensive analysis including units sold, market value, forecasts, as well as detailed competitive market shares and analysis of major players' success strategies in each market and segment. To find out more about diabetes devices market data, register online or email us at firstname.lastname@example.org for a European Market Report Suite for Diabetes Monitoring, Treatment and Drug Delivery brochure and synopsis.
About iData Research
iData Research (www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: In-Vitro Diagnostics, Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Laparoscopy, Urology, Gynecology, Vascular Access, Endoscopy, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Ultrasound, X-Ray Imaging, Diagnostic Imaging, Oncology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large & Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics, Dental Operatory Equipment and more.