Singapore, Aug 31, 2010: The global insulin pumps market was valued at $586.4million in 2009, and is forecast to reach $1,051million in 2016, after growing at a Compound Annual Growth Rate (CAGR) of 9 percent from 2009 to 2016, according to a new report by MarketResearch.com.

The growth in the market is said to be primarily driven by increases in the elderly population and obesity rates, advances in technology (the emergence of an artificial pancreas and an insulin and glucagon delivery system) and rising patient awareness. Due to the advantages of flexibility and tighter control over glucose offered by insulin pumps to niche patient groups like pregnant women and children, the insulin pumps market has grown rapidly in the past few years.

The US insulin pumps market is expected to reach $843 million in 2016, growing at a CAGR of 9 percent from 2009 to 2016. The traditional insulin pumps segment was valued at $394 million in 2009 and the disposable insulin pumps segment was valued at $58.9 million in 2009. The US remains the largest insulin pumps market. The insulin pumps market in the US is going to be driven by the increased penetration of well established players and next generation pumps such as artificial pancreases and the simultaneous delivery of insulin and glucagon.

According to the report, the increasing prevalence of diabetes will drive this market. Diabetes results in nearly four million deaths every year. The International Diabetes Federation (IDF) estimates that by 2025, nearly 380 million people worldwide will have diabetes. Seven out of the ten countries with the highest number of people with diabetes are in the developing world.

China, India and the US constitute the majority of the diabetic population. The obesity rate has increased globally over the past few decades. Currently, more than one billion adults are overweight worldwide, which is a major risk factor for diabetes. This increases the prevalence of diabetes and is expected to drive the insulin pumps market.