Medtronic Stands To Be Biggest Beneficiary Of J&J's Exit From Insulin Pump Market
Animas, a division of Johnson & Johnson, will stop making Animas Vibe and OneTouch Ping insulin pumps, close operations, and exit the insulin pump business, the company announced Oct. 5. J&J is offering patients currently using these devices the option to transfer to Medtronic device. Medtronic is already the leading supplier of insulin pumps worldwide.
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The global infusion drug delivery market continues to be driven by the rising prevalence of chronic disease and associated obesity, coupled with a growing aging population. Technological advancements such as less invasive pumps, needlestick prevention features and miniaturization have also supported the growing demand, but obstacles such as safety and security issues remain. According to a new report by Meddevicetracker, the global market for infusion pumps and disposables will reach $9.9bn by 2022, a CAGR of 6.4% from 2017. This article takes an in-depth look at the overall infusion pumps market, and dives deeper into the three fastest-growing segments – insulin, enteral and disposable pumps – highlighting the key players and competitive landscape.
Platinum Equity plans to acquire J&J's LifeScan business, which makes OneTouch blood glucose monitoring products, by the end of the year. J&J has been exploring strategic options for its diabetes businesses for more than a year, as revenues from the sector have declined. In October, the company announced plans to stop making the Animas Vibe and OneTouch Ping insulin pumps, and transfer patients relying on those products to Medtronic.
Medtronic's revenue of $7.1bn for the second fiscal quarter of 2018 was down 4% year-over-year on an as-reported basis, but up 4% on a comparable constant-currency basis. –It would have been even greater if not for the hurricane that hindered manufacturing operations in Puerto Rico, the company reported Nov 21.