The unveiling of the device comes a day after scientists in Australia announced they had discovered a gene responsible for the most common form of diabetes, bringing them closer to a cure.
Researchers for the company that came up with the device that combines an insulin pump and a continuous blood-monitoring system told a meeting of the American Diabetes Association in Washington DC that patients are clamouring to test and use it.
The device, called the Minimed Paradigm Real Time Insulin Pump and Continuous Glucose Monitoring System, sounds an alarm if blood sugar goes out of safe ranges.
It is approved for people over 18 with insulin-dependent diabetes. People with type 1 diabetes, also known as juvenile diabetes, depend on insulin, as do some type 2 diabetics.
"It's a pretty exciting advance," said Dr John Buse, vice president of the American Diabetes Association.
"I am not sure that it's the best pump ever and the best monitoring device ever. It's not an artificial pancreas ... but it's getting pretty close," Dr Buse added in an interview.
Meanwhile, Victorian researchers are unveiling their discovery of the PSARL gene, linked to Type 2 diabetes, at the Washington conference.
The much-needed gene discovery will speed up the development of new tests and drugs for diabetes.