Insulin Patch Pumps Market Size Is Poised To Reach $1.7 Billion By 2027: Grand View Research Inc.
The global insulin
patch pumps market size is
expected to reach USD 1.7 Billion by
2027, according to a new report by Grand View Research, Inc., exhibiting a
CAGR of 10.9% over the forecast period. The market is primarily driven by
factors such as increasing diabetic population and rising awareness about
advanced diabetes management solutions. Moreover, technological advancements
and several product launches in the field of insulin patch pumps are further
augmenting growth.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Patch pumps are easy to use and more
convenient than conventional insulin pumps. In addition, they are more
affordable than conventional insulin pumps and are rapidly capturing a
significant share of the insulin patch pumps market. Key players are using
novel technologies and offer user-friendly insulin delivery solutions at lower
prices. This is expected to increase the frequency of product launches during
the forecast period, boosting overall growth.
Increasing healthcare expenditure
related to diabetes and rising number of FDA approvals are further aiding
growth. For instance, in March 2020, a South Korean Company-EoFlow-received FDA
approval for its newly designed patch pump-EoPatch in the U.S.
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Insulin
Patch Pumps Market Report Highlights
·
North America accounted for the
largest share in 2020, owing to favorable reimbursement policies and launch of
several innovative patch pumps
·
Asia Pacific is expected to see
robust growth during the forecast period, owing to the increasing diabetic
population coupled with rising awareness about diabetes preventive care
·
By delivery mode, basal &
bolus segment dominated in 2020, owing to wide usage of these therapy in both
type1 and type 2 diabetes patients
·
By product type, the reusable
segment is dominating the insulin patch pumps market due to increasing adoption
of these devices
·
By distribution channel, the
hospital segment dominated in 2020 due to expansion of the integrated delivery
network
·
Some of the leading players are
Medtronic Plc; Roche Diagnostics; Valeritas; Cellnovo Ltd.; Insulet
Corporation; and CeQur.
·
Mergers and acquisitions are
the primary expansion techniques used by these players.
·
For instance, in July 2018,
CeQur purchased a certain asset from Calibra Medical-a subsidiary of Johnson
& Johnson. This acquisition helped CeQur gain an exclusive license for
Calibra’s wearable insulin delivery system product.
In general, patch pumps are smaller than
conventional insulin pumps and are more discrete and easier to use. Moreover,
these pumps are more affordable as compared to conventional insulin delivery
devices, which generates more demand. Patch pumps are attached to the skin using
adhesive layer and due to the advanced technology, they require minimum
monitoring. These pumps are usually integrated with blood glucose or a
continuous glucose monitoring system.
Technological advancements and the use of artificial
intelligence in this field are expected to play a significant role in replacing
traditional insulin delivery devices. Increasing frequency of product launches
along with collaborations between major players and technology developers is
also expected to boost the market competition.
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For instance, Tandem Diabetes Care is developing
t:sport insulin pump, which will be half the size of its t: slim X2.
Availability of custom-made patch pumps is expected to increase the popularity
of these devices during the forecast period. Discrete nature of the devices is
one of the major factors increasing their adoption in younger population.
The worldwide increasing incidence and prevalence of
diabetes are expected to present lucrative opportunities for advanced diabetes
management devices, including patch pumps. According to the International
Diabetes Federation, the global diabetic population is expected to reach 700
million by 2045, which includes a significant number of older people. According
to the United Nations report, in 2018, the global population aged 65 or above
outnumbered children under 5. The population aged 80 years or over is projected
to reach 426 million by 2050 from 143 million in 2020.
Grand View Research has segmented the
global insulin patch pumps market on the basis of delivery mode, product type,
distribution channel:
Insulin Patch Pumps Delivery Mode Outlook (Volume
Units; Revenue USD Million, 2016 - 2027)
·
Basal
·
Bolus
·
Basal & Bolus
Insulin Patch Pumps Product Type Outlook (Volume
Units; Revenue, USD Million, 2016 - 2027)
·
Disposable
·
Reusable
Insulin Patch Pumps Distribution Channel Outlook
(Volume Units; Revenue USD Million, 2016 - 2027)
·
Hospitals
·
Retail Pharmacies
·
Private Clinics
·
Online Pharmacies
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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