According to the latest research by InsightAce Analytic, the global Insulin Patch Pump market is valued at US$ 852.05 Million in 2021, and it is expected to grow with a CAGR of 9.82% during a forecast period of 2022-2030. Insulin is mainly used to keep glucose levels at a standard state. Insulin helps to regulate absorption in the body. The insulin patch pumps are used to transmit the insulin via the adhesive present on the patch tube. The device is light in weight and small in size, and it is an automatic device. The digital patch pumps monitor the insulin level using Bluetooth and touchscreen. The insulin patch pump allows numerous injections. The easy and safe use of these devices is anticipated to propel the growth of the insulin patch pump market over the estimated timeframe. The insulin patch pumps are reasonable compared to conventional insulin transfer devices, and hence the demand for these patches is growing globally.
Additionally, the growing prevalence of diabetes along with the ever-increasing demand for technologically advanced devices is anticipated to surge the growth of the global insulin patch pump market over the estimated timeframe. According to the centers for disease control and prevention, in the U.S., more than 1 out of 10 adults are suffering from diabetes. Among this huge population, numerous people skip their insulin dose regularly due to the skipped meals, busy lifestyle, embarrassment, travel etc. The insulin patch pumps straight deliver insulin from the patch and solves the problem of skipping the insulin dose. The technological developments and use of artificial intelligence in diabetes management are anticipated to play a substantial role in substituting traditional insulin delivery devices. Moreover, an increasing number of product launches along with strategic partnerships among the key players operating in the market is also anticipated to propel the market competition.
The global insulin patch pump market can be segregated into product type, end-user, and geography. Based on product type, the market is classified into reusable and disposable pumps. The reusable insulin pumps are estimated to account for the largest share in the global market in 2019. The reusable nature of these devices is propelling the adoption of reusable insulin pumps in the worldwide market.
Based on end-user, the insulin patch pump market is segmented into hospitals, online pharmacies, private clinics, and retail pharmacies. Among the end-user, hospitals are estimated to account for the largest share in the global insulin patch pump market in 2019. The availability of technically advanced products and growing patient population visits to hospitals are contributing towards the high share of the segment in the global market. In terms of growth rate, online pharmacies are expected to register high CAGR from 2020 to 2028. The wide range of product availability, home delivery, and various offers available at online pharmacies are contributing towards the high growth of the segment in the global market.
Based on geography, the global insulin patch pump market has been segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. In terms of revenue, North America accounted for the leading position in the global insulin patch pump market in 2019. The presence of a large number of companies operating in the market and the availability of different brand products of insulin pen are contributing towards high share of North America in the global market. Additionally, growing healthcare expenditure and increasing number of FDA approvals are aiding the growth of insulin patch pumps in the region. For instance, in 2019, EoFlow, South Korean Company, received U.S. FDA approval for EOPatch, a newly designed patch pump in the U.S.
Some of the market players leading the global Insulin Patch Pump market Medtronic Plc, Roche Diagnostic, Valerius, CeQur, Debiotech S.A., Insulet Corporation, Medtrum Technologies, Cellnovo Ltd., and Spring Health Solutions Ltd among others.
