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The Global Insulin Patch Pump Market Size is valued at 912.89 Million in 2023 and is predicted to reach 2189.26 Million by the year 2031 at a 10.5 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Insulin patch pumps offer a needle-free alternative, which enhances patient comfort and compliance, thereby driving market growth.
- The rise in healthcare expenditure globally, there is greater accessibility to advanced diabetes management technologies, including insulin patch pumps.
- North America dominated the market and accounted for a global revenue share in 2023.
- The high initial cost of acquiring these devices, along with ongoing maintenance expenses, may limit their adoption, especially in regions with scanty healthcare resources or where patients have financial constraints
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.
Competitive Landscape
Some Of The key players in the Global Insulin Patch Pump Market:
- Medtronic Plc,
- Roche Diagnostic,
- Valerius,
- CeQur,
- Debiotech S.A.,
- Insulet Corporation,
- Medtrum Technologies,
- Cellnovo Ltd.,
- Spring Health Solutions Ltd
Market Segmentation
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.
Recent Developments:
- In August 2023, Roche said that the FDA had granted approval for the use of the Accu-Chek Solo insulin patch pump and wireless touchscreen portable device in diabetics who are at least two years old. In 2018, the Solo was introduced in Europe and is currently available in 19 locations globally, including Austria, Poland, Switzerland, and the UK.
The Insulin Patch Pump Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 983.82 Million |
|
Revenue Forecast In 2031 |
USD 2189.26 Million |
|
Growth Rate CAGR |
CAGR of 10.8% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product Type, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Medtronic Plc, Roche Diagnostic, Valerius, CeQur, Debiotech S.A., Insulet Corporation, Medtrum Technologies, Cellnovo Ltd., and Spring Health Solutions Ltd among others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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