According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of insulin patch pumps are expected to reach a valuation of US$ 21.55 Billion by 2032, rising at a CAGR of around 14% over the forecast period of 2022 to 2032. The market is primarily driven by factors such as increasing diabetic population and rising awareness regarding advanced diabetes management solutions. Moreover, technological advancements and several product launches in the field of insulin patch pumps are further augmenting the growth.
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Patch pumps are easy to use and more convenient than conventional insulin pumps. Usually, these pumps are connected to a continuous or blood glucose monitoring system. In addition, patch pumps are more affordable than conventional insulin pumps and are rapidly capturing a significant share in the insulin delivery market. Key market players are using novel technologies and offering user-friendly insulin delivery solutions at lower prices. This is expected to increase the frequency of product launches during the forecast period, thus boosting the overall industry growth.
The market is primarily driven by factors such as increasing diabetic population and rising awareness regarding advanced diabetes management solutions. Moreover, technological advancements and several product launches in the field of insulin patch pumps are further augmenting the growth.
Patch pumps are easy to use and more convenient than conventional insulin pumps. Usually, these pumps are connected to a continuous or blood glucose monitoring system. In addition, patch pumps are more affordable than conventional insulin pumps and are rapidly capturing a significant share in the insulin delivery market. Key market players are using novel technologies and offering user-friendly insulin delivery solutions at lower prices. This is expected to increase the frequency of product launches during the forecast period, thus boosting the overall industry growth.
Key Takeaways from Market Study
- The hospitals segment is expected to dominate the market in 2022 with a revenue share of over 53%
- The reusable insulin patch pump segment is expected to dominate the market in 2022 with a revenue share of over 60% and is expected to maintain its dominance over the forecast period
- The market in Asia Pacific is expected to possess 35% market share for insulin patch pumps market in 2022.
- North America is expected to accounted for the largest revenue share of more than 40% in 2022.
- US, Canada, India and China will flourish at a CAGR of 36.5% combined until 2032
“Increasing prevalence of diabetes along with technological advancements for the injection of insulin is shaping the landscape for insulin patch pumps.” states a Fact.MR analyst
Market Competition
Some prominent players in the global insulin patch pumps market include Medtronic plc, F. Hoffmann-La Roche Ltd., Insulet Corporation, CeQur, Terumo, Tandem Diabetes Care, Medtrum, Debiotech
· In November 2022, Medtronic plc launched the world’s first and only infusion set for insulin pumps. In addition, these insulin pumps double wear time up to seven days.
· Hoffmann-La Roche Ltd, is focusing on investing in research and development for innovating different features in insulin patch pumps. Thus, the integration of artificial intelligence in pumps is expected to commercialize the use of pumps.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the insulin patch pumps market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of Application ( Body Contouring & Skin Tightening, Skin Rejuvenation, Hair Removal, Leg Vein Treatment, Vaginal Rejuvenation, Pigmented Lesion & Tattoo Removal, Others), by End Use (Hospital/Surgery Center , Medspa, Traditional Spa, HCP Owned Clinic) & across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
For More Insights of Fact.MR Trending Report:- https://www.newswire.co.kr/newsRead.php?no=946690
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