REPORT HIGHLIGHT
Insulin patch pumps market was valued at USD 780.2 million by 2019, growing with 9.5% CAGR during the forecast period, 2020-2026
Market Dynamics
Patch pumps are more convenient and easier to use than conventional insulin pumps. Additionally, they are more affordable and are speedily capturing a noteworthy share in the insulin patch pumps market. Basal & bolus therapy helps in normalizing blood sugar levels without any risk of hypoglycemia. In addition, after each meal, basal & bolus therapy includes an injection, which imitates the activity of the healthier pancreas. Advanced features and availability of a wide range of products are some of the major factors driving the growth of insulin path pumps market.
Also, the basal & bolus therapy is used in both type 1 and 2 diabetes patients, which will boost the market growth. Basal insulin pump therapy is significant for managing type 1 diabetes as it acts on a slow-release mechanism. In addition, all types of basal insulin mimic the natural function of the pancreas and are long-acting. Growing adoption of basil insulin patch pump therapy by type 1 diabetes patients is boosting the growth of the global market. This segment is predicted to register a substantial share in the market.
Product Type Takeaway
Reusable insulin patch pumps ate highly flexible and capable of delivering complex regimes of insulin to patients. In addition, manufacturers are launching novel products suitable for patients and the reusable benefit of these insulin patch pumps is the reason they are high in demand. On the other hand, the disposable insulin patch pumps are also known as the simplified device as they are mechanical pumps. In addition, the products by CeQur and Valeritas are currently dominating the global insulin patch pumps market owing to their strong presence in the Europe and U.S. region.
Distribution Channel Takeaway
The hospital pharmacies are the most preferred distribution channel by most of the patch pup users. In addition, the trend has also shifted from buying traditional to automated insulin delivery solutions. Thus, expansion of integrated delivery network and a rising number of specialty hospital pharmacies is driving the growth of global insulin pump patches market. In addition, there is also a risk involved in purchasing pump patches from the online pharmacies such as improper usage and wrong product delivery.
Growing prevalence of diabetes and rising awareness regarding advanced patch pumps are the key factors anticipated to impel the growth of insulin patch pumps market. People with type 1 diabetes find it convenient to carry insulin patch pumps than carrying the infusion set of insulin. Insulin patch pumps companies are expanding their business in North America by getting FDA approvals and launching novel products. For instance, the South Korea-based company, EoFlow received approval for “pump-EOPatch-in.” This is a newly designed product by the company which got the FDA approval in the U.S., which will boost the demand for insulin patch pumps and propel the market growth.
Regional Takeaway
Presently, North America is dominating the market owing to the presence of major players of insulin patch pumps and is estimated to maintain its lead during the period of forecast. The Asia Pacific region is projected to be the second-largest market followed by Europe in the projected timeframe.
Key Vendors Takeaway
The use of artificial intelligence and technological advancements in this field are expected to play a crucial role in replacing traditional insulin delivery devices. Rising frequency of product launches coupled with collaborations between technology developers and major players is also projected to boost the market competition. The worldwide growing prevalence and occurrence of diabetes are expected to present lucrative opportunities for players functioning in the global insulin patch pumps market.
Key Vendors of the Market:
• Insulet Corporation
• Valeritus
• Cellnovo Ltd.
• Roche Diagnostics
• CeQur
• Medtronic plc
• Johnson & Johnson
The market size and forecast for each segment and sub-segments has been considered as below:
• Historical Year – 2015 to 2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026
TARGET AUDIENCE
? Traders, Distributors, and Suppliers
? Manufacturers
? Government and Regional Agencies
? Research Organizations
? Consultants
? Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INSULIN PATCH PUMPS MARKET, BY DELIVERY MODE
? Bolus
? Basal
? Basal and Bolus
GLOBAL INSULIN PATCH PUMPS MARKET, BY PRODUCT TYPE
? Disposable
? Reusable
? Others
GLOBAL INSULIN PATCH PUMPS MARKET, BY DISTRIBUTION CHANNEL
? Online Pharmacies
? Private
? Retail Pharmacies
? Hospitals
? Others
GLOBAL INSULIN PATCH PUMPS MARKET, BY REGION
? North America
o The U.S.
o Canada
? Europe
o Germany
o France
o Italy
o Spain
o United Kingdom
o Rest of Europe
? Asia Pacific
o India
o China
o South Korea
o Japan
o Singapore
o Rest of APAC
? Latin America
o Brazil
o Mexico
o Argentina
o Rest of LATAM
? Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA