Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The insulin pump is a device used for the administration of insulin. An insulin patch pump is worn directly on the body where it is discreetly attached due to the adhesive on the insulin patch pump. Due to the presence of this adhesive on the insulin patch pump, no infusion sets and tubing are required to attach the pump to the body, which makes the insulin intake process convenient for patients. Insulin patch pumps deliver insulin directly from the patch and thus can solve the problem of patients skipping insulin doses. According to studies, insulin patch pumps have also been shown to reduce the number of cases of severe hypoglycaemia compared to multiple insulin injections per day. These factors are anticipated to provide ample new growth opportunities for the market during the estimated time period.
The strong growth is mainly due to factors such as the increasing prevalence of diabetes, advancements in technology and growing awareness of advanced patch pumps. For example, according to the International Diabetes Federation, approximately 536,600 adults were living with diabetes in 2022, and that number is expected to rise to 783,700 by 2045. People with type 1 diabetes prefer insulin patch pumps because they do not need to carry an insulin infusion set. Due to their greater convenience, cast pumps are preferred by the elderly and working people. The increasing prevalence of diabetes worldwide is projected to present lucrative opportunities for advanced diabetes management devices, including patch pumps. According to the International Diabetes Federation, the global population of diabetics is expected to reach 783,700 by 2045, including a significant number of elderly people. The same source indicates that approximately 6 million Americans use insulin to control their diabetes. Insulin patch pumps are effective devices because they are smaller than conventional, discredited and easier to use insulin pumps. In addition, these pumps are compared to those conventional, which ultimately creates more demand. This is expected to boost the growth of the market during the projected time period.
Rapid technological progress and the use of artificial intelligence in this area are expected to play an important role in replacing traditional combinations of bottles. The growing frequency of product launches as well as cooperation between major market players and technology developers should strengthen market competition. For example, tandem diabetes care develops the T: sport -insulin, which is half as large as its T: Slim X2. The availability of personalized patches pumps is expected to increase the popularity of these devices during the forecast period. The discreet nature of the devices is one of the main factors that increase their introduction to the younger population this factor is expected to provide rising new growth opportunities for the market over the forecast period.
The factors that can restrict market growth include the complexity of the device, which makes it less user -friendly. A certain number of steps are necessary to use an insulin patch pump, and there is the possibility of errors, so people do not always prefer to use an insulin patch pump. In addition, the skin zone in which the device is attached using glue can sometimes be irritated, and in this part, swelling can also occur, and these factors can prevent users from preferring the insulin patch pumps.
The COVID-19 pandemic has significantly affected the growth of the market to a major extent, which has created a major challenge for the market’s growth. Also, lack of awareness regarding the use of insulin patch pumps is expected to be a major challenge for the market’s growth over the forecast the period.
The report provides an in-depth analysis of the global Insulin Patch Pumps market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for insulin patch pumps in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Insulin Patch Pumps market comprises of different market segments like type, delivery, distribution channel, end users and geography.
By type, the Insulin Patch Pumps includes the key segments of
The reusable insulin patch pump segment is expected to dominate the market over the forecast period. This can be attributed to the increased introduction of these pumps and the high frequency of product launches. These devices are very flexible and can provide insulin to various patients with a complex diet.
The disposable patch pumps is expected to have a high demand in the upcoming years. Disposable insulin pumps are mechanical pumps and are also called simplified devices. Most of these types of patch pumps have disposable parts, while others are fully disposable.
By delivery, the Insulin Patch Pumps market is segmented into
The basal and bolus segment is expected to dominate the market during the forecast period due to its advanced characteristics and the availability of a variety of products. Basal and bolus therapy help normalize blood sugar without increasing the risk of hypoglycaemia. In addition, basal and bolus therapy includes an injection after each meal that imitates the activity of the healthy pancreas. In addition, these therapies are used by type 1 and-2 diabetic patients, which dominates the market. Based on the delivery method, the market is divided into basal, bolus, basal and bolus.
The basal segment is expected to grow rapidly over the forecast period. This high growth rate is mainly due to the increasing acceptance of patients with type 1 diabetes. The basal insulin pump acts on a slow release mechanism that is important in the management of type 1 diabetes. All types of basal insulins are long-acting and mimic the natural function of the pancreas.
The Insulin Patch Pumps market has distribution channels like
The hospital pharmacies segment is expected to dominate the market due to factors such as the growing number of special hospital pharmacies and the expansion of the integrated delivery network. Most users of insulin patch pumps buy them at hospital pharmacies. Given the recent change in trend from traditional solutions to automated insulin delivery, the hospital segment should record significant growth during the forecast period.
The online pharmacies segment is expected to witness the fastest growth over the forecast period. The high growth rate of the segment can be attributed mainly to factors such as increased awareness of online pharmacies, lower costs, comfort and increased awareness campaigns by online pharmacies.
The Insulin Patch Pumps market has major end users like
The hospital and clinics segment is expected to dominate the market over the forecast period. The large share of this segment is due to the increase in hospital spending on treatment of diabetes and hypoglycaemia and the demand for advanced treatments which are currently only offered by hospitals and multispecialty clinics.
However, the home care segment is anticipated to witness the highest CAGR during the forecast period. There is a high level of use of insulin patch pumps by patients in home settings. Also, more patients are able to use insulin patch pumps at home due to increase in awareness about its use. This is expected to drive the growth of the segment over the upcoming years.
The global Insulin Patch Pumps market is studied for the following regions
North America is expected to dominate the market over the forecast period due to the availability of the leading brands of insulin pumps. Additionally, rising healthcare spending and the increasing frequency of FDA approvals are contributing to market growth in the region.
Asia Pacific region is expected to grow faster over the forecast period due to factors such as the rapid growth of the diabetic population and the growing awareness of advanced diabetes management solutions in the region. According to the International Diabetes Federation, India and China are responsible for the largest number of diabetic patients in the world. Most of the countries in this region are developing countries, and rising obesity and growing socio-economic changes have fuelled the onset of type I and type II diabetes. Additionally, increased product launches and technological advances in insulin pumps are expected to support growth in the region.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Insulin Patch Pumps market. In addition, complete analysis of changes on the global Insulin Patch Pumps market expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic has increased the risk of infection, serious consequences (such as kidney disease and ischemic heart disease) and death in populations with diabetes. However, one in five patients struggled to find blood glucose meters and 20% struggled to fill their insulin pumps on time, mainly due to the financial constraints. In addition, there has been a disruption in the supply chain due to the closure of manufacturing sites, delays or disruptions in shipments and trade restrictions or export bans on life-saving drugs such as insulin. However, the increase in aid from various governments could lead to support for market growth in the upcoming time period.
The competitive landscape analysis of the Insulin Patch Pumps market is primarily focused on expanding the global growth of insulin patch pumps sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in insulin patch pumps industry has led the growing demand for the market. Besides, the market offers a range of insulin patch pumps in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
November 2020: Terumo Corporation, a manufacturer of medical technology, had received CE Mark for its MEDISAFE WITHTM insulin pump system.
October 2019: Novo Nordisk had received the U.S. Food and Drug Administration (U.S. FDA) approval for the use of Fiasp (insulin aspart injection) 100 u/mL in insulin infusion pumps for improvement of glycemic control in adults with type 1 or type 2 diabetes.
By type, the Insulin Patch Pumps market includes the key segments of traditional insulin pumps, disposable insulin pumps and smart pumps. The reusable insulin patch pump segment is expected to dominate the market over the forecast period. By delivery, the Insulin Patch Pumps market is segmented into basal, bolus and basal and bolus. The basal and bolus segment is expected to dominate the market during the forecast period due to the advanced characteristics and the availability of a variety of products. The Insulin Patch Pumps market has distribution channel like hospital pharmacies, retail pharmacies, online pharmacies and others. The hospital pharmacies is expected to find increasing demand in the market over the forecast period. The Insulin Patch Pumps market has major end users like hospitals and clinics, home care and laboratories. The hospital and clinics segment is expected to dominate the market over the forecast period. The global Insulin Patch Pumps market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to dominate the market over the forecast period due to the availability of the leading brands of insulin pumps.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD
Million |
| Market Segment studied: | Type Delivery Distribution Channel End Users |
| Market Players and its Competitors: | Abbott Laboratories Insulet Corporation F. Hoffmann-La Roche Ltd. Medtronic plc Becton, Dickinson and Company Medtrum Sanofi Debiotech Valerita Braun Melsungen AG Tandem Diabetes Care CeQur Terumo Johnson & Johnson Debiotech SA. |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
What are the drivers for Insulin Patch Pumps market?
The key driving factors of the market are increasing prevalence of diabetes and technological advancements in the development of insulin patch pumps.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).
