Global Insulin Patch Pump Market 2023-2030

Global Insulin Patch Pump Market 2023-2030

Market Outlook

According to a recent study conducted by Triton Market Research, the global insulin patch pump market is expected to experience substantial growth in the upcoming years, with a projected CAGR of 10.54% between 2023 and 2030.

The rising diabetes prevalence across the globe, growing awareness of insulin patch pumps, and the integration of advanced technologies have driven the growth of the studied market.

On the other hand, the risks related to the use of these pumps and the lack of knowledge pertaining to their correct usage are likely to hamper this growth. Moreover, the stringent regulations by government authorities are also expected to restrain the market growth over the forecast period.

Whereas, factors such as the increased expenditure on diabetes care, the rising popularity of glucose monitoring systems, and the increasing demand for minimally invasive insulin delivery systems are expected to create opportunities for market growth. Further, the use of machine learning & artificial intelligence for manufacturing insulin patch pumps is also expected to provide the market with growth opportunities.

REGIONAL OUTLOOK

The insulin patch pump market encompasses several regions, which include North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the leading market globally, accounting for the highest share in 2022. It is also expected to showcase the fastest growth over the forecasted period. The rise in diabetes cases has majorly fueled the demand for insulin patch pumps in the United States and Canada. Moreover, the growing per capita income and increasing healthcare expenditure are also expected to contribute to the market’s growth in the region.

Competitive Outlook

The eminent companies in the insulin patch pump market comprise EOFlow Co Ltd, Debiotech SA, Medtronic Plc, Terumo Corporation, F Hoffmann La Roche AG, Tandem Diabetes Care Inc, Medtrum Technologies Inc, Insulet Corporation, and CeQur SA.

Medtronic Plc provides innovative medical devices and therapies for patients around the world. The company has 4 major business segments: the restorative therapies group, the cardiac and vascular group, the minimally invasive therapies group, and the diabetes group.

The MiniMed 770G insulin pump system is one of its key products for diabetes care. The device is designed for continuous basal insulin delivery and insulin bolus administration, giving patients a dependable and practical solution to control their diabetes. Established in 1949 in the United States, it has operations in over 150 countries, including Japan, South Korea, Australia, New Zealand, and others, with 79 advanced manufacturing sites.