Insulin Patch Pumps Market Worth $1.7 Billion By 2027 | CAGR: 10.9%

Insulin Patch Pumps Market Growth & Trends

The global insulin patch pumps market size is expected to reach USD 1.7 Billion by 2027, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 10.9% over the forecast period. The market is primarily driven by factors such as increasing diabetic population and rising awareness about advanced diabetes management solutions. Moreover, technological advancements and several product launches in the field of insulin patch pumps are further augmenting growth.

Patch pumps are easy to use and more convenient than conventional insulin pumps. In addition, they are more affordable than conventional insulin pumps and are rapidly capturing a significant share of the insulin patch pumps market. Key players are using novel technologies and offer user-friendly insulin delivery solutions at lower prices. This is expected to increase the frequency of product launches during the forecast period, boosting overall growth.

Increasing healthcare expenditure related to diabetes and rising number of FDA approvals are further aiding growth. For instance, in March 2019, a South Korean Company-EoFlow-received FDA approval for its newly designed patch pump-EoPatch in the U.S.

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Insulin Patch Pumps Market Report Highlights

• North America accounted for the largest share in 2019, owing to favorable reimbursement policies and launch of several innovative patch pumps
• Asia Pacific is expected to see robust growth during the forecast period, owing to the increasing diabetic population coupled with rising awareness about diabetes preventive care
• By delivery mode, basal & bolus segment dominated in 2019, owing to wide usage of these therapy in both type1 and type 2 diabetes patients
• By product type, the reusable segment is dominating the insulin patch pumps market due to increasing adoption of these devices
• By distribution channel, the hospital segment dominated in 2019 due to expansion of the integrated delivery network
• Some of the leading players are Medtronic Plc; Roche Diagnostics; Valeritas; Cellnovo Ltd.; Insulet Corporation; and CeQur.
• Mergers and acquisitions are the primary expansion techniques used by these players.
• For instance, in July 2018, CeQur purchased a certain asset from Calibra Medical-a subsidiary of Johnson & Johnson. This acquisition helped CeQur gain an exclusive license for Calibra’s wearable insulin delivery system product.