SAN FRANCISCO, April 2, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 110 page research report with ToC on "Insulin Patch Pumps Market Size, Share & Trends Analysis Report By Delivery Mode (Basal, Bolus, Basal & Bolus), By Type, By Distribution Channel (Hospitals, Retail Pharmacies, Private Clinics, Online Pharmacies), And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/insulin-patch-pump-market
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.
Grand View Research has segmented the global insulin patch pumps market based on delivery mode, product type, distribution channel, and region:
- Insulin Patch Pumps Delivery Mode Outlook (Volume Units; Revenue USD Million, 2016 - 2027)
- Basal & Bolus
- Insulin Patch Pumps Product Type Outlook (Volume Units; Revenue, USD Million, 2016 - 2027)
- Insulin Patch Pumps Distribution Channel Outlook (Volume Units; Revenue USD Million, 2016 - 2027)
- Retail Pharmacies
- Private Clinics
- Online Pharmacies
- Insulin Patch Pumps Regional Outlook (Volume Units; Revenue, USD Million, 2016 - 2027)
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Medical Devices Industry, by Grand View Research:
- Smart Insulin Pens And Pumps Market – The global smart insulin pens and pumps market size was valued at USD 2.5 billion in 2018 and is expected to expand at a CAGR of 10.0% during the forecast period.
- Disposable Syringes Market – The global disposable syringes market size was valued at USD 6.4 billion in 2015. The market is expected to grow due to growing demand for injectable drugs.
- Sterilization Equipment Market – The global sterilization equipment market size was valued at USD 3.9 billion in 2015. The increasing number of surgical procedures and aging populating are the major factors expected to propel the growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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