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What is the Expected Market Size and Growth Rate for Insulin Patch Pumps in 2024?
The insulin patch pumps market size has seen significant expansion in recent years. It is predicted to grow from a value of $1.32 billion in 2023 to $1.46 billion in 2024, showcasing a compound annual growth rate CAGR of 11.0%. The growth during this period can be attributed to factors such as the increasing prevalence of diabetes, patient preference for non-invasive delivery mechanisms, a growing geriatric population, heightened safety concerns, and advancements in miniaturization and improved form factors of insulin patch pumps.
What Does the Future Hold for the Insulin Patch Pumps Market?
Projecting beyond the current market kinetics, the insulin patch pumps market is set to witness a rapid expansion. Forecasts indicate growth to $2.16 billion by 2028, maintaining a compound annual growth rate CAGR of 10.3%. Future growth will likely be fueled by an increasing acceptance of telehealth, a rise in pediatric diabetes cases, heightened awareness of diabetes, environmental and sustainability considerations, and burgeoning healthcare initiatives.
The forecast period could also see trends such as quantum computing design tools, the increasing integration of artificial intelligence and machine learning, the adoption of digital twin simulations, advancements in custom ic design tools, and growth in high-level synthesis tools, which could significantly impact market dynamics.
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What Are the Primary Growth Drivers for the Insulin Patch Pumps Market?
The alarming rise in diabetes prevalence worldwide is anticipated to significantly propel the growth of the insulin patch pumps market. Diabetes, a major global health concern, results from various lifestyle and dietary factors. Insulin patch pumps greatly simplify the process of insulin delivery, providing a more convenient alternative to traditional insulin injections.
Considering data from the International Diabetes Federation, around 537 million people aged between 20 to 79 years had diabetes in 2021, and these figures are estimated to cross 643 million by 2030. The diabetes-led mortality rate is also strikingly high, with around 6.7 million fatalities reported in 2021. These statistics underline the growing need for insulin patch pumps, and will likely continue to stimulate market growth.
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Which Key Players Are Directing the Course of the Insulin Patch Pumps Market?
The insulin patch pumps market landscape comprises several important industry players. High-profile entities include Cellnovo Group SA, Insulet Corporation, Medtronic PLC, Tandem Diabetes Care Inc., Hoffmann-La-Roche AG, and others. With these major players continually exploring innovative approaches, the industry's future appears bright.
What Influence Is Technological Advancement Having on the Insulin Patch Pumps Market?
Emerging trends suggest that the integration of advanced technologies in insulin patch pumps is becoming increasingly popular. Advanced functions such as smartphone integration and the automation of insulin delivery have begun to be introduced in insulin patch pump designs. Simultaneously, advances in glucose monitoring devices are enabling these devices to automate insulin delivery further, reducing the need for manual intervention.
For example, in January 2022, Insulet Corporation, a US-based medical device innovator, received FDA acceptance for its Omnipod 5 automated insulin delivery system. This system, intended for patients with type 1 diabetes aged 6 years and older, is the only automated insulin delivery system that is tubeless and can be controlled through a compatible smartphone. By eliminating the need for multiple daily injections and fingersticks, this product signifies a significant step forward in diabetes management.
How Is the Insulin Patch Pumps Market Categorized?
The market report segments the insulin patch pumps market as follows:
1 By Type: Traditional Insulin Pumps, Smart Insulin Pump, Disposable Insulin Pumps
2 By Mode: Basal, Bolus
3 By Pump Type: Tethered Pump, Patch Pump
4 By Application: Type 1 Diabetes, Type 2 Diabetes
5 By End-User: Hospital, Clinics, Laboratories, Other End-Users
This segmentation gives a clear picture of the various areas that constitute the insulin patch pumps market.
What Are the Geographical Dynamics of the Insulin Patch Pumps Market?
Looking at the regional dynamics, North America led the insulin patch pumps market in 2023. However, the fastest-growing region in the forecast period is expected to be Asia-Pacific. The markets covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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