PUBLISHER: Inkwood Research | PRODUCT CODE: 1240641
PUBLISHER: Inkwood Research | PRODUCT CODE: 1240641
The global insulin patch pumps market is anticipated to grow with a CAGR of 10.63% in terms of revenue during the forecast years of 2023-2032. Some of the top drivers bolstering the growth of the market include the rising incidence of diabetes, technological advancements, and surging awareness about patch pumps.
Insulin patch pumps are efficient devices owing to their relatively smaller size compared to traditional insulin pumps. Furthermore, these pumps are more affordable and easier to use than conventional systems, as well. Due to advancements in technology, these pumps require minimum monitoring, which further increases their demand.
The discrete nature of these devices is one of the leading factors increasing their adoption among the younger population. Moreover, the rise in the frequency of product launches, coupled with collaborations between key market players as well as technology developers, is anticipated to raise awareness regarding insulin patch pumps, leading to significant market growth. Additionally, the availability of custom-made patch pumps is also set to increase the devices' popularity during the projection period.
The global insulin patch pumps market growth is evaluated through the analysis of North America, Europe, the Asia-Pacific, and Rest of World. North America dominated the global insulin patch pumps market in 2022. The market growth of the region is primarily fueled by rising healthcare expenditure, the surge in per capita income, and the increasing prevalence of diabetes.
The industry rivalry in the global insulin patch pumps market is set to be high during the forecast period. Furthermore, key enterprises operating in the global market are Medtronic PLC, Insulet Corporation, F. Hoffmann-La Roche Ltd, etc.