High Worldwide Demand of Insulin Patch Pumps in Covid19 Pandemic

Keyword Market

 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.

Browse Full Report with TOC and Free Sample Copy@ https://www.grandviewresearch.com/industry-analysis/insulin-patch-pump-market

Regional Insights

Regionally, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominated the market owing to availability of major brands of insulin patch pumps. Moreover, increasing healthcare expenditure and rising frequency of FDA approvals is also aiding growth in the region. For instance, in 2019, South Korean Company EoFlow received FDA approval for its newly designed patch pump-EOPatch-in the U.S.

Asia Pacific is expected to grow at the fastest pace due to factors such as rapidly growing diabetic population and increasing awareness about advanced digital diabetes management solutions in the region. In addition, increasing product launches and technological advancements in the field of insulin patch pumps are expected to aid regional growth.

 

Key Companies & Market Share Insights

 

Some of the leading players are Roche Diagnostics; Medtronic Plc; Valeritus; Insulet Corporation; Cellnovo Ltd; and CeQur. The major players are focusing on mergers & acquisitions, technological collaborations, and innovative product launches. For instance, in July 2018, Cequr purchased a certain asset from Calibra Medical-a subsidiary of Johnson & Johnson. These assets include latter’s wearable insulin delivery technology.

 

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