According to the latest report published by Credence Research, Inc. “Insulin Patch Pumps Market – (Insulin Type – Bolus Insulin, Basal Insulin, and Basal-Bolus Insulin; Condition Type – Diabetes Type 1 and Diabetes Type 2): Market Growth, Future Prospects and Competitive Analysis, 2017-2025,” the market is expected to expand at a CAGR of 23.5% from 2017 to 2025.
Diabetes self-management has observed new innovations in the last decade aiming to improve the lives of individuals living with diabetes. From glucose monitoring systems to insulin pumps, pens and patches have made a positive impact on managing diabetes. Insulin patch pumps allow people suffering from diabetes Type 1 and diabetes Type 2 to discreetly intake rapid-acting insulin dosage by insulin patch pumps that can be accessed through clothing, thus creating a less traumatic disease management experience.
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These technological advancements along with the desired output is driving the insulin patch pumps market globally. Moreover, the rise in the patient population suffering from diabetes is on a constant rise. According to International Diabetes Federation (IDF), approximately 415 million adults had diabetes in 2016, which is projected to reach 642 million by the year 2040. Moreover, 1 in every 8 individual has diabetes in North America. Hence, rising target population coupled with growing public awareness is bound to increase the demand for insulin patch pumps market during the forecast period.
On the basis of the type of insulin, the market is segmented into bolus insulin, basal insulin and basal-bolus insulin. A person’s daily insulin requirement majorly comprises of basal insulin. Whereas basal insulin pumps are long-acting insulin therapy to control blood sugar level between meals and during sleep. Rising adoption rate of non-invasive techniques in transdermal drug delivery practices would further propel the growth of insulin patch pump market during the forecast period. On the type of condition, the market is segmented into diabetes type 1 and diabetes type 2. Diabetes type 2 held the largest share owing to the higher prevalence of the disease as compared to the diabetes type 1 accounting for 90% to 95% of the cases. Geographically, North America grabbed the largest share in the global insulin patch pumps market due to high awareness regarding the diabetes self-management, a number of product availability compared to other regions, higher government initiatives and efficient reimbursement scenario. Moreover, continuous rise in the patients suffering from diabetes is fuelling the market. According to U.S. National Diabetes Statistics Report, 2017, about 30.3 million individuals of all ages or 9.4% of the U.S. population suffered from diabetes in the year 2015. Asia Pacific is expected to witness a boom in the insulin patch pumps market as many products are expected to hit the market during the forecast period of 2017 to 2025.
Market Competition Assessment:
The insulin patch pumps market is highly consolidates comprises of few players dominating the market with many companies yet to hit the market. Some of the major players operating in the market include Insulet Corporation, Cellnovo Limited, Johnson & Johnson, Inc., Roche Holdings, Valeritas Holding, CeQur, Debiotech, Becton Dickenson & Co. and others.
Key Market Movements:
- Rising prevalence of diabetes globally is the major market driver in the insulin patch pumps market.
- Technological advancements in the field of transdermal drug delivery would further drive the growth of the market.
- A large number of companies actively participating in the launch of novel products has made a positive pipeline which would fuel the market during the forecast period.