Future Market Insights
Insulin patch pump is a device that is used for the delivery of insulin. An insulin patch pump is worn directly on the body where it gets attached discretely due to the adhesive present on the insulin patch pump. Because of the presence of this adhesive on insulin patch pump, no infusion set and tubing are required for the attachment of the pump to the body which makes the process of taking up insulin convenient for the patients.
According to the data of centers for disease control and prevention more than 1 out of 10 adults in the U.S. is suffering from diabetes. Out of this huge population, many people skip their insulin doses regularly owing to the busy lifestyle, skipped meals, embarrassment, emotional problems, and travel. Insulin patch pumps directly deliver insulin from the patch, and so it can solve the problem of patients skipping the insulin doses. According to studies insulin patch pumps have also been shown to reduce the number of cases of severe hypoglycemia as compared to the multiple injections of insulin per day.
Insulin Patch Pump Market: Drivers and Restraints
The major factors that are expected to drive the growth of the market include the increase in the number of diabetic patients worldwide. Along with this, there is an increasing awareness in patients worldwide regarding the new technological devices that can make the lives of diabetic patients easier, and this awareness is fueling the demand for insulin patch pumps. The rise in the disposable income in the last few decades is also one factor that can uplift the market for insulin patch pumps. New technologies like insulin patch pumps reach to people via the medium of advertisements and internet, and the growth of internet connectivity and the increase in advertisement industry is also helpful in rising the market for insulin patch pumps.
The factors that can limit the growth of the market includes the complexity of the device which makes it less user-friendly. There is a series of steps required to make an insulin patch pump apt for use, and there is a possibility of mistakes in this and therefore people not always prefer to go for an insulin patch pump. Also, the area of skin where the device is attached with the help of adhesive sometimes may become irritated, and swelling might also appear in this portion, and these factors can restrict users from going to the insulin patch pump.
Insulin Patch Pump Market: Segmentation
The market for insulin patch pups can be segmented by type of insulin used, modility and end user.
On the basis of type of insulin used
On the basis of modility
On the basis of end user
Insulin Patch Pump Market: Overview
The market for insulin patch pumps is expected to grow with the increase in the number of diabetic patients. An insulin patch pump has various options on its surface and also a remote control that can regulate its activities. The insulin patch pump delivers a continuous preset basal amount of insulin in a period of 24 hours. The ease in the delivery of insulin, lack of batteries. Infusion sets and tubing are some of the features that can lead to the growth of the market.
Insulin Patch Pump Market: Region-wise Outlook
Currently, there are only two types of devices that are present in the U.S. market, but different types of insulin patch pumps are available in the European market. Asia Pacific and African market have not seen much boom in the market yet but are expected to see a major growth in the forecast period.
Insulin Patch Pump Market: Key Market Participants
The major players in the market include Insulet, Valerita, and CeQur. Other than this Johnson & Johnson also has an insulin patch pump approved by the FDA which has not been marketed yet.
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