Inkwood Research predicts the Global Insulin Patch Pumps Market to rise with a 10.63% CAGR during the forecasted years 2023 and 2032.
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Insulin pumps are a vital tool for managing blood sugar levels in individuals with diabetes, allowing for convenient and precise delivery of insulin doses. Patch pumps, affixed to the skin through an adhesive layer, offer several advantages over traditional insulin pumps, including smaller size, discreetness, ease of use, and lower cost. These devices are available in various shapes, sizes, and technologies, and unlike conventional pumps, they do not require an external insulin infusion set. Instead, they use internal tubing to transfer the insulin from the reservoir to the needle, which a handheld controller wirelessly controls. In addition, patch pumps offer greater comfort and adherence to the skin, making them an attractive option for individuals seeking a more comfortable and discreet insulin delivery method.
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Rising Prevalence of Diabetes propels Market Growth
According to the American Diabetes Association, the cost of diagnosed diabetes in the United States was approximately $327 billion in 2017. Additionally, the government of Canada has reported a steady increase in the prevalence of diabetes, with over three million diagnosed cases and an average annual increase of 3.3% after adjusting for the aging population. As the incidence of diabetes continues to rise in the region, it is projected to fuel market growth.
Online Pharmacies lead the Distribution Channel Segment
An internet pharmacy, commonly referred to as an online pharmacy or mail-order pharmacy, conducts business over the internet and fulfills orders through the mail, shipping companies, or online web portals. As the preference for online shopping and doorstep deliveries continues to grow, the online pharmacy segment is expected to significantly contribute to market growth.
Furthermore, established companies worldwide are now offering their products through online channels. The increasing awareness about the benefits of online pharmacies and the rise of learning platforms offered by these platforms are anticipated to further propel the growth of this segment in the next few years.
North America is set to be the Dominating Region
The market in the region is anticipated to experience significant growth, driven by various factors such as an increase in per capita income and a rise in healthcare expenditure. The government of Canada has reported that the number of diagnosed diabetes cases has surpassed three million, and the prevalence of diabetes has been steadily increasing at an average rate of 3.3% per year after adjusting for the aging population over time. As the incidence of diabetes continues to rise in the region, it is expected to fuel market growth.
Market players are focused on continuous product innovation, investing heavily in research and development to offer enhanced value propositions to their customers to remain competitive. As a result, the rivalry among industry players is expected to remain high.
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