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Insulin Patch Pump Market

The global insulin patch pump market is expected to progress with a CAGR of 10.54% in the forecast period from 2023 to 2030.

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Insulin Patch Pump Market

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  1. Insulin Patch Pump Market: Tech Progress Insulin therapy is an important aspect of diabetes management and treatment. Today, a number of insulin delivery systems, in the form of pens, syringes, jet injectors, pumps, etc., are used by patients to regulate blood sugar levels. Nowadays, they are increasingly opting for patch pumps or tubeless pumps, which are compact digital devices that deliver insulin doses at regular intervals. The global insulin patch pump market is expected to progress with a CAGR of 10.54% in the forecast period from 2023 to 2030. The market’s growth can be attributed to the rising popularity of these skin-adhesive devices, surging diabetes prevalence, demand for minimally invasive systems, and increased efforts in R&D. Patch pumps are also more accurate, efficient, affordable, and easier to use than conventional insulin delivery pumps. These products are available in disposable as well as reusable formats, and can function optimally with minimum monitoring. Also, their discrete nature is one of the key factors that has increased their adoption among younger patients. What’s Influencing Market Growth? The global burden of diabetes mellitus has burgeoned in recent years, owing to changing lifestyles, rising obesity rates, increasing geriatric population, and unhealthy eating habits. As of

  2. 2021, more than 537 million adults worldwide were reported to have diabetes, according to the International Diabetes Federation (IDF) . And with over 74.2 million patients, India accounts for 1 in 7 of all adults affected by the condition. Moreover, with $165.3 billion in 2021, China accounted for one of the highest diabetes-related healthcare expenditures. The rising diabetes-related healthcare expenditure has consequently increased patient demand for self-management options for diabetes in the region. This is expected to aid the Asia-Pacific insulin patch pump market’s development, with a 10.94% CAGR over the forecast period. Insulated by Insulin – Investments Boost Product Development In view of increased spending by consumers, the market faces a higher demand for innovative insulin delivery patch pumps. For instance, JewelPUMP by Debiotech SA is a highly miniaturized insulin delivery patch pump with temperature sensors dedicated for use by both type 1 and type 2 diabetes patients. While type 1 diabetics comprise a small portion of the total diabetes patient pool, compared to their type 2 counterparts, they are more dependent on insulin therapy. Their pancreas produce little to no insulin, which makes regular insulin intake vital for their survival. In this case, patch pumps are handy as they eliminate the need to carry an insulin infusion set. Type 1 diabetes is expected to grow with the fastest CAGR of 11.08% in the disease indication segment during 2023-2030. In 2017, the government-backed Canadian Institutes of Health Research (CIHR) and the Juvenile Diabetes Research Foundation (JDRF) Canada announced the CIHR-JDRF Partnership to Defeat Diabetes, with an investment of $30 million in advanced research for type 1 diabetes. This partnership was further renewed, with an additional investment of $15 million in 2021. Increased investments, coupled with the growing patient demand for accessing health data in a user-friendly format, have led to the development of smart solutions for diabetes care. For instance, in March 2022, Terumo Corporation partnered with SaaS-based app developer Glooko. This has improved the quality of remote patient monitoring, as the users of Terumo’s Medisafe With insulin patch pump can transfer their data on Glooko’s analytics portal, allowing healthcare professionals to view their patients’ latest health records. AI & ML Technologies Pushing the Frontiers in Diabetes Care The rising usage of fitness tracking apps, smart wearables, and connected devices by patients to gain real-time insights have paved the way for advanced and technologically-integrated healthcare. For instance, machine learning uses physiological or activity sensors embedded into smart devices or wearables to deliver personalized therapy, which helps lower hyperglycemia and minimize the overall burden.

  3. In addition, the MiniMed 780G by Medtronic Plc is an advanced patch pump that uses artificial intelligence (AI) to automate insulin delivery. It is incorporated with SmartGuard automation for self-adjusting basal delivery with auto-correction dosing and administering bolus insulin. Particularly, the real-time data offered by such technologies has enabled effective remote monitoring of older or specially-abled patients. Improved patient outcomes and experience are thus expected to drive the global AI in healthcare market at a CAGR of 40.48% from 2019 to 2027. In a Nutshell Over the years, diabetes management solution providers have worked to keep up with the evolving needs of diabetic patients. With users’ increasing knowledge and understanding of their condition, companies have responded by upgrading their insulin delivery devices, leveraging the power of technology. For instance, integrating insulin patch pumps with continuous glucose monitoring systems has optimized pump use and improved glycemic response. Such innovations by manufacturers are expected to propel the insulin patch pump market on a growth path. FAQs: Q 1) Which are the key segments considered in the market report? Product Type, Disease Indication, Delivery Mode, and Distribution Channel. Q 2) Which country is expected to register the fastest growth rate in the global insulin patch pump market? Australia is expected to exhibit the fastest growth globally, with a CAGR of 12.28% over the forecast period.

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