(MENAFN- GlobeNewsWire - Nasdaq) Covina, Oct. 04, 2023 (GLOBE NEWSWIRE) -- According to prophecy market insights “Tubeless Insulin Pump Market accounted for US$ 1.31 billion in 2022 and is estimated to be US$ 8.85 billion by 2032 and is anticipated to register a CAGR of 21.3%” Tubeless Insulin Pumps are small, discrete and lightweight in nature also called as insulin patch pumps used by type 1 diabetes patients. It is portable, convenient, and effective to use in diabetic patient.
Growing geriatric population coupled with increased diabetes disease across globe have given positive impact on target market growth. Various benefits like reduced discomfort and more convenient insulin administration will be the main determinants of increased product choice is likely to propel market growth. Increased use of tubeless insulin pump in developed region has fueled the demand for Tubeless Insulin Pump market growth.
Key Highlights:
In August 2022, Roche's 'Accu-Check Solo' micropump system has received approval from U.S. FDA (Food and Drug Administration). The new launched tubeless 'patch' pump system is designed for patient with diabetes who use insulin. The 'Accu-Check Solo' has already received CE Mark in 2018 in Europe and are currently available in 19 markets across globe.
Analyst View:
Technological advancement has become major factor in market growth. Further, presence of major players and new launched product have driven market growth. Additionally, compared to multiple-dose insulin injections, the use of tubeless insulin pumps has improved quality of life measurements, eventually leading to the growth of the Tubeless Insulin Pump Market over the forecast period.
Report scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Component - Pod/Patch, Remote, and Others
By Distribution Channel - Hospitals, Pharmacies, e-Commerce, and Others |
| Regional scope | North America - U.S., Canada
Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America - Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Key players:
Johnson & Johnson Medtrum Technologies, Inc. Roche Holding AG Cellnovo Group SA Spring Health Solution Ltd. Debiotech SA CeQur SA Valeritas Holdings, Inc. Abbott Diabetes Care, Inc.
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What are the future prospects and trends in the tubeless insulin pump market?
Improved User Experience: Manufacturers are likely to continue focusing on enhancing the user experience of tubeless insulin pumps. This includes making devices smaller, more discreet, and easier to use, as well as improving the accuracy of insulin delivery. Integration with Continuous Glucose Monitoring (CGM): Integration with CGM systems is a growing trend. Tubeless insulin pumps that can communicate seamlessly with CGM devices can provide users with real-time glucose data and better control over their diabetes management. Artificial Intelligence and Predictive Algorithms: The use of artificial intelligence (AI) and predictive algorithms to anticipate blood sugar fluctuations and adjust insulin delivery accordingly is a promising area of development. This could help in preventing hypoglycemia and hyperglycemia. Remote Monitoring and Telehealth: With the rise of telehealth services, tubeless insulin pumps may become more connected, allowing healthcare providers to remotely monitor patients' glucose levels and adjust treatment plans as needed. Customization and Personalization: Future pumps may offer more customization options, allowing users to tailor their insulin delivery profiles to their specific needs and preferences.
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What are the primary drivers of growth in the tubeless insulin pump market?
Rising Diabetes Prevalence: The global prevalence of diabetes has been steadily increasing, with both Type 1 and Type 2 diabetes cases on the rise. This growing patient population requires effective and convenient insulin delivery solutions, which tubeless insulin pumps aim to provide. Patient Preference for Convenience: Many individuals with diabetes prefer tubeless insulin pumps over traditional insulin delivery methods, such as injections or tethered insulin pumps, because they offer greater convenience, flexibility, and discreetness in managing their condition. Technological Advancements: Ongoing technological advancements have led to the development of more advanced and user-friendly tubeless insulin pump systems. These innovations include improved user interfaces, integration with glucose monitoring devices, and enhanced automation features.
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