Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Global Insulin Patch Pump Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
According to a recent study conducted by the publisher, the global insulin patch pump market is expected to experience substantial growth in the upcoming years, with a projected CAGR of 10.54% between 2023 and 2030.
The rising diabetes prevalence across the globe, growing awareness of insulin patch pumps, and the integration of advanced technologies have driven the growth of the studied market.
On the other hand, the risks related to the use of these pumps and the lack of knowledge pertaining to their correct usage are likely to hamper this growth. Moreover, the stringent regulations by government authorities are also expected to restrain the market growth over the forecast period.
Whereas, factors such as the increased expenditure on diabetes care, the rising popularity of glucose monitoring systems, and the increasing demand for minimally invasive insulin delivery systems are expected to create opportunities for market growth. Further, the use of machine learning & artificial intelligence for manufacturing insulin patch pumps is also expected to provide the market with growth opportunities.
Regional Outlook
The insulin patch pump market encompasses several regions, which include North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the leading market globally, accounting for the highest share in 2022. It is also expected to showcase the fastest growth over the forecasted period. The rise in diabetes cases has majorly fueled the demand for insulin patch pumps in the United States and Canada. Moreover, the growing per capita income and increasing healthcare expenditure are also expected to contribute to the market's growth in the region.
Market Dynamics
Drivers
- Growing Awareness About Insulin Patch Pumps
- Integration of Advanced Technologies
- Rising Prevalence of Diabetes Around the Globe
Challenges
- Risks Related to the Use of Insulin Pumps
- Lack of Knowledge Pertaining to Usage
- Strict Regulations by Government Authorities
Opportunities
- Increasing Popularity of Glucose Monitoring Systems
- Use of Artificial Intelligence & Machine Learning for Manufacturing of Insulin Pumps
- Growing Expenditure on Diabetes Care
- Rising Demand for Minimally Invasive Delivery Systems
Companies Mentioned
- Medtronic plc
- F Hoffmann La Roche AG
- Insulet Corporation
- Tandem Diabetes Care Inc
- Cequr Sa
- Medtrum Technologies Inc
- Debiotech Sa
- Terumo Corporation
- Eoflow Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/x3c5ns
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