Artificial Intelligence
Insulin Pump Market Size to Reach USD 14.99 Billion by 2032 at 15.50% CAGR – Report by Market Research Future (MRFR)
New York, USA, June 22, 2023 (GLOBE NEWSWIRE) — Insulin Pump Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Insulin Pumps Market Information By Type, Accessories, Application, End User, And Region – Forecast till 2032″, the market is projected to grow from USD 4.73 Billion in 2023 to USD 14.99 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.50% during the forecast period (2023 – 2032).
Market Scope
Insulin pumps are compact, computerized devices programmed to administer a diabetic patient’s prescribed amounts of insulin. In response to the increasing demand for handheld insulin dispensers among the diabetic population, the demand for these pumps has expanded recently. The rising incidence of diabetes, particularly type 1 diabetes, is a significant factor driving the market’s expansion. In addition, leading manufacturers of medical devices have developed advanced pumps operated by smart technologies like artificially intelligent and machine learning, which has also emerged as a crucial growth factor for the market. An insulin pump makes it possible to administer insulin manually or automatically. When necessary, for instance, before a meal, these pumps may deliver an additional variety of amounts of insulin and a particular collection of insulin doses. Individuals can connect these gadgets to their smartphones to measure blood glucose readings. The development and introduction of AI-enabled pumps and additional automated drug delivery systems for type 2 diabetes can be spearheaded by medical device companies, which can also benefit from these trends.
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The effects of nourishment and physical activity on blood sugar are among the many daily challenges people with diabetes must overcome. However, there is a growing need for novel therapies for managing the symptoms of the disease due to the rising prevalence of diabetes worldwide and the rising rates of diagnosis and treatment of the condition. These pumps are being adopted worldwide due to their advantages over multiple injections per day (MDIs), insulin pen systems, and other devices. Additionally, there is a demand for new management strategies due to the rising rates of type 2 diabetes diagnosis and treatment. Additionally, patients with type 2 diabetes becoming more dependent on insulin and switching from MDI to painless & alternative treatments have increased sales of these pumps. Intelligent technologies, like AI, have quickly gotten a foothold in the healthcare IT industry and are now steadily progressing in the management of diabetes.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 14.99 Billion |
| CAGR | 15.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Accessories, Application, and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising population of diabetic patients is driving the market growth |
| Increasing demand for technologically sophisticated pumps |
Insulin Pump Market Competitive Landscape:
- Abbott Laboratories
- Braun Melsungen AG
- Medtronics
- Insulet Corporation
- Dickinson and Company
- Hoffmann-La Roche AG
- Becton
- Sanofi
Insulin Pumps Market Trends:
Market Drivers:
Unlike multiple daily injections (MDIs), insulin pumps have advantages, including better sugar tracking and continuous insulin flow. Major players are also releasing technologically cutting-edge products to support the market’s expansion. The market players are encouraged to concentrate on the R&D of sophisticated goods and launch novel offerings considering the growing use of these pumps among people with diabetes in developing nations. The rising geriatric population, rising diabetes incidence, and rising obesity prevalence are primarily to blame for the market’s expansion. Additionally, businesses are creating next-generation insulin pumps with cutting-edge technology to offer greater adherence and compatibility with IT devices, helping the market expand.
Technology advancements like home infusion therapy and artificial pancreas are also anticipated to generate sizable growth opportunities soon. Additionally, growing public awareness of insulin pumps as well as their use, has fueled market expansion in nations that are developing as well as developed. Numerous clinical trials conducted with these research and development initiatives have demonstrated sustained enhancement of glycemic management among patients with type 2 diabetes receiving pump therapy instead of those receiving MDI therapy. One of the drivers of the market’s expansion is the rise in diabetes cases brought on by aging, obesity, and unhealthy lifestyle choices. Diabetes is primarily brought on by obesity, which also contributes to the rise in ophthalmic disorders linked to diabetes.
Restraints
The market expansion for insulin pumps is anticipated to be hampered during the assessment period by the rise in insulin costs coupled with unfavorable insurance policies. For major players, getting FDA approval is a significant barrier.
Browse In-depth Market Research Report (104 Pages) on Insulin Pumps: https://www.marketresearchfuture.com/reports/insulin-pump-market-1637
COVID 19 Analysis
The COVID-19 pandemic slowed insulin pump market expansion. Delays in diabetes diagnosis and treatment and patients’ purchases of these pumps during this time were contributing factors. The COVID-19 pandemic had a favorable effect on the market for insulin pumps. Over 100 million infections and over 2 million fatalities have been caused by the COVID-19-causing SARS-CoV-2. Poor outcomes in COVID-19 patients, including a higher risk of fatal illness or severe illness, are associated with diabetes and uncontrolled hyperglycemia. Patients with type-1 diabetes are more affected by COVID-19. People Additionally, during the COVID-19 pandemic, restrictions put in place by various governments resulted in disruptions in the distribution of pumps and consumables.
Insulin Pump Market Segmentation
By application, the market includes type I diabetes and type II diabetes. By type, the market includes traditional, smart, and disposable insulin pumps.
By accessories, the market of insulin pumps includes insulin reservoirs, infusion sets, and infusion set insertion devices.
By end user, the market includes hospitals and clinics, home care, and laboratories.
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Insulin Pumps Market Regional Insights
Due to the introduction of good reimbursement practices for insulin pumps in the U.S., the region dictated this industry. Medical device manufacturers operating in the area will also aid the market’s expansion. The rising incidence of diabetes will primarily fuel the market in Europe. The scenario is bound to increase demand for these pumps, along with additional management of diabetes tools. As more people attempt to change their lifestyles, the Asia-Pacific market will likely see rapid growth due to the expanding rates of chronic diseases like diabetes. The increasing number of elderly people and urbanization, which has caused a sedentary lifestyle to be adopted in the area, are two additional factors contributing to the rise in type 2 diabetes cases worldwide.
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Insulin Delivery Devices (Idd) Market Size, Application And Trends Analysis By Type (Insulin Syringes, Pen, Insulin Pumps, Insulin Jet Injectors, Pen Needles And Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales And Diabetes Clinics/ Centers), By End User (Hospitals & Clinics, Homecare And Specialty Centres) – Forecast till 2030
Blood glucose monitoring market Research Report: Information by Product (Self-monitoring Blood Glucose Devices, Continuous Blood Glucose Monitoring Devices), By Application (Type 1 Diabetes, Type 2 Diabetes), By End Users (Hospitals & Clinics, Diagnostic Centers, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Forecast Till 2030.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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Artificial Intelligence
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.
Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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