The tubeless insulin pump market size is anticipated to record a valuation of USD 8 billion by 2027, according to the most recent study by Global Market Insights Inc. Ongoing organizational efforts for developing innovative products to offer ease in blood glucose level monitoring and insulin delivery with active lifestyles will foster the market development. Rising digital technology enhancements and integration have resulted in diabetes management transformation to provide highly convenient and reliable solutions to patients. There is also a surging requirement for automation and increased portability of devices in patients.
The emergence of Bluetooth-enabled, wearable devices, and continuous glucose monitoring systems has given way for real-time monitoring and insulin delivery at required stages. For instance, Insulet Corporation, in March 2018, announced that its Omnipod DASHT insulin management system, comprising a tubeless pump, a personal diabetes manager, and Bluetooth connectivity, was granted U.S. FDA approval. The Bluetooth feature also offers connectivity to Omnipod Display and Omnipod View apps for giving quick access to information related to insulin therapy to patients and professionals on their smartphones.
Some major factors shaping the growth curve of this business avenue include:
Improved diabetic management from pod/patch components
The tubeless insulin pump market remuneration from pod/patch components will cross USD 4,812 million by 2027 owing to the increasing preference for these devices over their traditional counterparts for continuous subcutaneous insulin infusion therapy. On account of their innovative design and features, the pod/patch tubeless insulin pumps help patients in managing their diabetic conditions with convenience, comfort, and ease.
These components also store the insulin efficiently whilst wirelessly managing the patient personalized insulin delivery. Increasing adoption for calculating the suggested doses and insulin, besides providing up to 3 days of continuous insulin delivery will add to the product demand spurt.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2032
Rising demand across hospitals
Hospitals brought revenue of over USD 105 million to the tubeless insulin pump market in 2020. This is attributable to the surging awareness of the available advanced products among professionals and the rise in the number of diabetic patient visits in these facilities. According to the CDC (Centers for Disease Control), the hospitalization rate of people with diabetes mellitus aged 65 years and above reached 28.3% in the U.S. during March 2020 amidst the COVID-19 pandemic.
The presence of skilled physicians and the higher need for patient satisfaction and high-quality care, has spurred the preference for hospitals for diabetes diagnosis and treatment. Increasing product adoption for revolutionizing diabetes treatment will significantly favor the market progression.
Increasing diabetic prevalence in China
China tubeless insulin pump market size is likely to amass USD 628 million by 2027 owing to the expanding geriatric population and rising burden of diabetes. According to the IDF (International Diabetes Federation), the number of diabetic patients in China will reach over 212 million by 2045.
The rise in the number of campaigns initiated by several organizations and the domestic government coupled with the rising obligation to maintain improved health of patients has led to the launch of new tubeless insulin pump systems. For instance, the Chinese Diabetes Society (CDS) came forward with various campaigns to enhance the awareness of diabetes while promoting its knowledge to the general public.
Business expansion strategies
Providers of tubeless insulin pumps are actively collaborating with public organizations, private players and are taking up distribution agreements for novel product development, in a bid to expand their customer base and sustain competition. For instance, Tandem Diabetes Care, in November 2020, secured the Health Canada approval for its insulin pump, t:slim X2, deployed with Control-IQ technology. The approval helped the firm in enhancing its commercial dominance across Canada. The tubeless insulin pump market players are also increasingly bracing forward and vertical integration to capitalize on several business opportunities.