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Wearable Infusion Pumps Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Wearable Infusion Pumps Market Share
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According to The Business Research Company's, The wearable infusion pumps market size has grown strongly in recent years. It will grow from $1.25 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to the rising prevalence of chronic diseases, growing aging population, rising global healthcare spending, rising awareness and education, improvements in drug formulations.
The wearable infusion pumps market size is expected to see strong growth in the next few years. It will grow to $1.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to a rise in chronic diseases, a growing global aging population, increasing patient preference for minimally invasive treatment options, development and enhancement of healthcare infrastructure in emerging markets. Major trends in the forecast period include integration of advanced technologies, development of smaller, more discreet devices, customizable infusion settings and dosage adjustments, enhanced data analytics.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the wearable infusion pump market going forward. Chronic diseases are long-term health conditions that usually progress slowly and persist for a year or more, often requiring ongoing medical attention. Some of the major chronic diseases include cancer, heart disease, diabetes, cancer, and arthritis. The prevalence of chronic diseases is rising due to factors such as a combination of genetic, environmental, and lifestyle factors, including poor diet, lack of exercise, and exposure to toxins. Wearable infusion pumps aid chronic disease patients by providing continuous, precise delivery of medications, enhancing adherence, and optimizing treatment. For instance, in June 2024, according to the National Health Service, a UK-based publicly funded healthcare system In England, 3,615,330 individuals were registered with a GP for non-diabetic hyperglycemia (pre-diabetes) in 2023, representing an 18% increase from 3,065,825 in 2022. This growth highlights a significant rise in pre-diabetes cases year-over-year. Therefore, the increasing prevalence of chronic diseases will drive the wearable infusion pump market.
Major companies operating in the wearable infusion pump market are developing advanced products such as tubeless, wearable, and disposable insulin pumps to enhance user convenience, improve treatment adherence, and provide more efficient and discreet insulin delivery options for diabetes management. A tubeless, wearable, and disposable insulin pump is a small, skin-adhered device that offers continuous insulin delivery without external tubes and is replaced after a set period. For instance, in February 2023, GulfDrug LLC, a UAE-based healthcare company, launched EOPatch. This innovative product is a tubeless, wearable, and disposable insulin pump that can be controlled directly from Android and iOS smartphones using the Narsha app. The key features include up to 84 hours of continuous insulin delivery, simplifying the replacement cycle to twice a week, and the ability to communicate with certain blood glucose meters via Bluetooth. The Narsha app, the first smartphone application approved for this purpose, combines insulin delivery control and diabetes data management, eliminating the need for a separate controller.
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Major Key Players of the Market:
Fresenius SE & Co. KGaA, Medtronic Plc, Medline Industries Inc., Becton Dickinson and Company, Baxter International Inc., B. Braun Melsungen AG, Nipro Corporation, ICU Medical Inc., Insulet Corporation, Sorenson Medical, Avanos Medical Inc., Vygon SA, pfm medical GmbH, Eitan Medical, Micrel Medical Devices SA, Zyno Medical LLC, Q-Core Medical Ltd., Epic Medical Solutions, MOOG Inc., Smiths Medical International Ltd
Wearable Infusion Pumps Market 2024 Key Insights:
• The wearable infusion pumps market size is expected to see strong growth in the next few years. It will grow to $1.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Growing Chronic Disease Rates To Drive Wearable Infusion Pumps Market Expansion
• Advancements In Tubeless, Wearable Insulin Pumps Propel The Wearable Infusion Pump Market
• North America was the largest region in the wearable infusion pump market in 2023
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