Shanghai-based LenoMed Medical, a medical device platform company backed by Legend Capital and Legend Star, has announced that it has received marketing approval from the National Medical Products Administration (NMPA) for its in-house developed touch-insulin pump. This product, which boasts an infusion accuracy of 0.01U per hour, is lauded as the first of its kind in China.
According to market data, the global insulin pump market is projected to expand to USD 20.7 billion by 2030, with a compound annual growth rate of 14% from 2020 to 2030. The market penetration rates for insulin pumps in the United States and Europe have reached 20% and 15%, respectively, largely due to the inclusion of insulin pumps in medical insurance reimbursement. In contrast, the market penetration rate in China stands at a mere 0.6%.
Additionally, LenoMed has entered into a partnership with embecta, a spin-off from BD, to promote the drug in mainland China. The company is also planning a global expansion, with the European Union and Southeast Asia being the primary targets.- Flcube.com