“Artificial Pancreas Market” Research Report Provides Detail Information about and Strategies used by Top Key Players in the Industry. The Report also Gives a Broad Study of the Different Market Segments and Regions – Prime Report Avail at MRFR
Global Artificial Pancreas Market: Segmental Analysis
The global artificial pancreas market has been segmented on the basis of type, treatment type, and end-users.
By mode of type, the global artificial pancreas market has been segmented into non-threshold suspend device system; threshold suspend device system, control-to-target (CTT) system, and control-to-range (CTR) system. Among these, the threshold suspended device system occupies the largest market share. This device takes actions automatically whenever the patient is unable to respond to the threshold suspend alarm.
By mode of treatment type, the global artificial pancreas market has been segmented into bi-hormonal, insulin only, and hybrid.
By mode of end-users, the global artificial pancreas market has been segmented into research, hospitals and clinics, and others.
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Global Artificial Pancreas Market: Competitive Dashboard
The noteworthy players operating the global artificial pancreas market are Medtronic, Johnson & Johnson, Insulet, Dexcom, Bigfoot Biomedical, Tandem Diabetes Care, Defymed, TypeZero Technologies, Medtronic, MedTech, Beta Bionics, Semma Therapeutics, Admetsys (pipeline product analysis), Animas Corporation, and others.
Global Artificial Pancreas Market: Market Scenario
The global artificial pancreas market is anticipated to garner USD 360 million with a CAGR of 15.2% during the forecast period (2017-2023) owing to the sedentary lifestyle, asserts Market Research Future (MRFR). The artificial pancreas is referred to as devices which mimic the glucose regulatory function of a healthy pancreas. Such devices utilize computer-controlled algorithm so that it can calculate the specific amount of insulin which needs to be delivered using an insulin infusion pump. With the help of advanced products, bi-hormones can be delivered so that excessive fall in blood sugar can be avoided.
Drivers and Constraints Impacting the Market
With changing food habits, sedentary lifestyle, obesity, genetic modification, and other factors, the prevalence of diabetes is propelling across the global population. The rising incidences of chronic diseases such as diabetes are triggering the demand for the artificial pancreas, which has further stimulated the market growth during the assessment period. Factors such as rapidly growing geriatric population coupled with the intensive R&D activities in the healthcare sector for introducing advanced medical devices are anticipated to foster the market growth to a great extent. With the increasing adoption of advanced technologies in order to treat several health conditions is further anticipated to foster the market growth during the assessment period.
Moreover, regulatory bodies like the FDA are constantly approving innovative products which are likely to augment the companies’ reach in several markets. For instance, in December 2016, OneTouch Vibe plus Insulin Pump by Animas had received the FDA approval and Health Canada License for the sale of the product. Several organizations are also taking initiatives in order to develop advanced artificial pancreas device system, which is further propelling the market growth. For instance, the Juvenile Diabetes Research Foundation had launched its Artificial Pancreas Project in 2006 in order to help patients of type 1 diabetes. They developed a commercially-viable artificial pancreas system, which can mimic the biological function of the pancreas.
On the flip side, lack of trained technicians, the risk of device failure, and low penetration of advanced technology among the underdeveloped nations are presumed to deter the market growth throughout the assessment period.
Industry Updates
August 2018: A recent study which was published in the New England Journal of Medicine has concluded that artificial pancreas consisting of a closed-loop insulin delivery system in patients suffering from type 2 diabetes has helped in achieving better glycemic control than any other conventional insulin therapy.
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Global Artificial Pancreas Market: Regional Insights
Geographically, the artificial pancreas market has been studied under regions namely, Europe, North America, Asia Pacific, and the Middle East and Africa.
Among all the regions, the North American region is considered to account for the maximum share and is likely to retain its position throughout the assessment period. The growth is attributed to the augmenting healthcare expenditure, increasing incidences of diabetes and obesity, coupled with favorable reimbursement scenario in this region.
Europe is predicted to occupy the second largest position in the global artificial pancreas market. The growth is credited to the high disposable income coupled with the high adoption of technologically advanced treatments in this region.
The Asia Pacific is estimated to experience a higher growth potential due to the augmenting geriatric population, growing awareness associated with the availability of treatments, and the rising incidences of diabetes. Meanwhile, the lack of primary healthcare coupled with the low penetration of advanced technology is likely to impede the growth in the Middle East and African region.
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