Artificial Pancreas Market by control type (threshold suspend device system, non-threshold suspend device system, control-to-range (CTR) system, and control-to-target (CTT) system) by treatment type (insulin only, bi-hormonal, hybrid) and by end users – Global Forecast till 2023
Market – Overview
Artificial pancreas are devices that mimics the glucose regulating function of healthy pancreas. These devices use computer-controlled algorithm so as to precisely calculate the amount of insulin to be delivered by using an insulin infusion pump. Advanced products can deliver bi-hormones so as to avoid excessive fall in blood sugar and more closely mimic the working of healthy pancreas with little or no input from the patient.
Considering all these factors the market for Artificial Pancreas is expected to reach $ 360 million by the end of 2023, this market is projected to growing at a CAGR of ~ 15.2 % during 2017-2023.
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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.
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.
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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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.
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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