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”.
Market Scenario
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.
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Furthermore, recent years have witnessed a surge in the number of FDA approvals for artificial pancreas device systems. The FDA is collaborating with medical device manufacturers, academic institutions, and diabetes care providers to foster innovation and expedite further development of the technology which is expected to boost the market growth over the forecast period. The global artificial pancreas device system market is expected to reach USD 341.08 Mn by the end of the forecast period.
Study objectives:
- To provide a detailed analysis of the market structure along with estimated future growth forecast for the next six years about various segments and sub-segments of the global Artificial Pancreas market.
- To provide insights about factors affecting the market growth.
- To analyze the global Artificial Pancreas market based on various factors – Price Analysis, Supply Chain Analysis, Porters Five Force analysis etc.
- To provide past and estimated future revenue of the market’s segments and sub-segments with respect to four main geographies and their countries – the Americas, Europe, Asia Pacific along with Middle East & Africa.
- To provide country level analysis of the market with respect to the current market size and future growth prospects.
Segmentation
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.
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.
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Regional Analysis
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.
Competitive Landscape
The notable players in the global artificial pancreas device system market include Johnson & Johnson, Tandem Diabetes Care Inc., Medtronic Plc, Inreda Diabetic B.V., Insulet Corp, Beta Bionics, Dexcom Inc., F. Hoffmann-La Roche Ltd., Bigfoot Biomedical, TypeZero Technologies LLC, Cellnovo, and Pancreum Inc.
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Intended Audience
- Global Artificial Pancreas, manufacturers & suppliers
- Research and development (R&D) companies
- Market research and consulting service providers
- Academic institutes and universities
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