Artificial Pancreas Market Overview:
Pancreas are one of the most essential endocrine glands in human body. It is almost 6 inches long and is situated in the abdominal cavity. Pancreas help produce critical hormones of glucagon, polypeptide, somatostatin, and insulin.
The artificial pancreas are devices that use computer-controlled algorithm to accurately calculate the insulin amount to be delivered by using an insulin infusion pump. Advanced artificial pancreas devices are considered to be much more effective as it can deliver bi-hormones to avoid extreme fall in blood sugar and closely mimic or imitate the functioning of a healthy working pancreas.
The global Artificial Pancreas Market is projected to achieve a reach of USD 360 million by the end of 2023. At the same time, the growth percentage of the market is anticipated to be 15.2% CAGR during the forecast period of 2017-2023.
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Artificial organs are man-made bio-artificial organs that are planted into the body to support or replace the natural organs. Artificial pancreas is too implanted into the human body to act as an alternative to a regular pancreas. It mimics the glucose regulating functioning capability of healthy pancreas.
Artificial Pancreas Market Competitive Landscape
The market comprises noteworthy players like
- Bigfoot Biomedical
- Animas Corporation
- Admetsys (pipeline product analysis)
- Beta Bionics
- Semma Therapeutics
- Tandem Diabetes Care
- Johnson & Johnson
- TypeZero Technologies
- and others.
The changing food habits of consumers, prevalence of obesity, sedentary lifestyle, genetic modification, and other factors are all propelling the global diabetes population. The rising incidences of chronic and lifestyle-based disease like diabetes are inversely triggering the demand for artificial pancreas, thereby stimulating its market growth.
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Also, factors such as growing geriatric population and intensive R&D activities within the healthcare industry for the emergence of advanced medical devices are expected to accelerate the growth of the market towards a positive direction. Food and Drug Administration (FDA) are approving innovative products on a constant basis. This is likely to help the reaching power of market players. Also, emerging players in the market are coming up with new developments to create advanced artificial pancreas devices.
The global artificial pancreas market segmentation is done on the basis of type and end-users.
- By type, the market includes non-threshold suspend device system, control-to-target (CTT) system, threshold suspend device system, and control-to-range (CTR) system.
- By treatment type, the market includes bi-hormonal, insulin only, and hybrid.
- By end-users, the market includes research, hospitals and clinics, and others. The hospitals and clinics segment holds the highest market share, followed by research.
In 2019, Researchers and Professionals from the Tokyo Medical and Dental University and the Kanagawa institute of Industrial Science and Technology have released a statement concerning a stable long-acting insulin delivery technology. The electronics-free, enzyme-free micro-needle array patch, and nanoparticles-free that could work as an artificial on-skin pancreas for diabetes and other chronic disease management.
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The global artificial pancreas market is geographically segmented across Europe, Asia-Pacific, North America, and the Middle East and Africa.
The North American region is the biggest regional market with the highest market share to its name. This is primarily due to a favorable reimbursement landscape, greater expenditure in the healthcare sector, and growing incidences of diabetes and obesity in this region.
Europe stands in the rankings chart as the second largest market share holder and is expected to hold on to its position in the near future as well. The growth of the region can be attributed to the high disposable income in addition to the high adoption of technologically advanced treatments in this region.
The Asia-Pacific region to experience a high growth potential in the forthcoming years primarily due to the expanding geriatric population, increasing incidences of diabetes, and lack of awareness concerning the availability of the various treatment types.
Lastly, the low penetration of advanced technologies coupled with the lack of primary healthcare is most likely to stomp upon the growth of the market in the Middle East & African region.
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However, amidst all the positive sides, the lack of trained and skilled technicians, the risk associated with device failure, and low penetration of advanced technology among the underdeveloped nations are all presumed to deter the growth of the market throughout the review period.
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