The Global Artificial Pancreas Device System Market is projected to attain revenues at the value of USD 341.08 million by 2023, says Market Research Future (MRFR). The market is set to forge ahead at a CAGR of 21.10% during the forecast period (2017-2023).
Growth Boosters and Top Restraints
Growing prevalence of diabetes and intensive efforts in research and development (R&D) efforts by industry participants has done wonders for the artificial pancreas device system market. The boost in demand for automated systems for glycemic control is yet another important driver in the market growth. As of now, several market vendors are taking up numerous researches to enhance diabetes management. Case in point, Medtronic recently launched a hybrid closed-loop system named MiniMed 670G, which can self-adjust to keep sugar level balanced. Likewise, BigFoot Biomedical is working on an artificial pancreas device which is in its clinical trial phase. More good news comes in the form of research activities that are being conducted globally at present, which will pave the way for innovative devices in the future.
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In addition, several organizations are undertaking initiatives for the development of technologically advanced artificial pancreas device system. For instance, in 2006, the Juvenile Diabetes Research Foundation (JDRF) had developed the Artificial Pancreas Project that helps patients with type 1 diabetes. A commercially-viable artificial pancreas system was launched which could mimic the biological function of the pancreas.
Apart from this, automated systems to control glycemia include different devices like artificial pancreas, insulin pens, and insulin pumps. Data experts are noting increasing demand for these devices based on their accurate dosage, flexibility, short and rapid-acting insulin, automatic detection of glucose level, and easy usage. An additional factor invigorating the market growth could be the huge base of children and geriatric population across the globe.
Artificial Pancreas Device System Market – Key Vendors
The contenders shaping the worldwide Artificial Pancreas Device System Market include
- Bigfoot Biomedical
- Dexcom Inc.
- Beta Bionics
- Medtronic Plc
- TypeZero Technologies LLC
- Pancreum Inc.
- Hoffmann-La Roche Ltd
- Johnson & Johnson
- Tandem Diabetes Care Inc.
- Insulet Corp
- Inreda Diabetic B.V.
Beta Bionics reports its early clinical data, which says that its artificial pancreas-type system helps improve control of blood sugar. These findings have moved Beta Bionics a step closer to challenging prominent vendors like Tandem Diabetes Care and Medtronic in the market.
Artificial Pancreas Device System Market – Opportunities
Regulatory bodies including Food and Drug Administration (FDA) are increasingly giving approval to innovative products, helping the companies increase their reach in several markets.
To cite a reference, in December 2016, OneTouch Vibe plus Insulin Pump developed by Animas had been granted FDA approval as well as Health Canada License to sell the product. Similarly, in January 2017, the company received another FDA approval for Animas Vibe Insulin Pump, a device used for managing diabetes in children and adolescents.
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Artificial Pancreas Device System Market – Segmentation
The segmentation of the worldwide Artificial Pancreas Device System Market has been done on the basis of type and end-user.
With respect to the type, the market is segmented into Control to Target (CTT) Systems and Control to Range (CTR) Systems.
The end users that are part of the artificial pancreas device system market include hospitals and medical centers.
Artificial Pancreas Device System Market – Regional Outlook
The geographical distribution of the Artificial Pancreas Device System Market includes the Middle East and Africa, South America, North America, Asia Pacific (APAC) and Europe.
North America market’s growth has been the most effective on account of the contribution of the United States (US), which is the biggest market in the region. The optimistic compensation scenario in the country along with high healthcare expenditure has led to the remarkable market surge. On top of that, the quick adoption rate of unprecedented technology is believed to be one of the chief factors influencing the artificial pancreas device systems market in the region.
Europe market has been demonstrating strong growth as well, supported by factors like the presence of modern healthcare infrastructure and high patient awareness levels. The market also gets a boost from the relatively higher healthcare expenditure in the region. Not just this, but massive funds being provided by the government for improving treatment procedures, has prompted the players as well as researchers to explore new technologies. For example, AP@Home project had been sponsored by the European Union to improve patient quality life.
Asia Pacific is perceived to experience the most latent growth, spearheaded by India and China. The region observes the highest number of diabetes patients due to genetic modification, lifestyle, aging and urbanization. Over the evaluation period, growing incidences of diabetes in the region is poised to supplement the market growth. In addition, various companies are striving to expand their base across APAC, which will boost the regional market. To illustrate, in 2014, Johnson & Johnson had launched an innovation center in the region with the aim of accelerating technological advancement. This also led to a vast improvement in treatment quality within the region, past 2014.
The Middle East & Africa Artificial Pancreas Device System Market is majorly controlled by the Gulf nations like the United Arab Emirates (UAE) and Saudi Arabia. The economically backward countries in Africa are expected to witness sluggish progress owing to less healthcare penetration.
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