According to the latest market research report “Artificial Pancreas Device System Market by Device Type (Control – to – Range (CTR) System, Threshold Suspended Device System, and Control – to – Target (CTT) System), by Treatment Type (Bi-hormonal, Insulin Only, and Hybrid) – Global Forecast to 2025″, published by Infinium Global Research, the Artificial Pancreas Device System Market is projected to reach USD 2000 Million by 2025 from USD 580 Million in 2018, at a CAGR of 15.5%.
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Diabetes technology has continually evolved over the years to improve quality of life and ease of care for affected patients. In diabetic patients pancreas does not produce enough insulin to maintain the blood glucose level in the body and to ensure the required glucose level in the body patient have to take insulin externally at the specific interval. Closed-loop artificial pancreas device (APD) systems are externally worn medical devices, developed to enable people with type 1 diabetes to regulate their blood glucose levels in a more automated way. The artificial pancreas device system works with continuous glucose monitoring (CGMs) and smart algorithm system that automatically detect and adjust insulin delivery via a pump.
The report on global artificial pancreas market analyze developments which are competitive in nature such as joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments that are currently occurring in the global artificial pancreas markets. Some of the key players in the market are Bigfoot Biomedical, Johnson & Johnson, Medtronic plc, TypeZero Technologies, Semma Therapeutics, Insulet, Beta Bionics, Defymed, Animas Corporation, Tandem Diabetes Care and others.
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Rising prevalence of diabetes globally is one of the major factor driving the growth of artificial pancreas device system market. According to WHO the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014 and the global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014. Moreover, the benefit of artificial pancreas device system over continuous glucose monitors (CGMs) and insulin pumps to deliver continuous subcutaneous insulin infusions (CSII) therapy such as continuous monitoring of glucose level, hands-free and use of digital communication technology and digital communication technology for glycemic control. On the other hand, low effectivity of the devices in case of sportspersons can hamper the growth of the market. However, the rising dependency of insulin for type II diabetes can provide good opportunities for the growth of the market.
Global artificial pancreas device system market is segmented into device type, treatment type and end user. The device type segment is further categorized into Control – to – Range (CTR) System, Threshold Suspended Device System, and Control – to – Target (CTT) System. The treatment type segment is further bifurcated into bi-hormonal, insulin only and hybrid. The end users in the artificial pancreas device system market include hospitals, research institute and others.
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Region Wise Performance of “Artificial Pancreas Device System Industry”
Geographically, artificial pancreas device system market is segmented into North America, Europe, Asia-Pacific and RoW. In North America, the U.S. dominates the global artificial pancreas device system market availability of modern healthcare facilities, faster market uptake of new technologies and well-established reimbursement policies are some factors contributing to the growth of the region. Europe is anticipated to hold the second position in the global artificial pancreas device system market owing to rising awareness and increasing healthcare expenditure. Asia-Pacific region is a highly potential market owing to the large diabetic patient pool, growing healthcare expenditure and increased research and development institutes.
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