Artificial Pancreas Device System Market Size, Share and Growth Analysis By Type (CTR, CTT), Key Players, End-user and Region, Forecast to 2023
The Artificial Pancreas Device System Market size is projected to reach USD 341.08 million at a CAGR of 21.10% during the forecast period says Market Research Future (MRFR). The requirement for safe and effective devices is the main factor impelling the demand for artificial pancreas device systems. The rising prevalence of diseases like diabetes is motivating the artificial pancreas device system market growth. The artificial pancreas device systems market draws considerable benefits from the increased investment being directed into the market to improve the product’s efficiency and efficacy.
The artificial pancreas device systems are a key step towards the treatment of ailments arising from the faulty function of the pancreas and their advantages are crucial to the expansion of the artificial pancreas device systems market. The escalated level of innovations being bought about in the products is a direct result of the aptitude of the inventors and skilled professionals in the market. The continually rising expenditure on healthcare is projected to boost the market for artificial pancreas device system. Moreover, the rise in the geriatric population globally is expected to increase possibilities of growth for the artificial pancreas device systems market in the upcoming forecast period.
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Artificial Pancreas Device System Market Segmentation:
The Global artificial pancreas device system market is segmented based on type, end-user, and region.
By Type, the artificial pancreas device system market is segmented into CTT (Control to Target) Systems and CTR (Control to Range) Systems.
By End users, that artificial pancreas device system market is segmented into hospitals and medical centers.
By Region, the artificial pancreas device system market is segmented into North America, the Middle East, South America, Europe, Asia Pacific, and Africa.
Artificial Pancreas Device System Market Detailed Regional Analysis
As per the analysis, the North American region is growing effectively due to the contribution of the US, which accounts for the largest artificial pancreas device system market share owing to the promising compensation scenario in the nation and increased expenditure on healthcare. Moreover, the quick market adoption of innovative technology in the US is also a significant factor for the growth of the market for artificial pancreas device systems globally.
The European region is the demonstrating good growth due to the large level of disposable income and mounting awareness of the product offering of the artificial pancreas device systems market. The Asia Pacific region is anticipated to have the most latent for growth which is projected to be led by nations such as India and China. The Middle Eastern & African artificial pancreas device system market is controlled by the Gulf countries chiefly such as Saudi Arabia and UAE. The underprivileged regions of the African region are expected to demonstrate slow progress owing to deprived economic conditions and reduced healthcare penetration.
Artificial Pancreas Device System Market Competitive Analysis
The positive trends witnessed in terms of the development of medical devices is spurring the growth of the artificial pancreas device system market as well. The current outlook of the market is positive with a surge in the number of market contenders devoting funds to market development and innovations. The presence of strong contenders in the artificial pancreas device system market is expected to increase the impetus for growth in the coming years. The contenders in the artificial pancreas device system market are Medtronic Plc, Bigfoot Biomedical, Johnson & Johnson, Dexcom Inc., Cellnovo, Tandem Diabetes Care Inc., Pancreum Inc., TypeZero Technologies LLC, Beta Bionics, F. Hoffmann-La Roche Ltd, Inreda Diabetic B.V. and Insulet Corp to name a few.
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