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North America & Europe Artificial Pancreas Systems Market To Surpass US$ 320.2 Million By 2027 – Coherent Market Insights

January 21st, 2020 Coherent Market Insights Releases

Artificial pancreas systems comprise of devices that are already used in diabetes management such as Continuous glucose monitoring (CGM) device, insulin pump, blood glucose device (BGD), and digital control device with control algorithm. Artificial pancreas systems are compatible with existing pumps and CGMs and its control functions can be integrated into a regular smartphone.

Statistics:

North America and Europe artificial pancreas systems market is estimated to account for US$ 126.8 Mn in terms of value in 2019 and is expected to reach US$ 320.2 Mn by the end of 2027.

North America and Europe Artificial Pancreas Systems Market: Drivers

Increasing adoption of artificial pancreas systems is expected to aid in growth of North America and Europe artificial pancreas systems market over the forecast period. This is owing to several advantages of artificial pancreas systems. Artificial pancreas systems are comfortable to wear and require minimal number of devices/attachments. Moreover, these systems are wireless, compact, and lightweight. Artificial pancreas systems can operate 24/7 and can be used during swimming and showering.

Request Free PDF Research Report Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/3348

North America and Europe Artificial Pancreas Systems Market: Opportunities

Current electrochemical CGM sensors have a lifespan of two-week. Therefore, key players in the market can focus on developing fully implantable sensor with a longer-term lifespan as an alternative CGM sensor with high comfort and low running cost. In this regard, boronic acid-based-glucose biosensors can be a feasible option.

North America and Europe Artificial Pancreas Systems Market: Restraints

Increasing product recall is expected to hinder growth of North America and Europe artificial pancreas systems market. For instance, in July 2019, the U.S. Food and Drug Administration recalled Medtronic’s 600-series MiniMed insulin pumps due to possible malfunction on airplanes.

Key Takeaways:

Diabetes type 1 segment in North America and Europe artificial pancreas systems market was valued at US$ 105.7 Mn in 2018 and is expected to reach US$ 314.3 Mn by 2027 at a CAGR of 12.9% during the forecast period.

Product launches are expected to support growth of the segment over the forecast period. For instance, In June 2017, Medtronic Plc. launched a new hybrid closed-loop system (near-artificial pancreas) for people with type 1 diabetes in the U.S. This newly launched hybrid closed-loop system comprises of Medtronic’s MiniMed 670G insulin pump, fourth-generation sensors, and a control algorithm to determine basal insulin delivery.

Browse Press Release: https://www.coherentmarketinsights.com/press-release/north-america-and-europe-artificial-pancreas-systems-market-2713

The hospitals sub-segment in end-user segment held dominant position in North America and Europe artificial pancreas systems market in 2018, accounting for 72.9% share in terms of value.

Procedures involving employment of artificial pancreas systems in the patients is expected to be majorly conducted in the hospitals which is expected to support growth of the segment over the forecast period.

Market Trends

The market is witnessing high discontinuation rate for artificial pancreas among youths with type 1 diabetes, which is expected to adversely impact the market growth. For instance, according to the study, ‘Real-world hybrid closed‐loop discontinuation: Predictors and perceptions of youth discontinuing the 670G system in the first 6 months’, published in the journal Pediatric Diabetes in December 2019, 30% of the youths with type 1 diabetes who initiated use of artificial pancreas discontinued the system altogether after 6 months.

Major institutes and universities are focused on developing artificial pancreas systems. For instance, in January 2020, University of Virginia received the U.S. Food and Drug Administration approval for a device called Control-IQ, an artificial pancreas that continuously monitors blood glucose levels and delivers insulin automatically when levels rise.

North America and Europe Artificial Pancreas Systems Market: Competitive Landscape

Major players operating in North America and Europe artificial pancreas systems market include Medtronic Plc., Johnson and Johnson Services Inc., Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., and Cellnovo.

Purchase a copy of Artificial Pancreas Systems Market Report: https://www.coherentmarketinsights.com/insight/buy-now/3348

North America and Europe Artificial Pancreas Systems Market: Competitive Landscape

Major players in the market are focused on raising funds to expand their product portfolio. For instance, in January 2020, Bigfoot Biomedical, Inc. raised US$ 45 million in the initial tranche of a Series C equity financing to support development and approval of Bigfoot Unity Diabetes Management Program, an injection-based digitized insulin dosing platform that integrates Abbott’s FreeStyle Libre glucose sensing technology.

Similarly, in December 2019, Diabeloop completed a US$ 34 million Series B round of funding to accelerate its international commercial deployment of automated insulin delivery system both Europe and the U.S.

Segmentation

  • By Disease Type
    • Diabetes Type 1
    • Diabetes Type 2
  • By End-User
    • Hospitals
    • Clinics
  • By Region
    • North America
    • Europe

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Name: Mr. Raj Shah
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com
Visit Blog: https://globalindustryresearchblog.wordpress.com/

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