Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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 in a regular smartphone.
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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
The increasing adoption of artificial pancreas systems is expected to aid growth of the North America and Europe artificial pancreas systems market during the forecast period. This is owing to several advantages of artificial pancreas systems. The 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.
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.
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North America and Europe Artificial Pancreas Systems Market: Restraints
The increasing number of product recalls is expected to hinder growth of the 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 the 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 during 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.
The hospitals sub-segment in end user segment held dominant position in the North America and Europe artificial pancreas systems market in 2018, accounting for 72.9% share in terms of value.
An increasing number of procedures involving employment of artificial pancreas systems is expected to support growth of the segment during the forecast period.
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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 are Medtronic Plc., Johnson and Johnson Services Inc., Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., and Cellnovo.
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.
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Segmentation
- By Disease Type
- Diabetes Type 1
- Diabetes Type 2
- By End User
- Hospitals
- Clinics
- By Region
- North America
- Europe
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