Artificial Pancreas Device System Market Share, Application and Cost Structure Analysis By Type (Control to Range (CTR) and Control to Target (CTT) Systems), Key Players, Region and Segmentation, Forecast to 2023
The Global Artificial Pancreas Device System Market Share is slated to register a CAGR of 21.10% and record a valuation of USD 341.08 million by 2023, owing to artificial pancreas are being increasingly used as a treatment option for diabetes according to Market Research Future (MRFR). The global artificial pancreas device system market has witnessed a boost of late as the number of cases of diabetes continue to rise across the globe due to an expanding geriatric population and negative impact of unhealthy lifestyle. Global artificial pancreas device system market is expected to propel growth based on account of rising incidence of type 1 diabetes and greater demand for efficient diabetes management to fuel global market
In case of type 1 and type 2 diabetes, the pancreas produces little to no insulin which makes it imperative for patients, especially those suffering from type 1diabetes, to inject insulin to regulate their blood glucose levels. This is important to keep complications such as cardiovascular disease, kidney failure, blindness etc. at bay. However, diabetes management involves blood glucose monitoring, insulin dose calculation and insulin infusion with needle or pump. The use of an artificial pancreas device system which continuously monitors blood glucose is often found to be beneficial for many patients. Healthcare regulatory bodies like the U.S. FDA are closely collaborating with academic investigators, diabetes patients, and care providers to develop innovative devices that will add impetus to the growth of artificial pancreas device system market.
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Artificial Pancreas Device System Market Segmentation:
The global artificial pancreas device system market is segmented based on type and end-user. The type segment is further subdivided into control to range (CTR) and control to target (CTT) systems.
The chief end users of the artificial pancreas device system market include medical centers, hospitals etc.
Regional analysis of the global artificial pancreas device system market includes the regions of North America, Asia Pacific, Europe, Middle East and Africa.
North America has registered a considerable market share in recent years, a trend that is expected to continue over the forecast period. This is mainly due to the prevalence of lifestyle diseases of obesity and diabetes and better awareness about effective devices for the management of such diseases. Enhanced healthcare compensation scenario in the U.S. has added a considerable boost to artificial pancreas device system market outlook.
Europe artificial pancreas device system market size is expected to expand substantially over the coming years due to factors that are like those noted in North America. Higher spending on healthcare will augment artificial pancreas device system market growth in the region.
Asia Pacific artificial pancreas device system market is slated to register positive growth over the forecast period due to the vast population of the region and the rising number of people aged over 50 who are demographically more prone to suffer from diabetes. Increasing disposable income and greater awareness about diabetes management options, not to mention the power to afford such options, will add a considerable boost to artificial pancreas device system market.
Artificial pancreas device system market from the MEA region is expected to be chiefly driven by Gulf countries like UAE and Saudi Arabia. In Africa, where the healthcare system in most countries is are still deprived of many of the necessities, artificial pancreas device system market is expected to register slower growth.
Artificial pancreas device system market has witnessed a surge in the number of industry competitors due to the future promise that the technology holds for the industry. Increased investment in research and development for the betterment of the device system is also expected to attract greater number of contenders to the business. Some of the noteworthy participants of the global artificial pancreas device system market include Inreda Diabetic B.V., Cellnovo, Dexcom Inc., Johnson & Johnson, Medtronic Plc, TypeZero Technologies LLC, Beta Bionics, Pancreum Inc., Tandem Diabetes Care Inc., Insulet Corp, F. Hoffmann-La Roche Ltd, and Bigfoot Biomedical.
New artificial pancreas device systems are being released into the market quite frequently that are technologically updated and are showing better results for algorithm-based insulin delivery. For instance, the Control-IQ system developed by Tandem recently released its result from a study conducted on 168 diabetic patients. The system demonstrated the ability to help people with type 1 diabetes to spend more time in their targeted glucose range.
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