Artificial Pancreas Device System Market Research Report by Type (CTR, CTT), End-user (Hospitals, Medical Centers, and Others), and Region (North America, Europe, APAC, RoW)–Global Forecast to 2023
Artificial Pancreas Device System Market Overview:
The first artificial pancreas, Medtronic’s MiniMed 670G System was approved by the US FDA in 2016 after years of tremendous strides made in the R&D of artificial pancreas device system. An artificial pancreas device system is intended to automatically monitor blood sugar level and accordingly modify basal insulin dose in patients with type 1 diabetes. The Global Artificial Pancreas Device System Market Share is likely to tread forward at a CAGR of 21.10% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an in-depth study.
Towering cases of pancreatic ailments and surge in the number of patients diagnosed with diabetes have increased substantially in recent years. The situation is further aggravated by sedentary lifestyle, unhealthy dietary habits, obesity and lack of exercise which augments the need for autonomous glycemic control. Moreover, an increase in geriatric population acts a plus for the market since they are more prone to pancreatic disorders. Expanding healthcare budgets and growing inflow of investment in the market is favoring the growth of the global artificial pancreas device system market. In addition, numerous projects are underway in which massive investments have been poured in to check the feasibility of these devices in hospital setting which is likely to augur the growth of the market.
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Furthermore, recent years have witnessed a surge in the number of FDA approvals for artificial pancreas device systems. The FDA is collaborating with medical device manufacturers, academic institutions, and diabetes care providers to foster innovation and expedite further development of the technology which is expected to boost the market growth over the forecast period. The global artificial pancreas device system market is expected to reach USD 341.08 Mn by the end of the forecast period.
Competitive Landscape:
The notable players in the global Artificial Pancreas Device System Market include Johnson & Johnson, Tandem Diabetes Care Inc., Medtronic Plc, Inreda Diabetic B.V., Insulet Corp, Beta Bionics, Dexcom Inc., F. Hoffmann-La Roche Ltd., Bigfoot Biomedical, TypeZero Technologies LLC,
Cellnovo, and Pancreum Inc.
Segmentation:
The global artificial pancreas device market has been segmented based on type and end user.
By type, the global artificial pancreas device market has been segmented into CTT (Control To Target) Systems and CTR (Control to Range) Systems
By end user, the global artificial pancreas device market has been segmented into hospitals and medical centers.
Regional Analysis:
By region, the global artificial pancreas device system market has been segmented into the Americas, Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas, North America in particular, is leading the global artificial pancreas device system market. Robust healthcare infrastructure and high healthcare expenditure and fast uptake of the latest technologies in the region can be credited for the growth of the market.
Europe too is a significant market for artificial pancreas. Government funding for R&D, high healthcare expenditure and the presence of sophisticated healthcare infrastructure support market growth.
APAC is slated to showcase rapid growth over the forecast period due to high healthcare expenditure in the emerging economies such as China and India. The MEA market is expected to showcase limited growth owing to weak economic conditions and low healthcare penetration.
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