Artificial Pancreas Market Research information by control type (threshold suspend device system, non-threshold suspend device system, control-to-range (CTR) system, and control-to-target (CTT) system) by treatment type (insulin only, bi-hormonal, hybrid) and by end users - Global Forecast till 2023
Global Artificial pancreas Market – Overview
The global Artificial Pancreas Market is showing the moderate growth; mainly due to increase in the population suffering with diabetes and advancement in technology. Nowadays, companies are focusing more into research and development to introduce quality and advance treatment to the affected population. Thus, many new technology related to treatment has introduced in the market, in this regards, Medtronic MiniMed, Inc., in 2016, get the FDA approval for the first hybrid closed loop system, Medtronic's MiniMed 670G. This technology provides patient freedom to perform daily activities.
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Moreover, companies are showing much interest toward the market of an artificial pancreas, as they feel there are huge opportunities and gaps between the market demand and supply of devices. Thus, companies are showing more interest in merger and acquisition activities for introducing the best cure that meets the requirement of market. The development has been made by Bigfoot Biomedical, Inc. in 2015, when they announced that they acquired Asante’s Snap Pump Technology and also signed a development agreement with Dexcom to integrate CGM data into its future automated insulin delivery system. The companies are trying to introduce better technology for getting the global leader in the artificial pancreas devices and provide a strong treatment option in the market.
Increasing in the prevalence of diabetes around the globe is creating the huge scope for the market players to make a profit. According to the Diabetes prevalence figures suggested by the Australian Bureau of Statistics, more than 5.1% of the Australian population was diagnosed with diabetes in 2016. Also, According to International diabetes federation (IDF), in 2015, there were 69.1 million people were suffering with diabetes globally.
Key Players:
Medtronic Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Beta Bionics, Inc. (U.S.), Bigfoot Biomedical, Inc. (U.S.), Admetsys, Animas Corporation (U.S.), Defymed (Francec), Dexcom, Inc. (U.S.), Insulet Corporation (U.S.), Semma Therapeutics, Inc., Tandem Diabetes Care, (U.S.), TypeZero Technologies are some of the leading players at the cutting edge of the competition in the market of artificial pancreas, globally.
Artificial pancreas is the technology that helps diabetic patients by automatically monitor and inject insulin as needed. Previously diabetes 1 patient monitor the glucose level and then manually triggering an insulin pump when the level of glucose are too high. Moreover, previously, diabetes 1 patient had to inject insulin at the time they eat. Artificial pancreas is the technology which combine both the process, where glucose monitor placed inside the body along with an insulin pump and have the capabilities to control glucose level independently. Moreover, increase the prevalence of patient affected with diabetes, generating the demand for this technique. According to Centers for Disease Control and Prevention (CDC), in 2015, around 30.3 million of Americans were suffering from diabetes that is 9.4% of the total U.S. population.
Global Artificial pancreas Market - Regional Analysis
The market of artificial pancreas is much higher in the Americas region. There is a huge population suffering with diabetes. According to Centers for Disease Control and Prevention (CDC) in the year 2015, it was estimated that around 23.1 million people were diagnosed with diabetes i.e. 7.2% of the United States total population. The presence of well-developed technology, high health care spending and Increase prevalence of diabetes have boosted the growth of the market.
Europe is also considering the huge market for artificial pancreas players, owing to the increasing prevalence of diabetic patient, increasing government support, and well developed technology. According to the World Health Organization (WHO), in 2015 around 60 million people in the European region are currently suffering with the disease and the prevalence of the diabetes is increasing among all ages in the European Region. Moreover, huge health care spending has boosted the growth of the market in this region. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with health care expenditure of EUR 237 billion, whereas in the United Kingdom it was EUR 223 billion.
Asia Pacific and the Middle East and Africa region are considering the big market. Whereas country like India and china of Asia Pacific region are considering fastest growing region due to the presence of huge population suffering with diabetes, additionally they are open to adopt new technology, and best treatment option from a developed country, this gap between the developed and developing countries will present significant growth opportunities for the artificial pancreas market players in the coming years. Whereas the Middle East and Africa are the low market due to his incapability of investment.
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