Artificial Pancreas Device System Market Value Chain, Factor Analysis, Region and Forecasts Till 2023


Posted March 14, 2019 by SiaWGR

The Artificial Pancreas Device System Market is projected to attain USD 341.08 million while progressing at a 21.10% CAGR in the period of the forecast.

 
Artificial Pancreas Device System Market – Insights
The requirement for safe and effective devices is the main factor impelling the demand for artificial pancreas device systems. Market reports connected with the healthcare industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The Artificial Pancreas Device System Market is projected to attain USD 341.08 million while progressing at a 21.10% CAGR in the period of the forecast.
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 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.
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.
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Artificial Pancreas Device System Market - Companies Covered
The contenders in the artificial pancreas device system market are Medtronic Plc, Bigfoot Biomedical, Johnson & Johnson, Dexcom Inc., Cellnovo, Tandem Diabetes Care Inc., Pancreum Inc., TypeZero Technologies LLC, Beta Bionics, F. Hoffmann-La Roche Ltd, Inreda Diabetic B.V. and Insulet Corp to name a few.
Artificial Pancreas Device System Market - Detailed Regional Analysis
The regional analysis of the artificial pancreas device system market covers regions such as North America, the Middle East, South America, Europe, Asia Pacific, and Africa. As per the analysis, the North American region is growing effectively due to the contribution of the US, which accounts for the largest market share owing to the promising compensation scenario in the nation and increased expenditure on healthcare. Moreover, the quick market adoption of innovative technology in the US is also a significant factor for the growth of the market for artificial pancreas device systems globally.
The European region is the demonstrating good growth due to the large level of disposable income and mounting awareness of the product offering of the market. The Asia Pacific region is anticipated to have the most latent for growth which is projected to be led by nations such as India and China. The Middle Eastern & African market is controlled by the Gulf countries chiefly such as Saudi Arabia and UAE. The underprivileged regions of the African region are expected to demonstrate slow progress owing to deprived economic conditions and reduced healthcare penetration.
Artificial Pancreas Device System Market - Segmental Analysis
The segmentation of the Artificial Pancreas Device System Market is carried out on the basis of type, end-user, and region. On the basis of type, the market is divided into CTT (Control to Target) Systems and CTR (Control to Range) Systems. The end users that are included in the artificial pancreas device system market are hospitals and medical centers. On the basis of Region, the artificial pancreas device system market encompasses regions such as North America, the Middle East, South America, Europe, Asia Pacific, and Africa.
Industry Updates:
January 2019 a project between experts from the Harvard John A Paulson School of Engineering and Applied Science, the Sansum Diabetes Research Institute, and the Icahn School of Medicine at Mount Sinai are taking artificial pancreas technology to the next level as they are planning to develop artificial pancreas for pregnant women with type 1 diabetes. Funding for the same has been granted by the National Institutes of Health.
In November 2018, Diabeloop, a French MedTech company received CE marking regulatory approval for its artificial pancreas system, DBLG1 for adults with type 1 diabetes.
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Issued By Shruti
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Business Address Amanora Chembers
Hadapsar
Country India
Categories Health , Medical , News
Last Updated March 14, 2019