The Artificial Pancreas Device System market studied is expected to grow with an anticipated CAGR of 18.2%, during the forecast period.
The major drivers propelling the growth of artificial pancreas device system market are the increasing prevalence of diabetes and geriatric population globally. The increasing technological advancements along with increased investments in the research and development activities by major players are expected to drive the market. Additionally, the rise in demand for the automated systems that control glucose levels owing to its flexibility, accuracy and ease of use, drive the growth of the studied market. According to the International Diabetes Federation, Diabetes Atlas Ninth Edition 2019, approximately 463 million adults of 20-79 years were living with diabetes in 2019 and by 2045 it is estimated to rise to 700 million globally. Additionally, more than 1.1 million children and adolescents are living with type 1 diabetes in 2019 worldwide and 374 million people are at increased risk of developing type 2 diabetes. Thus, considering the mentioned facts and key drivers, the artificial pancreas device system market is anticipated to propel over the forecast period.
Key Market Trends
The market for threshold suspended device system is expected to increase over the forecast period
The threshold suspended device system helps in reversing a dangerous drop in blood glucose level (hypoglycemia) or reduce its severity by temporarily suspending insulin delivery when the glucose level falls to or approaches a low glucose threshold. These are sometimes referred to as "low glucose suspend systems.". The regulation of glucose in patients with diabetes is of utmost importance for an improved health outcome. Hence, threshold suspended device system play a vital role in managing hypoglycemia. The key players are involved in innovation and launch of novel threshold suspend feature based artificial pancreas device systems. For instance, in June 2020, Tandem Diatetes Care, Inc., received U.S. Food and Drug Administration (FDA) clearance of an expanded pediatric indication for the t:slim X2 insulin pump with Control-IQ technology to children age six and older. Control-IQ technology is intended for use with a compatible integrated continuous glucose monitor to automatically increase, decrease, and suspend delivery of basal insulin based on iCGM readings and predicted glucose values. Hence, in view of the advantages offered by these devices and upcoming lauches, the market for threshold suspended device systems is expected to grow significantly over the forecast period.
North America has a dominant share in Artificial Pancreas Device System market and is anticipated to grow tremendously over the forecast period also
According to the Centers for Disease Control and Prevention (CDC)’s National Diabetes Statistics report, 2020, an estimate of 34.2 million people of all ages had diabetes in United States in 2018 and the percentage of adults with diabetes increased with age reaching 26.8% among those aged 65 years and above. Also, it has been estimated that nearly 88 million American adults have prediabetes in 2018. According to Institute for Health Metrics and Evaluation, the prevalence rate of Diabetes mellitus in 2019 was estimated as 11,847 per 100,000 and 11,366 per 100,000 in 2018 in United States. As per the Population Reference Bureau’s Population Bulletin “Ageing in United States”, the number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. Thus, with the increasing prevalence of diabetes and rise in geriatric population, along with the technological advancements, North America is expected to propel significantly in the artificial pancreas device system market over the forecast period
Competitive Landscape
The Artificial Pancreas Device System market is highly competitive and consists of significant major players, that dominate the market. Many small and medium sized enterprises (SMEs) are also setting foot into artificial pancreas device system market, thereby leading to an impactable growth over the forecast period. The major players in Artificial Pancreas Device System market are Medtronic plc, Johnson & Johnson, Tandem Diabetes Care, Inc., Pancreum, Inc., Beta Bionics, Inc., DexCom, Inc., Insulet Corporation and many more. The major players are evolving various strategies such as investment in Research and Development, collaborations and acquisitions. One such example is the acquisition of Type Zero Technologies, Inc, a company that designed a system to manage and regulate insulin delivery from insulin pumps by DexCom, Inc. in Aug 2018, thereby positioning itself in the market of artificial pancreas technology.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
Methodology
LOADING...
