The global market for artificial pancreas device system, as described by Market Research Future (MRFR), is showing potential of achieving almost 21.10% CAGR during the forecast period of 2018 to 2023. In the process, the market is showing promising signs of crossing USD 341.08 million by the end of 2023.
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.
The Artificial Pancreas Device System Market Growth is banking on technological support from the latest innovations, continuous rise in investment, better integration of innovations in the system, rising availability of skilled hands to support such processes, growing expenditure capacity, and others can impact the market for artificial pancreas device system. Growing awareness regarding diseases triggering the intake of the process can influence market growth.
- Bigfoot Biomedica
- Medtronic Plc
- Dexcom Inc
- Johnson & Johnson
- Tandem Diabetes Care Inc.
- TypeZero Technologies LLC
- Pancreum Inc
- Inreda Diabetic B.V.
- Beta Bionics
- Hoffmann-La Roche Ltd
- Insulet Corp
- The segmentation, as covered by MRFR for their elaborate research of the market for artificial pancreas device system, can be taken into consideration for a better understanding of the market. These segments can portray the factors in a better way. This segmentation includes type and end-user.
- By type, the market for artificial pancreas device system can be segmented into CTT (Control To Target) Systems and CTR (Control to Range) Systems. Both these segments can impact the market profoundly.
- By end users, the market report for artificial pancreas device system covers several significant aspects of hospitals and medical centers.
North America’s prospect in the global artificial pancreas device market is quite substantial. This is due to their immense technological integration, better understanding of the market benefits, strong health policies, better infrastructure, high capacity for investments, and others. Better awareness regarding various diseases can also play a positive role in taking the global market for artificial pancreas device system ahead. South America would witness growth in countries like Argentina, Brazil, Colombia, and others. However, their growth rate would not match that of North America’s where the US and Canada would significantly contribute.
Europe’s market would be substantially big due to the presence of market players in their top form and revamped financial situations in countries like France, Germany, and the UK. In several countries, government expenditure for research and healthcare can make sure that the market finds better growth structure in the coming days.