ArtificialPancreas 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 2027
ArtificialPancreas Device System Market Overview:
The firstartificial pancreas, Medtronic’s MiniMed 670G System was approved by the US FDAin 2016 after years of tremendous strides made in the R&D of artificialpancreas device system. An artificial pancreas device system is intended toautomatically monitor blood sugar level and accordingly modify basal insulindose in patients with type 1 diabetes. The Global Artificial Pancreas DeviceSystem Market is likely to tread forward at a CAGR of 21.10% over the forecastperiod of 2017-2023, asserts Market Research Future (MRFR) in an in-depthstudy.
Toweringcases of pancreatic ailments and surge in the number of patients diagnosed withdiabetes have increased substantially in recent years. The situation is furtheraggravated by sedentary lifestyle, unhealthy dietary habits, obesity and lackof exercise which augments the need for autonomous glycemic control. Moreover,an increase in geriatric population acts a plus for the market since they aremore prone to pancreatic disorders. Expanding healthcare budgets and growinginflow of investment in the market is favoring the growth of the globalartificial pancreas device system market. In addition, numerous projects areunderway in which massive investments have been poured in to check thefeasibility of these devices in hospital setting which is likely to augur thegrowth of the market.
Furthermore,recent years have witnessed a surge in the number of FDA approvals forartificial pancreas device systems. The FDA is collaborating with medicaldevice manufacturers, academic institutions, and diabetes care providers tofoster innovation and expedite further development of the technology which isexpected to boost the market growth over the forecast period. The globalartificial pancreas device system market is expected to reach USD 341.08 Mn bythe end of the forecast period.
Segmentation:
Theglobal artificial pancreas device market has been segmented based on type andend 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 enduser, the global artificial pancreas device market has been segmented intohospitals and medical centers.
CompetitiveLandscape:
Thenotable players in the global Artificial Pancreas Device System Market Share includeJohnson & Johnson, Tandem Diabetes Care Inc., Medtronic Plc, InredaDiabetic B.V., Insulet Corp, Beta Bionics, Dexcom Inc., F. Hoffmann-La RocheLtd., Bigfoot Biomedical, TypeZero Technologies LLC,
Cellnovo,and Pancreum Inc.
RegionalAnalysis:
Byregion, the global artificial pancreas device system market has been segmentedinto the Americas, Asia Pacific, Europe, and the Middle East & Africa(MEA).
TheAmericas, North America in particular, is leading the global artificialpancreas device system market. Robust healthcare infrastructure and highhealthcare expenditure and fast uptake of the latest technologies in the regioncan be credited for the growth of the market.
Europetoo is a significant market for artificial pancreas. Government funding forR&D, high healthcare expenditure and the presence of sophisticatedhealthcare infrastructure support market growth.
APAC isslated to showcase rapid growth over the forecast period due to high healthcareexpenditure in the emerging economies such as China and India. The MEA marketis expected to showcase limited growth owing to weak economic conditions andlow healthcare penetration.
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