Artificial Pancreas Market Size Predicted to Grow at a CAGR of 8.55 % During Forecast Period

Artificial Pancreas Market Size Predicted to Grow at a CAGR of 8.55 % During Forecast Period

In 2020, the Artificial Pancreas Market accounted for up to a market share of USD 275.51 Mn. It is anticipated to reach around USD 530.31 Mn by 2028, representing a CAGR of 8.53 % throughout the prevised period of 2020-2028.

The Artificial Pancreas is also popularly regarded as the ‘Closed-Loop Control System. It is an ‘All-In-One’ diabetes management system that accurately tracks the variety of blood glucose levels by the implementation of the continuous glucose monitor (CGM). It automatically delivers insulin when it’s needed the most by means of an insulin pump. 

The closed-loop artificial pancreas comprises an externally worn insulin pump that continuously communicates with the CGM wirelessly. Pancreatitis is one of the well-known causes of the increase in mortality rates across the globe. As per WHO, in 2019, approximately around (10-30) % of the total mortalities occurred due to severe and acute pancreatitis worldwide. 

However, the rapid technological developments in the artificial pancreas resulted in a drastic improvement in the lives of patients who were suffering from Type 1 & Type 2 diabetes. In 2019, nearly 9.3% of the total number of adults worldwide who were aged between (20-79) years were highly affected by Type 1 diabetes, along with approximately 1.12 Mn children under 20 years of age. 

In the United States, around 1,87,000 people were suffering from Type 1 diabetes in 2019, which constituted around 8.21% of the whole population of the United States. In 2018, Type 2 diabetes affected almost 6.41% of the entire population across the globe and 34.18 Mn people in the U.S.

DRIVERS, RESTRAINTS & OPPORTUNITIES

 a.) DRIVERS:

• The increase in the number of diabetic patients across the globe is the primary reason for boosting the overall market growth rate. According to WHO, in 2019, around 1.5 Mn people in the globe died due to diabetes, and it severely affected around 463 Mn people. It is expected to rise to 700 Mn by 2045.
• The rise in expenditure for performing the various R&D activities is also one of the main reasons augmenting the market growth.
•  A rise in need of Artificial Pancreas Devices is efficiently fuelling the overall market enhancement rate. APDS is flourishing with an overall growth rate of around 20.27%

b.) RESTRAINTS:

The higher cost of the overall installation processes of the equipment & the unfavourable reimbursement policies are the pivotal factors restraining the market growth. The overall price of the artificial pancreas system generally ranges around USD 7000 to USD 8000, respectively.

c.) OPPORTUNITIES:

The rise in the usage of CGM systems and Insulin Pumps are expected to provide ample opportunities for market growth in the future.

RECENT DEVELOPMENTS:

• On Jan 2nd, 2020, FDA comprehensively approved the launching of the UVA-Developed Artificial Pancreas system. It adequately regulates and monitors the Blood Glucose Levels, especially for Type 1 diabetes patients. 
• On May 7th, 2021, the launching of the Bigfoot Biomedical initiative finally received approval by FDA for the benefit of the patients who preferred injections more rather than that of a normal insulin pump.