The global automated insulin delivery systems market is expected to register a significant CAGR over a forecast period.
Albany, NY -- (SBWIRE) -- 03/21/2018 -- The automated insulin delivery systems, also known as artificial pancreas or hybrid closed loop automatically manages or withholds insulin in response to blood glucose measurements (via using continuous glucose monitors (CGMs) and smart algorithms). The objective of automated insulin delivery systems is to decrease hypoglycemia and reduce hyperglycemia – particularly overnight. There are various automated insulin delivery system (AID) frameworks being developed. A framework that computerizes basal insulin conveyance has effectively received Food and Drug Administration approval (Medtronic's MiniMed 670G hybrid closed-loop system), and more systems are probably going to get approval during the forecast period. Type I diabetes is one of the chronic and life-threatening diseases that affect a large population of the world. According to JRDF (Juvenile Diabetes Research Foundation), presently around 1.25 million individuals have type 1 diabetes in the U.S., including 200,000 children. AID includes continuous glucose monitoring values bolstering into a closed loop control algorithm running on an insulin pump (inserted automated insulin delivery). Propelled calculations commonly utilize CGM information, input from insulin conveyance (e.g., insulin-on-board, or IOB, computation), and possibly different signs to adjust the insulin delivery rate in the adjusted time. Because of its guarantee to streamline diabetes control, AID may soon develop as the standard of administration to overseeing type 1 diabetes.
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Automated insulin delivery systems market is a rising market which is mainly driven by the rising prevalence of type I diabetes. High investment in R&D for new technology assessment, automation of medical devices and increasing awareness programs by various companies is further going to spur revenue growth for automated insulin delivery systems during the forecast period. Increased sales and marketing via top medical technology companies for automated insulin delivery devices which is available now worldwide at a reasonable cost is a driving factor. For e.g. In January 2017, Bigfoot Biomedical raised money for its smart insulin delivery system.
However, diabetes is largely undiagnosed in the overall population worldwide. Automated insulin delivery systems market surfaces few challenges and risks due to availability of disposable insulin delivery systems which capture huge market share in the international market. Few limitations include pump imprecision, sensor inaccuracy/unreliability. Still many people are struggling to maintain good glycemic control. Top manufacturing firms which are involved in production of automated insulin- delivery systems, however stringent regulatory framework and complications in adopting new technology assessment in the production process hinders the growth of these manufacturers.
Based on geography, the automated insulin delivery systems market can be segmented into seven major regions: North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. At present, North America holds a leading position in the automated insulin delivery systems market. Involvement of leading players in the new product development and up gradation of new insulin pumps to enhance their product portfolio with automated features in the international market. European manufacturers are also anticipated to show steady growth in the testing and approval for automated insulin delivery systems market. In the next few remarkable years, Japan, China and India would show notable growth in the automated insulin delivery systems market as it is developing at a healthy pace and has shown the appearance of numerous top medical device manufacturers. Rising type I diabetes, approval of new automated insulin delivery systems, CGM devices and new applications in the medical devices are further going to spur revenue growth during the global automated insulin delivery systems market.
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It is expected that with due course of time, there will be an influx of many players in the automated insulin delivery systems market. Major player operating in the automated insulin delivery systems market is Medtronic. Others are in pipeline including Eli Lily, Tandem, Insulet, Big Foot Biomedical and many others.