Artificial Pancreas market information: by control type (threshold suspend device system, non-threshold suspend device system, control-to-range (CTR) system, and control-to-target (CTT) system) by treatment type (insulin only, bi-hormonal, hybrid) and by end users - Global Forecast till 2023
Pune, India -- (SBWIRE) -- 08/15/2018 -- Market Overview:
Technological advancement in the healthcare sector has led to the development of various medical devices that are helping the organs in the human body for proper functioning. The artificial pancreas is such device which uses computer-controlled algorithms to precisely calculate the amount of insulin that is to be delivered by insulin infusion pump. As per the report that has been published by Market Research future (MRFR), the global artificial pancreas market is anticipated to project significant expansion at a strong CAGR of 15.2% during the forecast period of 2017-2023 and to reach the valuation of USD 360 Mn by the end of the forecast period.
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Market Drivers and Restraints:
The artificial pancreas is used by individuals that are suffering from diabetes. The sedentary lifestyle, changing food habits, genetic modification, obesity and other factors are leading to the increased incidences of diabetes in the population across the globe. The increased prevalence of chronic disease like diabetes is inducing high demand for artificial pancreas, leading to the expansion of the global artificial pancreas market.
The high demand for artificial pancreas among the rapidly increasing geriatric population and the intensive research and development in the healthcare sector for introducing advanced medical devices are majorly fueling the growth of the global artificial pancreas market. Increasing inclination towards adoption of advanced technologies to treat various health conditions is anticipated to be propelling the expansion of the global artificial pancreas market.
However, risk of device failure, lack of trained technicians and low penetration of advanced technology in the underdeveloped regions are likely to act as restraints on the growth of the global artificial pancreas market.
The global artificial pancreas market has been segmented on the basis of control type, treatment type and end-users. Based on control type, the artificial pancreas market is segmented into threshold suspend device system, non-threshold suspend device system, control-to-range (CTR) system, and control-to-target (CTT) system.
Based on treatment type, the artificial pancreas market is segmented into insulin only, bi-hormonal and hybrid. Based on end-users, the artificial pancreas market is segmented into hospitals and clinics, research, and others.
Geographically, the global artificial pancreas market is segmented into North America, Europe, Asia Pacific and the Middle East and Africa. Among these, the North America region accounts for the maximum share in the global artificial pancreas market owing to the increasing healthcare expenditure, prevalence of obesity and diabetes and favorable reimbursement scenario in this region. The Europe region is the second largest market in the global artificial pancreas market owing to the high disposable income and easy adoption of technologically advanced treatments in this region.
The Asia Pacific region is projecting higher growth potential in the global artificial pancreas market owing to the increasing geriatric population, rise in incidences of diabetes and increasing awareness regarding the available treatments. Lack of primary healthcare and low penetration of advanced technology are restraining the growth of the artificial pancreas market in the Middle East and Africa region.
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The players in the global artificial pancreas market are focusing on business expansion by increasing research and development expenditure for introducing advanced products and by strategizing mergers and acquisitions to gain a competitive edge in the global market.
In August 2018, A study published in the New England Journal of Medicine has concluded that the artificial pancreas with a closed-loop insulin-delivery system in patients with type 2 diabetes aids in achieving significantly better glycaemic control than conventional insulin therapy.
The prominent players that are profiled in the report published by MRFR on the global artificial pancreas market are Medtronic, Johnson & Johnson, Beta Bionics, Bigfoot Biomedical, Admetsys (pipeline product analysis), Animas Corporation, Defymed, dexcom, Insulet, MedTech, Medtronic, Semma Therapeutics, Tandem Diabetes Care, TypeZero Technologies, and others.
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