Artificial Pancreas effectively tracks blood glucose levels using a continuous glucose monitor (CGM) and automatically administers the hormone insulin through an insulin pump when it is most required. A wirelessly connected insulin pump worn externally that communicates with the CGM makes up the closed-loop artificial Pancreas. Factors contributing to the rise in death rates across the globe are pancreas inflammation or pancreatitis.
The market worth of artificial Pancreas in 2021 was USD 299.01 million, and it will be worth USD 624.64 million by 2030, growing at an 8.53% CAGR during the forecast period.
The artificial pancreas market is majorly drive by the rising rate of diabetes, extensive R&D by major market players, and growing demand for automate systems to control glycemia.
World Health Organization (WHO) estimates that between 10 and 30 percent of all deaths globally in 2019 were cause by acute and severe pancreatitis. The enormous technological advances in the artificial Pancreas significantly improve the quality of life for people with Type 1 and Type 2 diabetes.
Market Dynamics
Drivers
- The main factor driving this market’s overall growth rate is the persistently rising prevalence of diabetic patients worldwide. According to WHO, diabetes caused 1.5 million deaths globally in 2019 and significantly impacted 463 million people. By 2045it will rise to 700 million.
- Primary factors accelerating the market expansion is an enormous increase in spending on R&D activities. Additionally, the market is drive by the growing demand for APDS or artificial pancreas device systems. APDS is flourishing with an overall growth rate of 20.27%.
Restraints
The primary reasons severely impeding this market’s growth rate are the greater cost involve with the total installation process of the equipment and the unfavorable reimbursement regulations. The total installation cost of the artificial pancreas system is in the USD 7000–8000 range.
Opportunity
The market’s growth rate has accelerate recently due to improvements in insulin pumps. And CGM systems, which are also expect to improve the market’s future prospects.
Wearing an artificial pancreas controlled by computer algorithms is extremely beneficial for Type 2 diabetic patients. This method will experience exponential growth in the future.
Market Segmentation
By Type
On the basis of type, the market is segment into control to-range system, threshold suspend device system, control to-target system, and non-threshold suspend device system.
With a market share of 71.58% in 2020, Threshold Suspended Device System held the highest share of the market. When the patient cannot react to the threshold suspend alarm. This gadget can also act automatically and proactively. The Control to Target System (CTT) system is the fastest-growing market sector and will expand at a CAGR of 37.75% over the forecast period.
By End-user
On the basis of end-user, the market is segment into homecare, clinics, hospitals, ambulatory surgical centers, and others.
The Hospitals category ruled the artificial pancreas market entirely. This explains why it has some of the best-planned networks for meeting the healthcare demands of the populace. The American Diabetes Association estimates that the entire cost of diabetes diagnoses in 2017 was around USD 327 billion (USD 237 Billion in direct medical costs and USD 90 Billion in productivity).
Regional Overview
North America leads the entire regional market with the largest revenue share of nearly 46%. Its high standard of healthcare facilities and the development of several cutting-edge technologies throughout the entire healthcare industry are the main reasons for its prominence. The key market participants in this area are crucial to the market’s expansion.
Key Players
- Animas Corporation
- Dexcom Inc
- TypeZero Technologies, Inc.
- JDRF
- ViaCyte Inc
- Diabeloop SA
- Vertex Pharmaceuticals Incorporated
- Verily Life Sciences LLC
- BIGFOOT BIOMEDICAL Inc.
- Teladoc Health Inc
- Glooko Inc
- Beta Bionics Inc
- F. Hoffmann-La Roche Ltd
- Tandem Diabetes Care Inc
- Insulet Corporation
- Admetsys
- Medtronic
- Johnson & Johnson Services Inc.
The market worth of artificial Pancreas in 2021 was USD 299.01 million. And it will be worth USD 624.64 million by 2030, growing at an 8.53% CAGR during the forecast period. The rising rate of diabetes globally. And extensive R&D process are boosting the overall expansion of the artificial pancreas market.
The episode of Coronavirus is assess to add to the market development in the times to come. As many pieces of various economies have begun to facilitate the lockdowns and have begun development of a solid conveyance organization to recover misfortunes and keep away from end in business market players, the market interest for APDS is suppose to flood. APDS can trade the requirement for successive sugar level checks.