Artificial Pancreas Device System Market Set to Encounter Paramount Growth By 2024 Explore By Top Key Players Medtronic, Medtrum, Tandem Diabetes Care, Inc., Johnson & Johnson, Beta Bionics, Bigfoot Biomedical

Eating habits of type 1 diabetes patients is highly curtailed, complemented by regular administration of insulin. Type 1 diabetes patients require multiple doses of insulin in a day and all-round the year. Advancements in research and technology has led to commercialization of easy-to-us insulin delivery systems such as insulin pens, pumps, inhaled insulin, and injectors. Use of syringes to deliver insulin has become obsolete with the introduction of advanced and easy-to-use insulin delivery systems mentioned above. Moreover, these systems offer the convenience to self-administer insulin at home. An artificial pancreas is a novel concept that promises to revolutionize the entire diabetes market. The system automatically detects glucose level in patient’s blood or plasma and accordingly administers the necessary dosage of insulin. Medtronic’s MiniMed 670G is one such wearable artificial pancreas. The system is automated to monitor glucose levels and deliver insulin through an insulin pump attached to the system. The artificial pancreas system comprises a transmitter, sensor, and insulin pump. This helps in continuous monitoring and diabetes management at ease.

Get Free Exclusive Sample Copy of Artificial Pancreas Device System Research Report @ https://www.coherentmarketinsights.com/insight/request-sample/57

Market Dynamics

The artificial pancreas device system (APDS) market growth would be mainly driven by increasing adoption of the highly useful systems the large base of diabetes type 1 patients, further supplemented by ever increasing incidence of type 1 diabetes. According to the World Health Organization (WHO), number of diabetes patients worldwide increased from 108 million in 1980 to 422 million in 2014. According to Juvenile Diabetes Research Foundation (JDRF), there were around 1.5 million type 1 diabetics worldwide in 2015. JDRF funds research in diabetes 1 and the non-profit organization expected the first artificial pancreas to be commercialized in 2017. According to the Center for Disease Control and Prevention (CDC), type 1 diabetes accounts for around 5% of the total diagnosed diabetes cases in adults in the U.S. Developed regions are expected to dominate the artificial pancreas device system (APDS) market size, as these regions are early adopters of disruptive technologies. With the introduction of this technology, market for insulin pens and injectors is expected to be impacted negatively.

The global artificial pancreas device system (APDS) market was valued at US$ 64.0 million in 2015 and is expected to witness a moderate CAGR of 18.6% during the forecast period (2016 – 2024).

Technological advancements to drive growth of the global artificial pancreas device system (APDS) market

In 2016, the U.S. FDA approved a hybrid closed-loop artificial pancreas device system (APDS) MiniMed 670G which is an automated system. The continuous glucose monitor in the system automatically sends signals to the insulin pump to deliver insulin when the glucose level in body goes beyond the acceptable limit. Thus, there is no need for the user to stimulate the release of insulin every time the glucose level is abnormal. This provide the user freedom to perform his/her daily activities. Such advancement in T1D management is expected to be highly preferred by the users and medical community, leading to higher advocacy to use this device especially among the patient group using insulin pumps.

Top Companies of The Market

Key companies covered as a part of this study include Medtronic, Medtrum, Tandem Diabetes Care, Inc., Johnson & Johnson, Beta Bionics, Bigfoot Biomedical, and Insulet Corporation

Detailed Segmentation:

Global Artificial Pancreas Device System (APDS) Market, By Technology:
Threshold Suspended Device Systems
Treat to Range/Control to Range (TTR/CTR)
Treat to Target/ Control to Target (TTR/CTT)

Global Artificial Pancreas Device System (APDS) Market, By Distribution Channel:
E-commerce
Standalone Retail Shops
Hospitals

Request For Customization of Artificial Pancreas Device System (APDS) Market Research Report @ https://www.coherentmarketinsights.com/insight/request-customization/79

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

This release was published on openPR.