Artificial Pancreas Device Systems Market 2023 by Top Key Players, Types, Applications and Future Forecast to 2032

The global artificial pancreas device systems market size was valued at USD 207.0 million in 2021 and is projected to reach around USD 980.0 billion in 2030 exhibiting a CAGR of 18.5% in the forecasted period. The rising prevalence of diabetes, rigorous R&D efforts by industry players, and growing demand for automated systems for glycemic control are the factors motivating the industry growth. Artificial pancreas device systems (APDS) regulates the blood glucose level in diabetes patients, and industry players are directing various researches for better diabetes management. The growth of the market is majorly credited to the growing geriatric population, rising incidence of diabetes, and the increasing prevalence of obesity. However, the higher cost related to the complete installation process of the equipment and the unfavourable reimbursement policies are the major factors that are widely obstructing the growth rate of this market.

The rising incidence of diabetes due to aged, obesity, and a sedentary lifestyle is one of the major factors backing to the growth of artificial pancreas device systems market. Risk factors, such as obesity and overweight, are leading to an upsurge in the incidence of diabetes. As per the WHO, in 2016, more than 1.9 billion adults were heavy, of which, about 650 million people were obese. These factors are expected to boost the prevalence of diabetes, thus fuelling the need for APDS. Moreover, as per the same source, the total number of people with diabetes is expected to rise from 171 million in 2000 to 366 million in 2030. Furthermore, the prevalence of diabetes is growing in low and middle-income regions, which is expected to create huge growth chances for market players in these unexploited markets. Also, the growing dependency of type 2 diabetes on insulin is estimated to create chances for the artificial pancreas devices market during the forecast period.

The outbreak of COVID-19 is projected to contribute to the market growth in the future. Though, troubled logistics and different equation in international trading have considerably affected the business growth. As many parts of several nations have started to ease the lockdowns and have underway manufacture of a strong delivery network to regain losses and escape discontinuation in business market players, the market need for APDS is anticipated to surge. Furthermore, hyperglycemia and obesity are associated to COVID-19 mortality in persons with diabetes. Additionally, COVID-19 improved diabetes patients have established resistance to insulin, and the traditional injections fail to offer proper management. APDS can substitute the need for frequent sugar level checks. Furthermore, globally increased activities in teleconsultancy for follow-up and routine check-ups during the epidemic are likely to improve market growth for point of care technologies such as APDS. Thus, the trends are anticipated to have a significant impact on the implementation of APDS in future years.

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Type Insights

Based on device type, threshold suspended device system dominated the market with the highest overall market share. This device can take action robotically when the patient cannot reply to the threshold suspend alarm and confines the insulin delivery when the price of sensor glucose reaches a lower threshold point.

However, the control to target system is the fastest-growing segment and is anticipated to sprout throughout the forecasted period.

End User Insights

On the basis of end user, the market is bifurcated into hospitals, clinics, homecare, ambulatory surgical centers, others. The hospitals segment significantly dominates the market as it comprises some of the most proficiently planned referral systems for responding sufficiently to the population's health needs. According to the American Diabetes Association, the overall cost of detected diabetes in 2017 was USD 327 Billion.

Region Insights

North America led the market for artificial pancreas device systems and accounted for the largest revenue share in 2021. Growing prevalence of obesity, the existence of efficient reimbursement policies, and increasing awareness about unconventional technologies in diabetes management are also anticipated to drive the region. Moreover, the existence of major players, great treatment costs, technological development, and product launches are also projected to drive the regional market. Furthermore, the increasing diabetic population globally has concerned research investments from private and public governments towards diabetes management. For instance, in 2019, the National Institutes of Health (NIH) spent in collaboration with four organizations to support the development of closed-loop insulin delivery technology for pregnant women with type 1 diabetes. Such factors are projected to boost the adoption of APDS in the region.

The Asia Pacific artificial pancreas device systems market is expected to register beneficial growth during the forecasted period. Increasing healthcare funding and government initiatives to spread awareness about diabetes are major factors aiding growth in this region. As per the International Diabetes Federation, India and China account for the maximum number of diabetes patients in the world. Most of the nations in this region are growing nations and the upsurge in obesity cases and growing socio-economic alterations have fuelled the occurrence of type I and type II diabetes. Despite the rising prevalence of diabetes, the health expenditure on the disease was significantly less. Furthermore, the implementation of new technology in emerging economies is also anticipated to boost the market.

Key Companies Insights

To stay competitive in the total market, players are using new methods such as new product development, mergers and acquisitions, joint projects, and geographic expansions. Some of the key companies working in the global artificial pancreas device systems market include:

· Medtronic Plc

· Bigfoot Biomedical

· Johnson & Johnson Services Inc.

· Tandem Diabetes Care, Inc.

· Pancreum, Inc.

· TypeZero Technologies, LLC

· Beta Bionics

· Other players

Some of the Recent Developments:

· In June 2020, Medtronic received CE-Mark for its MiniMed 780G. The device mechanically regulates basal insulin rates after each five minutes and is appropriate for diabetic patients between 7 to 80 years of age.

· In September 2020, the U.S. FDA permitted a next-generation hybrid closed-loop insulin delivery system for kids aged 2 to 6 years with type 1 diabetes.

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Segments

By Device Type

· Threshold Suspended Device System

· Control to Range (CTR) System

· Control to Target (CTT) System

By End User

· Hospitals

· Clinics

· Homecare

· Ambulatory Surgical Centers

· Others

Global Artificial Pancreas Device Systems Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Artificial Pancreas Device Systems market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Global Artificial Pancreas Device Systems Market: Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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