Artificial Pancreas Market Analysis, Segments and Value Chain Till 2020
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Ongoing SA-BRC research estimates suggest that the US$ 16 billion dollar diabetes care market is split between Type 1 diabetes care that is critical and valued at approximately US$ 5.5 billion in 2014 and Type 2 diabetes care occupying the rest. The market is all set to expand with the introduction of these devices and Medtronic Inc, Dexcom Inc and Johnson & Johnson are currently the leaders in this market. J&J's diabetes division, Animas, launched its latest combo device Animas Vibe in 2014 in Canada. Medtronic claims to have capitalized the US market with the approval of its MiniMed 530G. Tandem Diabetes Care is a focused company with another product t:slim pump, which is also set to be adopted by patients. These devices that deliver both insulin and glucagon can create artificial mimicry that is very close to organic pancreas. In 2011, the FDA began seeking public opinions on creating a regulatory draft on approval of these devices, and with current progress and public acceptance it is expected that Medtronic and J&J who are both seeking an FDA approval for their devices will have a smooth entry into the North American market.
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Other internal substitutes such as inhalable insulin Afrezza by MannKind is also a considerable competition to existing and incoming devices. Europe leads the way with the largest market for artificial pancreas, followed by North America. Europe's early approvals have paved the way for market growth. The stringent FDA guidelines and device approval procedures along with the reimbursement regulations have taken a toll on the launch. The devices are expected to gain traction in North America after gaining approvals from 2014-2016. Asia-Pacific countries such as China & India having very large diabetic population will present excellent revenue opportunities for players in coming years. Many experts show concern from a business perspective that device cost and size of target population is still not clearly remunerating the years of research and development along with financial investment put in these technologies till now. This being said, the over 7% growth of insulin delivery devices for past decade is a clear indicator for a market ready to absorb new technology.
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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