Hybrid Close Loop System Market 2016 : Technological Breakthroughs & Comprehensive Analysis 2024
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The global hybrid close loop system market consists of only one product named MiniMed 630G by Medtronic. Hybrid close loop system named MiniMed 630G system by Medtronic is available with a healthy reimbursement plan, which will benefit the patient, which in turn is expected to fuel the market growth for hybrid close loop system market in the near future. Furthermore, based on end users, global hybrid close loop system market can be further segmented into hospitals, clinics, diagnostic centers, and ambulatory care centers. Increasing prevalence of diabetes with increasing technological advances and increasing adoption rate for assistive medical technology is expected to support the hybrid close loop. The hybrid close loop system is expected to register significant CAGR during the forecast period, due to monopolistic approach and technological advancements.
Other influencing factors are increased demand for comfortable lifestyles among patients suffering from debilitating diseases such as diabetes, is expected to fuel the demand for hybrid close loop system. This system has recently received approval from the U.S. FDA in September 2016.
Increasing preference of physicians towards continuous glucose monitoring of patients who have diabetes is another factor expected to push the hybrid close loop system market. Availability of hybrid close loop product upgrade programs at minimum cost along with reimbursement options are other revenue drivers for the market.
Restraints include novelty of the product. This refers to the fact that there is only one approved product in the world currently in hybrid close loop system market. Differential access to the technology could hamper the expected revenue flows from developing markets across the world. Furthermore, lack of technological advancement and infrastructural loopholes in manufacturing could deter market entry of a similar product in the near horizon. Regulatory hurdles for hybrid close loop system product clearance with design specification and gaining marketing authorization are other factors projected to hinder expected revenue stream from the technology.
Type 1 diabetes burden is increasing gradually which is one of the major health concern globally. According to the American Diabetes Association, in 2012, the prevalence of diabetes is expected to increase by 2-5% globally and is to affect the hybrid close loop system market positively in the near future. Based on geography, the global hybrid close loop system market is segmented into five key regions, North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America is expected to account for the largest revenue share in the global hybrid close loop system market over the forecast period followed by Europe.
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Hybrid close loop systems are non-invasive devices which are useful in safe glucose monitoring as well as insulin supply, and this dual factor has increased the adoption rate of hybrid close loop systems among end users, which is expected to underpin the growth of the global hybrid close loop system devices market. Also, there is a growing trend of home and point of care testing, and a shift towards the better lifestyle, which is projected to expand the growth of the hybrid close loop system market in North America & Europe. Asia-Pacific is expected to witness remarkable CAGR during the forecast period, due to large population base affected by type 1 diabetes. However, healthcare facilities in underdeveloped and emerging countries, which lack appropriate awareness for innovative assistive technologies, is anticipated to affect the adoption rate in these countries.
Currently, there is only one player in the global hybrid close loop system market named as Medtronic, which is selling its hybrid close loop system device by the name of Minimed 670G System.
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