Artificial Pancreas Device System Market Market Global Industry Analysis and Forecast Till 2024
The rate of innovation is exceedingly high in the global artificial pancreas device system market, primarily owing to the massive and swiftly increasing number of diabetics across the world. The count of diabetic patients is especially high in developed economies, where the presence of strong players in medical devices markets, consistent government backing, and high healthcare expenditure can support a high level of technological innovation. Bodies such as the FDA are showing an increasingly louder support to innovators in the global artificial pancreas device system market as well, due to the constant rise in demand from the growing diabetic and geriatric populations.
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Global Artificial Pancreas Device System Market: Overview According to World Health Organization (WHO) estimates, 422 million people were diagnosed with diabetes across the globe in 2014. Diabetes is considered one of the leading causes of death in a majority of developed nations, while it is emerging as a larger issue in developing nations. Effective therapeutic measures are required to keep the blood glucose levels of diabetic patients close to normal. Constant monitoring of blood glucose levels is thus important to lower the risk of hypoglycemic episodes in diabetic patients. This is a key factor fueling the demand for artificial pancreas device systems (APDS). APDS is an innovative device used for monitoring blood glucose level and administering insulin in appropriate doses to people suffering from diabetes.
Increase in the incidence of diabetes has made patient-specific care extremely important. An artificial pancreas device system helps in effectively treating diabetes patients. It is designed as a closed yet continuous loop control system required for insulin infusion. The continuous control is intended to facilitate the daily treatment of diabetic patients, especially in cases where medical personnel are not available round the clock or patients have little knowledge about the ailment.
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An APDS, therefore, mimics the glucose regulating functions performed by a healthy pancreas. The system is also used to administer insulin to type 2 diabetes patients. Apart from the constant monitoring of blood glucose levels, the system provides optimum balance between blood glucose and insulin in patients. This prevents the occurrence of other diabetes-related disorders such as cardiac arrest and kidney failure. The report provides a qualitative and quantitative assessment of the various factors affecting the global APDS market’s growth trajectory. It presents insights into the prevailing market trends and compiles exhaustive information relating to the most lucrative regional markets for APDS. Using industry-leading analytical tools, the report presents the information thus obtained in a logical format.
Global Artificial Pancreas Device System Market: Key Opportunities and Threats ncrease in demand for organ transplant and growing prevalence of pancreatic disorders are expected to drive the global artificial pancreas device system market. Rising incidence of pancreatic cancer and pancreatitis and increasing number of diabetics across the world are also fueling demand for advanced technologies.
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The market is gaining impetus from increasing consumption of alcohol and other factors that increase the risk of developing pancreatic disorders. Additionally, prevalence of ailments and medical conditions such as lupus and high triglycerides and gallstones is propelling the market. Furthermore, rising geriatric population with pancreatic disorders and introduction of latest technologies such as software based and wireless systems are expected to boost market growth. However, growing awareness about the side effects of the treatment modality and ineffectiveness of this technology in treating athletic diabetes are likely to hamper market growth.
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Global Artificial Pancreas Device System Market: Regional Outlook Regionally, the global artificial pancreas device system market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. India, Indonesia, China, Pakistan, Japan, and the U.S. are the top countries exhibiting the highest incidence of diabetes. Hence, Asia Pacific and North America have emerged as the most lucrative markets for artificial pancreas device systems.
In order to study the prevailing competitiveness in the market, the report profiles companies based on their financial overview, strategies adopted, and product portfolio. Some of the leading players in the APDS market are Johnson & Johnson, Pancreum LLC, and JDRF.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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