San Francisco, 12 October 2018 – According to a report published by Grand View Research, Inc.; the artificial pancreas devices (APDS) market is expected to reach a valuation of around USD 390.4 million by 2024.
Rising occurrence of diabetes, increasing demand for automation for glycemic control, and increasing R&D initiatives by industry players can propel the market during the forecast period (2013 to 2024).
Increasing number of diabetes patients due to the sedentary lifestyle, obesity, genetic modification, lack of unhealthy diet and physical activity can drive the demand for these devices in the coming years. As per statistics provided by International Diabetes Federation (IDF), around 415 million people were diagnosed with diabetes in 2015. In 2022, according to the American Diabetes Association approximately 29.1 million Americans suffered from diabetes and approximately 90% were of type2 and 1.25 million suffered from type 1 diabetes. Increasing dependency of type 2 diabetes on insulin is also expected to increase demand for these devices. In addition, presence of large pool of children and geriatric population with diabetes is expected to support the market growth. For instance, FDA has recently approved the device that can be used to manage of diabetes in children and adolescents.
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Furthermore, increasing demand for automated glycemic control devices such as insulin pens, insulin pumps, and insulin pens due to their benefits are expected to boost the market in the coming years. These devices offer many advantages including convenient usage, flexibility, short and rapid acting insulin, automatic detection of glucose level, and accurate dosage. For instance, Medtronic Plc. recently introduced hybrid closed loop system called MiniMed 670G with self- adjustment capabilities to keep sugar level in range. Also, BigFoot Biomedical has developed an artificial pancreas device which is in its clinical trial phase. The system is intended for treating diabetes Type1 patients.
Worldwide artificial pancreas device system market can be segmented on the basis of type and region. Based on type, the market can be divided into threshold suspended device system, CTR system, and CTT system.
In 2015, the Threshold suspended device system estimated for the major market share. This device operates automatically when the patient is unable to respond to threshold suspend alarm and halts insulin delivery, if the value of sensor glucose reaches low threshold.
The CTT System is expected to show fastest growth with CAGR of 37.6% over the study period. This system is fully automated, which provides minimum intervention. This is the major driving factor for the segment.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
In 2015, Europe estimated for the largest share of around 43%. This growth can be attributed to availability of established healthcare infrastructure, high expenditure for healthcare, and high awareness among. In addition, increasing government funding for providing better treatment is also motivating companies and researchers to develop new technology. For instance, AP@Home project was funded by the European Union for providing better treatment.
Asia pacific is anticipated to show rapid growth over the forecast period due to increasing prevalence of diabetes due to factors including genetic modification, aging, urbanization, and unhealthy lifestyle. As per article published by NCBI, Asian countries contribute more than 60% to the world’s diabetic population. In addition, increasing investments from major players across the region is expected to boost the market in this region.
Prominent players operating in the market include Tandem Diabetes Care, Inc.; Medtronic Plc.; TypeZero Technologies, LLC; Pancreum, Inc.; and Beta Bionics.
Major market participants are increasing focus on strategies including new product launch, partnership, merger and acquisitions to increase their share in the market. Players are also focusing on the research and development and clinical trials of new products to sustain the competition. Many organizations as well as research centers are taking more efforts to establish technologically APDS. For instance, earlier, Juvenile Diabetes Research Foundation (JDRF) launched the Artificial Pancreas Project to help patients of type 1 diabetes. Under this project, the company has developed commercially-viable artificial pancreas system, that may mimic the biological function of the pancreas.
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Grand View Research has segmented the global artificial pancreas device system market on the basis of device type and region:
Artificial Pancreas Device System Device Type Outlook (Revenue, USD Million, 2013 – 2024)
- Threshold suspended device system
- CTR System
- CTT System
Artificial Pancreas Device System Regional Outlook (Revenue, USD Million, 2013 – 2024)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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