Artificial pancreas is a device specially designed to release insulin according to the changes in the blood glucose levels. An artificial pancreas device monitors glucose level in the body, automatically adjusts the delivery of insulin to reduce high blood glucose levels and minimizes the incidence of low blood glucose.
The Global Artificial Pancreas market is primarily driven by the increasing incidences of diabetes patients, growing awareness among the patients about the disease, innovations and technological advancement in diabetes care devices, increasing patients’ disposable income and government insurance coverage. Furthermore, increasing the adoption of the artificial pancreas at hospitals, rising technological advancement and spending on healthcare facilities across the globe will drive the growth of the diabetes care devices over the forecast period.
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Hybrid device type is anticipated to lead the market during 2019-2026 due to the growing innovations and technological advancement in insulin monitoring and delivery technology. Bi Hormonal product type is projected to grow at a higher growth rate during the forecast period owing to the increasing adoption of Bi Hormonal artificial pancreas among healthcare professionals and patients due to its numerous remarkable benefits such as technologically advanced properties.
Hospital segment is expected to grow at the highest CAGR during the forecast period owing to the continuous advancements in the diabetes care industry, increasing prevalence rate of diabetes disease and the increasing research & development activities. Artificial Pancreas is a disruptive product in the field of diabetes care devices as it offers continuous monitoring of insulin in the blood and auto-delivery of insulin to reduce high blood glucose levels. Moreover, the improved healthcare infrastructure and the presence of skilled doctors will further boost the demand of the Artificial Pancreas market over the coming years.
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Players, such as Abbot Laboratories, Medtronic and Boston Scientific Corporation are hugely investing in the research & development activities. The companies are focusing on continuous product innovation in order to capture a higher market share in the Artificial Pancreas Market. For instance, more than 7 products are in the clinical pipeline phase for diabetes disease across the globe.
North America captured the largest market share in the Global Artificial Pancreas Market in 2018 owing to increasing government and private funding on healthcare infrastructure, rising diagnosis rate of diabetes and growing incidences of diabetic patients. Asia Pacific is expected to grow at a higher CAGR during the forecast years owing to the rising number of patients suffering from diabetes caused by the changing lifestyle, genetic drift or modification, growing urbanization, and aging factors. Over the forecast years, escalating incidences of diabetes disease are anticipated to sustain market growth. As per NCBI published article, Asia-Pacific countries contribute to approximately more than 60% to the global diabetic population, supporting the growth of the artificial pancreas market in the region during the forecast period.
Major key players in the Global Artificial pancreas market include Abbott Laboratories, Becton Dickinson and Company, Bayer Healthcare, Roche Holding AG, Medtronic plc, Dexcom Inc, Biotronik SE & GlaxoSmithKline, and others.
The global artificial pancreas market has been segmented based on product type, end-user and key geographies. Based on product type, the market comprises of insulin, bi-Hormonal and hybrid. The end-user segment includes clinics, hospitals and others and key geographical regions.
Our Other Related Reports:
Global Diabetes Care Devices Market by Product Type (Blood Glucose Monitoring Devices and Insulin Delivery Devices), by End User (Hospitals, Homecare Setting and Others) and by Geography – Opportunities & Forecast 2018-2025 – https://www.gmiresearch.com/report/global-diabetes-care-devices-market/
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