The global artificial pancreas device system market is anticipated to reach USD 390.4 million by 2024, according to a new report by Grand View Research, Inc. Increasing prevalence of diabetes, intensive R&D efforts by industry players, and rising demand for automated systems for glycemic control are the key factors that are driving the market growth.
Regulatory bodies such as FDA are continuously approving new and innovative products which is increasing the reach of the companies in various market. For instance, in December 2016, OneTouch Vibe plus Insulin Pump by Animas received FDA approval and Health Canada License for the sale of the product. In January 2016, Animas received FDA approval for Animas Vibe Insulin Pump, the device to manage of diabetes in children and adolescents.
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Similarly, in June 2016, Tandem Diabetes Care cleared its FDA approval for remote software update tool for insulin pump. Also, in September 2016, the company received FDA approval for their product t:slim G4 Insulin Pump giving the diabetes community a powerful new tool to help simplify therapy management Such factors are contributing to the growth of the market.
Additionally, the prevalence of diabetes is increasing in low and middle-income counties owing to the sedentary lifestyle, genetic modification, obesity, lack of physical activity, and unhealthy diet. According to the data published by the International Diabetes Federation (IDF), in 2015 there were about 415 million people suffering from diabetes globally. Also, based on the information provided by the American Diabetes Association, in 2012, about 29.1 million Americans suffered from diabetes out of which 90% were of type2 and 1.25 million suffered from type 1 diabetes. Furthermore, the increasing dependency of type 2 diabetes on insulin is expected to create opportunities for the artificial pancreas devices market.
Further key findings from the study suggest:
- Control to Target (CTT) systems is anticipated to witness fastest growth during the forecast period as they are fully automated and require no intervention on the patient’s part for the administration of insulin or for the monitoring of glucose levels.
- Asia Pacific artificial pancreas device system market is expected to grow with the highest CAGR over the forecast period owing to the lifestyle, genetic modification, urbanization and aging population.
- Major players of the market include, Medtronic Plc, Bigfoot Biomedical, Johnson & Johnson, Tandem Diabetes Care, Inc., Pancreum, Inc., TypeZero Technologies, LLC, and Beta Bionics.
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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)
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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