Artificial Pancreas Device System (APDS) Market Growth to register a CAGR of 14.1% to reach USD 405.3 Mn by 2027, Says Coherent Market Insights
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Global Artificial Pancreas Device System (APDS) Market- Insights
Insulin administration is a stressful job for the type 1 diabetes patients. Due to technological advancements in medical industry, insulin pens, pumps, and jet injectors have made the job easy for patients and saved them from unpleasant needles and syringes. Furthermore, various organizations such as Juvenile Diabetes Research Foundation (JDRF) have collaborated with key players in the market including, Johnson & Johnson, Medtronic, Inc., and Tandem Diabetes Care, Inc., etc. to develop innovative insulin and glucose monitoring devices.
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Artificial pancreas device system is another way of administration of insulin, which includes a sensor, insulin pump, transmitter, and a receiver. Medtronic, Inc. was the first company to launch an artificial pancreas device system (APDS) named MiniMed 530G, which was approved by the U.S. Food and Drug Administration (FDA). This threshold suspend device system enables temporary suspension of insulin delivery when the glucose level is lower than the threshold level.
Increasing approvals by regulatory authorities and increasing launch of novel artificial pancreas device systems (APDS) is expected to drive the market growth.
Increasing launch of novel products is expected to fuel growth of global artificial pancreas device system (APDS) market during the forecast period. For instance, in June 2017, Medtronic Plc. announced the launch of a new hybrid closed-loop system (near-artificial pancreas) for people with type 1 diabetes in the U.S. This newly launched hybrid closed-loop system consists of Medtronic’s MiniMed 670G insulin pump, fourth-generation sensors, and a control algorithm to determine basal insulin delivery.
Moreover, increasing approvals from regulatory authorities is expected drive the market growth. Medtronic’s MiniMed 670G device system received the U.S. FDA approval in 2016, which helps to maintain blood glucose levels within standard range by measuring them every five minutes and responding automatically by administering or withholding insulin.
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The global artificial pancreas device system (APDS) market size was valued at US$ 123.5 Mn in 2018, and is expected to witness a CAGR of 14.1% during the forecast period (2020 – 2027).
Increasing Strategic Partnerships and Collaborations Are Expected to Fuel the Global Artificial Pancreas Device System (APDS) Market Growth
Increasing collaborations and agreement among key players is expected to drive growth of global artificial pancreas device system market during the forecast period. For instance, in June 2018, Senseonics Holdings, Inc., and Beta Bionics, Inc., entered into a development agreement to integrate glucose data from the Eversense continuous glucose monitoring (CGM) system into the iLet Bionic Pancreas system.
Senseonics Holdings, Inc.’s Eversense CGM system is a long-lasting implantable CGM system that frequently measures interstitial fluid glucose levels and sends the readings to a smartphone application wirelessly. On the contrary, Beta Bionics’s, iLet Bionic Pancreas system is a dual-chamber and autonomous infusion pump that stimulates biological pancreas by automatically and autonomously adapting insulin and glucagon dosage to meet individual needs of a diabetes patient.
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Furthermore, increasing mergers and acquisition activities are expected to fuel the market growth. For instance, in 2015, Bigfoot Biomedical acquired Snap Insulin pump technology, which was approved by the U.S. FDA in 2015. In the same year, Bigfoot Biomedical entered into a development agreement with Dexcom to integrate Dexcom’s CGM with its artificial pancreas device system (APDS). Furthermore, Dexcom collaborated with many other market players such as Insulet Corporation, Animas Corporation, and International Diabetes Closed Loop, in which, these companies would incorporate Dexcom’s CGM in their artificial pancreas device system (APDS).
Such collaborations and partnership agreements are expected to accelerate the entry of new artificial pancreas device systems, and thus, expected to drive the global artificial pancreas device system (APDS) market growth.
Technical Failure and Side Effects of Artificial Pancreas Device Systems Are Expected Decrease Its Adoption and Restrain the Market Growth
Frequent technical failures in artificial pancreas device systems are expected to restrain growth of global artificial pancreas device systems (APDS) market during the forecast period. For instance, in May 2019, the U.S. Food and Drug Administration (FDA) issued a warning to Do-it-Yourself Artificial Pancreas Systems (DIY APS), after an accidental insulin overdose by a diabetes patient while using the DIY APS. Such technical failures may affect the adoption rate of DIY APS, which, in turn, might hamper growth of the market during the forecast period.
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Major players operating in the global artificial pancreas device system (APDS) market include Medtronic Plc., Medtrum Technologies Inc., Tandem Diabetes Care, Inc., Johnson & Johnson, Beta Bionics, Inc., Bigfoot Biomedical, Insulet Corporation, Pancreum, Inc., TypeZero Technologies, Inc., DreaMed Diabetes Ltd, and Inreda Diabetic BV.
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