North America and Europe Artificial Pancreas Systems Market Is Anticipated to Grow at A Robust CAGR Of 12.6% By the Year 2026
Growing number of diabetics in the US, Canada and European countries has been compelling hospitals to keep artificial pancreas systems in stock. Government-funded organisations in North America and Europe are collaborating with local as well as global medical device manufacturers to meet the rising demand for artificial pancreas systems. A latest report published by Future Market Insights reveals that the value of North America and Europe artificial pancreas systems market reached US$ 86.5 Mn by the end of 2016. The report also predicts that people suffering from diabetes in these regions will keep opting for artificial pancreas systems in order to control their blood sugar levels externally.
Lifestyle of residents in Europe and North America is triggering the incidence of diabetes (type 1 as well as type 2) in these regions. Substantial rise in diabetic patients compels doctors, pathologists and endocrinologists to treat patients’ malfunctioning pancreas superficially. The rate at which a physiological pancreas get replaced with a substitute (artificial pancreas system) will keep gaining momentum in this region. By the end of 2026, more than US$ 280 Mn worth of artificial pancreas systems will be sold in North America and Europe, registering a revenue growth at 12.6% CAGR.
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Almost every artificial pancreas system sold in these regions will treat patients suffering from type 1 diabetes. In US, the occurrence of diabetes mellitus type 1 is expected to surge beyond control. The US artificial pancreas systems market is presently valued at just over US$ 40 Mn, and will account for over two-third of North America’s artificial pancreas system revenues through 2026. Canada’s artificial pancreas system revenues, on the other hand, will surge rampantly at 13.8% CAGR.
Hospitals will remain the largest distribution channel for artificial pancreas systems across North America and Europe. Although, the report does highlight a noticeable presence of e-commerce websites in global distribution of medical devices as critical as artificial pancreas systems. Among these regions, North America will remain dominant over Europe’s artificial pancreas system market. Likewise, the demand for artificial pancreas systems will be fairly high in Western Europe, compared to Eastern Europe. Germany, France, the UK and Poland are leading European countries that are more likely to showcase revenue growth at over 11.5% CAGR.
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One of the largest company in North America & Europe’s artificial pancreas systems market has been identified as Illinois-based medical device manufacturer – Medtronic plc. With it, the UK-based Cellnovo is also being recognised as a prominent manufacturer of artificial pancreas systems. Other key players in the artificial pancreas systems market across North America and Europe include, Johnson & Johnson Services, Inc., Dexcom Inc., Insulet Corporation, and Tandem Diabetes Care Inc.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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