Artificial Pancreas Device System Market Future Innovations, Growth Elements, and Recent Development by 2030
Artificial Pancreas Device System Market: Description
Human-made bio-artificial organs known as artificial organs are inserted into the body to assist or replace natural organs. Cochlear implants, artificial kidneys, pancreas, and hearts are examples of artificial organs. They are constructed from biocompatible substances like metals, ceramics, polymers, and biologics. Different technologies, including sensors, biomaterials, and cutting-edge delivery systems, are implanted in artificial pancreas. Additionally, artificial pancreas lets the patient live a quality life by performing the same functions as the natural pancreas.
The demand for artificial pancreas devices is influenced by its numerous benefits, including adaptability, simplicity, and accuracy. Additionally, it offers a number of advantages like helping to automatically modify insulin delivery, lowering high blood glucose levels, reducing the likelihood of low blood glucose, and monitoring the body's glucose levels. In the upcoming years, demand for Artificial Pancreas Device System will be driven by all of these advantages
Artificial Pancreas Device System Market: Overview
The global Artificial Pancreas Device System Market size stood at USD 171.04 Million in 2020 and is projected to reach USD 990.51 million by the end of 2030 exhibiting a CAGR of 19.2% over the forecast period of 2021 to 2030.
Artificial Pancreas Device System Market: Key Trends
The Threshold Suspended Device System Market is anticipated to rise over the forecast period.
A threshold-suspended device helps reverse the dangerous drop in blood glucose levels (hypoglycemia) by the temporary suspension of insulin delivery when the glucose level falls to a very low glucose threshold. They are often called ""low levels of glucose suspension systems."" The control of glucose in diabetic patients is essential to ensure a better health outcome. Thus, devices that are suspended at the threshold system play an essential part in controlling hypoglycemia.
The leading players are involved in the innovation and the launch of the artificial pancreas device system having novel threshold suspend features.
For instance, in June 2020, Tandem Diabetes Care, Inc. has received U.S. Food and Drug Administration (FDA) approval of an expanded indication for children of the t: slim X2 insulin pump that uses Control-IQ technology, which is available to children aged six and older. Control-IQ technology is designed for integration with a compatible continuous glucose monitor integrated into the system to automatically increase, decrease, and stop the delivery of basal insulin in accordance with iCGM readings and glucose predictions values.
Therefore, the benefits of these devices and the upcoming developments that are expected to be released, the market for the threshold suspended device systems is predicted to grow dramatically over the forecast period.
North America has been dominating the market and is anticipated to maintain its dominance over the forecast period
Based on the Centers for Disease Control and Prevention (CDC)’s National Diabetes Statistics report for 2020, an estimated 34.2 million people of all ages had diabetes in the United States in 2018. The proportion of adults with diabetes increased with age reaching 26.8% among people aged 65 years and above.
It has also been estimated that close to 88 million American adults suffered from prediabetes in 2018. According to the Bureau of Population Reference's Bulletin ""Ageing in the United States,"" the number of Americans who are 65 and older is expected to nearly double from just 52 million in 2018 to 95 million by 2060.
With the growing rate of diabetes and the increase in the geriatric population and technological advancements, North America is expected to be a significant driver for the artificial pancreas device market during the forecast period.
Artificial Pancreas Device System Market: Segmentation Analysis
Top Key Players
- Johnson & Johnson
- Beta Bionics
- Bigfoot Biomedical
- Admetsys (pipeline product analysis)
- Animas Corporation
- Semma Therapeutics
- Tandem Diabetes Care
- TypeZero Technologies
- Pancreum, Inc.
- Hoffeman-La Roche Ltd
- Inreda Diabetic B.V.
- Roche Holding AG
- Medtrum Technologies Inc.
- DreaMed Diabetes Ltd
Artificial Pancreas Device System Market based on device type
- Threshold suspend device systems
- Control- to-Range systems (CTR)
- Control-to- Target systems (CTT)
Artificial Pancreas Device System Market based on treatment type
- Insulin Only
Artificial Pancreas Device System Market based on end-user
- Medical Centers
Frequently Asked Questions About This Report
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