WASHINGTON, Feb. 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the global Artificial Pancreas Device System Market finds that, increasing prevalence of diabetes is expediting market growth. The market growth is attributed to increasing population across the globe as well as lack of precise effective substitute. Total global Artificial Pancreas Device System Market is estimated to reach USD 415.8 Million by 2028.
The Market stood at a revenue of USD 95.6 Million in 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.1%.
Furthermore, rising demand for automated systems for glycemic control, as well as increasing funding in Research and Development (R&D) is projected to augment growth of the global Artificial Pancreas Device System Market, states Vantage Market Research, in a report, titled “Artificial Pancreas Device System Market by Device (Threshold Suspended Device System, CTR System, CTT System), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Artificial Pancreas Device System Market:
- Medtronic Plc.
- Medtrum Technologies Inc.
- Tandem Diabetes Care, Inc.
- Johnson & Johnson
- Beta Bionics, Inc.
- Bigfoot Biomedical
- Insulet Corporation
- Pancreum, Inc.
- Type Zero Technologies, Inc.
- Drea Med Diabetes Ltd
- Inreda Diabetic BV
Market Dynamics:
Rapidly Increasing Prevalence of Diabetes
According to International Diabetes Federation (IDF), in 2021, globally more than 537 million adults (20-79 years) are living with diabetes across the globe. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Mid and low-income countries are the worst affected, especially in Asia, Africa and Latin America. Nearly around 1 in 2 (240 million) adults are living with diabetes and are undiagnosed. In 2021, around 6.7 million deaths were due to diabetes. At least USD 966 billion dollars in health expenditure were spent on diabetes in 2021, in which 9% of total spending on adults. Additionally, globally more than 1.2 million children and adolescents (0-19 years) are living with T1D. Thus, owing to large base of diabetic population and increasing diabetes prevalence, the demand for Artificial Pancreas Device System (APDS) is likely to boost. Consequently, propelling the Artificial Pancreas Device System (APDS) market growth over the forecast period.
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Lack of precise effective substitute as well as increasing funding in Research and Development (R&D)
Globally, more than 10% of the total diabetic population is affected by Type 1 diabetes. People having Type 1 diabetes are needed to inject insulin on daily basis to control the blood sugar level and keep the symptoms in check. Currently, the global market lacks an effective and long-lasting alternative drug that can be used instead of insulin. However, T2D is can be well-managed in most of the patient through oral medication, but people with T1D have to use insulin as a primary choice. Thus, increasing the demand for Artificial Pancreas Device System (APDS) and further driving the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Artificial Pancreas Device System Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Dominates the Global Artificial Pancreas Device System Market
Europe has dominated the global Artificial Pancreas Device System (APDS) market in 2021 and is likely to continue the same trend during the forecast period. According to Beyond Type 1, a non-profit organization, Around 1.6 million Americans are suffering from Type 1 diabetes. Additionally, total 5 million people are projected to be diagnosed with Type 1 diabetes by 2050. Furthermore, presence of major players, along with increasing funding from government as well as key players is further propelling the market growth over the forecast period.
Asia Pacific is likely to witness fastest growth in the Artificial Pancreas Device System (APDS) market during the forecast period. The market growth in the region is attributed to factors such as, increasing demand for Artificial Pancreas Device System (APDS) in developing nations. Additionally, rising healthcare spending along with availability of large base of population is further propelling the market growth in the region.
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "Artificial Pancreas Device System Market by Device (Threshold Suspended Device System, CTR System, CTT System), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/artificial-pancreas-device-system-market-691603
Key Questions Answered In The Report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Artificial Pancreas Device System Market?
- How will the Artificial Pancreas Device System Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Artificial Pancreas Device System Market?
- What is the Artificial Pancreas Device System market drivers and restrictions?
- What will be the CAGR and size of the Artificial Pancreas Device System Market throughout the forecast period?
Recent Developments:
May 2019: U.S. Food and Drug Administration issued a warning to Do-it-Yourself Artificial Pancreas Systems (DIY APS), following 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 hinder growth of the market over the forecast period.
This market titled “Artificial Pancreas Device System Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 95.6 Million |
| Projected Market Size in 2028 | USD 415.8 Million |
| CAGR Growth Rate | CAGR of 13.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Device
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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