Pune, INDIA., April 05, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Artificial Pancreas Device System Market Forecast to 2028 – by Type and Geography,” the market is expected to grow from US$ 1190.23 million in 2022 to US$ 3585.75 million by 2028; it is estimated to grow at a CAGR 20.28% during 2022–2028. The report highlights the trends prevailing in the market, along with market drivers and deterrents. The key factors driving the market growth are the growing prevalence of diabetes, developments by major players, and a rise in demand for computerized systems for glycemic control.
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Global Artificial Pancreas Device System (APDS) Market Growth Drivers:
• Rising Prevalence of Diabetes: The global prevalence of diabetes is increasing, and this is driving the demand for advanced diabetes management solutions. APDS is a promising solution for managing diabetes, as it mimics the function of a healthy pancreas by automatically regulating blood glucose levels.
• Technological Advancements: Advancements in APDS technology have improved the safety, efficacy, and convenience of diabetes management. For example, the development of closed-loop APDS has enabled patients to achieve better glucose control, leading to improved health outcomes.
• Increasing Awareness and Adoption: As patients and healthcare professionals become more aware of the benefits of APDS, adoption rates are increasing. This is particularly true for patients who have difficulty managing their diabetes with traditional methods such as insulin injections.
• Reimbursement Support: Government and private insurance companies are increasingly providing reimbursement support for APDS, which is making it more accessible and affordable for patients.
• Growing Investment and Research: The APDS market is attracting significant investment, leading to increased research and development in the field. This is resulting in the development of new and innovative APDS products, which is expected to further drive market growth.
Overall, the APDS market is expected to continue to grow as the prevalence of diabetes increases and new and advanced APDS technologies become available. Additionally, increasing awareness and adoption, reimbursement support, and growing investment and research in the field are expected to further drive market growth.
North America accounted for a major share of the artificial pancreas device system market in 2017. The US holds the largest share of the market in this region, followed by Canada. The market growth in North America is attributed to the increasing number of FDA approvals and product launches, the presence of key market players and their expansion strategies, and the high prevalence of diabetes and extensive R&D in the field of type-1 diabetes. Per the American Diabetes Association, 25% of Americans of age 60 and above have diabetes. Thus, aging is one of the crucial factors associated with diabetes. According to the America Diabetes Federation, ~50 million people had diabetes in 2017 and the number is expected to reach 73 million by 2045. Owing to such high prevalence, diabetes ranks as a crucial area of research in the US, which is likely to favor the artificial pancreas device system market growth in the coming years. Moreover, the increasing product launch is favoring the market growth. For instance, the launch of the first product offering an artificial pancreas at a commercial scale is also expected to drive the North American market growth in the global competitive scenario.
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The Asia Pacific artificial pancreas device systems market is expected to witness exponential growth during the forecast period. Growing healthcare investments, increasing prevalence of diabetes and government initiatives to raise awareness about diabetes are the key factors contributing to the growth in this region. Further, as per the International Diabetes Federation, China and India account for the largest number of diabetes patients across the globe.
Based on type, the global artificial pancreas device system market is segmented into control to range, control to target, and threshold-suspended device systems. In 2022, the threshold-suspended device systems segment held the largest market share in the artificial pancreas device system market. Moreover, the same segment is further expected to register the highest CAGR throughout the forecast period 2022–2028.
Rise in Demand for Computerized Systems for Glycemic Control to Bolster Market Growth in Future:
Diabetes management technologies such as continuous subcutaneous insulin infusion (CSII) and continuous glucose monitoring (CGM) systems have improved in the last several years. Advancements in continuous glucose monitoring (CGM) have brought a paradigm change in the management of type 1 diabetes. These advancements have led to the introduction of automated insulin delivery, wherein an algorithm determines the insulin delivery rate in response to the CGM values. Moreover, many automated insulin delivery (AID) systems are in the phase of development. The FDA has approved a system that automates basal insulin delivery. As the field of AID matures, insulin delivery systems may incorporate additional hormones and multiple inputs in the future. All AID systems are impacted by CGM accuracy and future CGM devices must be shown to be sufficiently accurate to be safely incorporated into AID. Thus, a rise in the demand for automated and advanced systems for glycemic control is expected to boost the growth of the artificial pancreas device systems market during the forecast years.
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Global Artificial Pancreas Device System Market: Competitive Landscape and Key Developments
Defymed; Typezero Technologies, Inc; Insulet Corporation; Bigfoot Biomedical, Inc; Medtronic; Dexcom, Inc; Admetsys; Beta Bionics; Cellnovo; and Tandem Diabetes Care, Inc are among the key companies operating in the artificial pancreas device system market. Leading players are adopting strategies such as the launch of new products, expansion and diversification of their market presence, and acquisition of a new customer base for tapping new business opportunities.
In June 2018, Medtronic received FDA approval for the MiniMed 670G system to cure type 1 diabetes patients from the age group of 7–13 years.
In June 2018, Medtronic launched MiniMed 670G Performance Guarantee Program to deliver improved clinical outcomes.
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