Artificial Pancreas Market Estimated to Value at USD 360 Million by 2024 and Growing at 15.2% CAGR over 2023 :

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Artificial Pancreas Market.

Market Overview

Artificial pancreas is a medical device that mimics the glucose-regulating function of a healthy pancreas with little or no input from the patient. These devices use a computer-controlled algorithm which enables it to precisely calculate the amount of insulin needed to be delivered with the use of an insulin infusion pump. Advanced products can deliver bi-hormones in order to avoid an excessive drop in blood sugar and more closely mimic the working of the healthy pancreas.

According to a report published by Market Research Future (MRFR), the global artificial pancreas market is projected to reach a valuation of USD 360 million by the end of 2023, growing at a CAGR of 15.2% during the forecast period of 2017 to 2023.

Factors influencing the growth of the global artificial pancreas market are the changing food habits of consumers, sedentary lifestyle, the alarming prevalence of obesity, genetic modifications, among others. Additionally, the growing prevalence of diabetes and other chronic diseases across the globe is estimated to be a driver of the market, creating a rise in the demand for an artificial pancreas, consequently contributing to the market growth over the forecast period.

The extensive research and development towards impeded healthcare sectors to introduce advanced medical devices globally, along with a rise in the geriatric population, is also estimated to drive the market over the forecast period.

On the other hand, lack of skilled medical professionals, the risks concerning device failure, and low penetration of advanced technology, and proper healthcare facilities in underdeveloped nations are estimated to hinder the market growth through the forecast period.

Segmental Analysis

The global artificial pancreas market is segmented on the basis of type, treatment type, end users, and region.

Based on type, the artificial pancreas market has been segmented as threshold suspend device system, non-threshold suspend device system, control-to-target (CTT) system, and control-to-range (CTR) system.

Based on the treatment type, the market has been segmented as insulin only, bi-hormonal, and hybrid.

On the basis of the end users, the global artificial pancreas market is segmented as hospitals and clinics, research, and others.

Based on the region, the global market for artificial pancreas has been segmented into North America and South America, Europe, Asia Pacific, and the Middle East and Africa.

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Key players

Key players in the global artificial pancreas market are Medtronic, Johnson & Johnson, Beta Bionics, Bigfoot Biomedical, Admetsys (pipeline product analysis), Animas Corporation, Defymed, dexcom, Insulet, medtech, Medtronic, Semma Therapeutics, Tandem Diabetes Care, TypeZero Technologies, and others.

Regional Analysis

The Americas are leading the market share of the global artificial pancreas market, with North America being the largest region in the market.

In North America,the US has been accounted for the highest market share, owing to favorable reimbursement policies and high expenditure by the government on the healthcare sector. The rapid development of new technologies in the U.S. is also an important factor influencing the growth of the global market for artificial pancreas.

 Europe is the second largest region, and second-leading regional market for artificial pancreas, due to the high disposable income of consumers, and growing awareness about chronic diseases and treatment.

Asia Pacific region is expected to have the most potential for market growth, which is estimated to be led by emerging economies such as China and India.

The Middle East & African regional market is led by the Gulf nations, particularly Saudi Arabia and the UAE. The poor regions of Africa are expected to be a witness slow, gradual growth, due to the poor economic and political conditions and poor healthcare access to consumers.