A variety of variables drive the Artificial Pancreas market's growth and importance in healthcare. Global diabetes prevalence is a major factor. Continuous sensor, insulin pump, and control algorithm advancement improves artificial pancreas system precision and dependability. The addition of advanced features like machine learning algorithms and connection choices makes devices more advanced and user-friendly, fueling market growth.
Patients' perspectives and a rising focus on improving diabetes patients' quality of life affect the Artificial Pancreas market. Artificial pancreas technologies simplify diabetes care by automating glucose monitoring and insulin dosage. This patient-centered approach follows the healthcare trend toward tailored and easy solutions.
Competition and important industry players affect the Artificial Pancreas market. Research and development, strategic partnerships, and new features affect market dynamics. The competitive landscape promotes technological developments and the development of varied artificial pancreas choices for diabetics.
Regulatory activities and approvals are important in the Artificial Pancreas industry. Healthcare professionals and diabetics may trust artificial pancreas systems after regulatory approvals. Artificial pancreas devices are widely used in diabetic therapy due to regulatory backing.
Wearable technology is affecting the Artificial Pancreas market. Smartphones and smartwatches can be used with artificial pancreas systems for real-time monitoring and improved user experience. This trend supports consumer demand for linked health technology and advances the market.
Artificial Pancreas market growth is driven by healthcare costs and diabetes' economic impact. Artificial pancreas devices can minimize diabetes related healthcare expenses by automating and streamlining diabetic treatment. Artificial pancreas devices are appealing to healthcare providers and payers because to their cost effectiveness.
Globalization of healthcare and standardization of diabetes care boost the market. Standardized diabetes management methods and treatment standards are needed as healthcare systems grow increasingly integrated. Artificial pancreas devices provide a standardized insulin administration and glucose management method to meet this demand.
Advanced and hybrid closed loop system research drives the Artificial Pancreas market. Artificial pancreas technologies evolve as these systems are improved for usefulness, dependability, and flexibility. Market advances from research led to more effective and user-friendly technologies.
Report Attribute/Metric | Details |
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Growth Rate | Â Â 18.75% |
The Artificial Pancreas Market is projected to reach USD 463.00 million by 2030 at 18.75% CAGR during the forecast period 2022-2030.Artificial pancreas are devices that mimics the glucose regulating function of healthy pancreas. These devices use computer-controlled algorithm so as to precisely calculate the amount of insulin to be delivered by using an insulin infusion pump. Advanced products can deliver bi-hormones so as to avoid excessive fall in blood sugar and more closely mimic the working of healthy pancreas with little or no input from the patient.
A glucose monitor and an insulin infusion pump are connected by a medical device known as an artificial pancreas device system, which causes the pump to function automatically (using a control algorithm) in response to the glucose monitor reading. The drivers driving the market growth are the intense R&D activities by industry participants, increased prevalence of diabetes, and expanding demand for automated systems for glycemic management. Patients with diabetes are monitored for blood glucose levels using artificial pancreas device systems (APDS), and industry participants are conducting several studies to improve diabetes treatment. Since these devices are less invasive, a larger portion of the patient uses them. The rising senior population, rising obesity prevalence and rising diabetes incidence are mostly to blame for the market's expansion.
Several other factors are also actively influencing the development of the analyzed market, including the rising prevalence of diabetes, technical improvements, an increase in key players' R&D efforts, and rising demand for automated glycemic control systems. As a result, given the data and major driving forces, the artificial pancreas device system industry is estimated to soar over the projected time. Since type 1 diabetics benefit most from artificial pancreas use. Devices known as artificial pancreas imitate the healthy pancreas' ability to regulate blood sugar. These instruments use computer-controlled algorithms to accurately determine how much insulin needs to be administered via an insulin infusion pump. Advanced solutions can provide bi-hormones to prevent a sharp drop in blood sugar levels and more accurately replicate the actions of healthy hormones. The increased prevalence of diabetes is anticipated to grow in the market under investigation. Technology developments, rising product approval rates, partnerships, and collaborations between important players, as well as other factors, all contribute to the market's expansion.
News:An artificial pancreas created at the Medical School of Virginia Center for Diabetic Technology helps type 1 diabetic children between the ages of 2 and 6 better control their blood sugar levels. The esteemed New England Journal of Medicine has just published the specifics of the clinical trial and its findings. Comparing those in the control group who continued to rely on the methods they had been using to control their blood sugar, trial participants utilizing the artificial pancreas worked about three more hours per day in the desired glucose range. Tandem Diabetes Care developed the Control-IQ system, a diabetes care tool that constantly monitors and controls blood glucose.
Key players of Artificial Pancreas Market:
Key players profiled in the Artificial Pancreas Market report 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.
Intended Audience
Segments:
The artificial pancreas market is segmented on the basis of type and end users. Based on type, the market has been segmented as threshold suspend device system, non-threshold suspend device system, control-to-range (CTR) system, and control-to-target (CTT) system. Based on the treatment type, the market has been segmented as insulin only, bi-hormonal, and hybrid. Based on the end users, the market has been segmented as hospitals and clinics, research, and others.
News:The 780G automated insulin administration system from Medtronic Minimed with the Guardian 4 sensor has received approval from the US Food and Drug Administration. The most recent "artificial pancreas" device has been authorized for type 1 diabetics aged 7 and older. On May 15, 2023, Medtronic will start accepting preorders for the 780G.
Figure 1Â Global Artificial Pancreas Market by End Users, 2016 (% Market Share)
Regional analysis
US accounts for the maximum market share due to favorable reimbursement scenario and greater expenditure on healthcare. The faster market uptake of new technology in the US is also an important driver of the market for global artificial pancreas. Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most potential which is estimated to be led by China and India. The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa are expected to be a laggard due to poor economic and political conditions and poor healthcare penetration.
Study objectives:
Research methodology The report for Artificial Pancreas Market by Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of the current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The artificial pancreas market report also gives a broad study of the different market segments and regions.
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