Artificial Pancreas Device System

Artificial Pancreas Device System Market is Expected to Grow with a CAGR of 13.1% from 2022 to 2028

  • Artificial Pancreas Device System Market

As stated by in our extensive report, providing insights on Type; theGlobalArtificial Pancreas Device System Marketaccounted forUSD 95.6 Million in 2021.

An artificial pancreas is a system that contain three parts which provide information about how a healthy pancreas controls blood glucose or blood sugar in human body. An artificial pancreas is majorly used to provide solutions to type 1 diabetes. There are multiple types of artificial pancreas systems such as, threshold suspend & predictive suspend systems, insulin-only systems and dual hormone systems. This system is majorly used to monitor blood glucose level, calculates the amount of insulin and delivers it.

Increased Research and Development (R&D) activities, new advancement in pancreas devices and major involvement of market players are fuelling the growth of Artificial Pancreas Device System Market during projected periods. In addition, increasing geriatric population and rising diabetic patients are some other factors that propelling the growth of Artificial Pancreas Device System Market in coming years.

Factors such as, rising demand for automated systems for glycemic control, as well as increasing funding in Research and Development (R&D) by multiple market players are projected to augment the growth of Artificial Pancreas Device System Market. For instance, Medtronic plc, an American-Irish registered medical device company, announced the commercial availability of its MiniMed Connect mobile accessory to the Android operating system for better and easy access to an insulin pump & continuous glucose monitoring data. Also, Bigfoot Biomedical, a medical technology startup, introduced its first clinical trial for the artificial pancreas.

Artificial pancreas device provides various advantages such as flexibility, ease of use and accuracy, thus, influencing the market demand. It also provides various benefits such as, helps to automatically adjust the delivery of insulin, reduce high blood glucose levels, minimize the incidence of low blood glucose and monitors glucose levels in the body. All these benefits are responsible for driving the Artificial Pancreas Device System Market demand in coming years. According to International Diabetes Federation (IDF), 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. Thus, availability of large base of diabetic population and increasing diabetes prevalence increases the demand for Artificial Pancreas Device System (APDS) in the market.

Europe has dominated the Global Artificial Pancreas Device System Market in 2021 and is likely to continue the same trend during the forecast period. This growth is mainly accounted due to the availability of large diabetic patient pool in this region. According to the Centers for Disease Control and Prevention (CDC), 34.2 million people of all ages had diabetes in United States, estimated in National Diabetes Statistics report, 2020. This surge is accountable for the growth of Artificial Pancreas Device System Market in this region.

Some of the prominent players operating in the Global Artificial Pancreas Device System MarketareMedtronic Plc., Medtrum Technologies Inc., Tandem Diabetes Care, Inc., Johnson & Johnson, Beta Bionics, Inc., Bigfoot Biomedical, Insulet Corporation, Pancreum, Inc., TypeZero Technologies, Inc., DreaMed Diabetes Ltd, and Inreda Diabetic BV..