Artificial Pancreas Device System Market
Artificial Pancreas Device System Market - Global Industry Assessment & Forecast
- By Device Threshold Suspended Device System, CTR System, CTT System
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 95.6 Million|
|Revenue 2028:||USD 415.8 Million|
|Revenue CAGR (2022 - 2028):||13.1%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Europe|
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Global Artificial Pancreas Device System market is valued at USD 95.6 Million in 2021 and is projected to attain a value of USD 415.8 Million by 2028 at a CAGR of 13.1% during the forecast period, 2022–2028. The market is being driven by factors such as rising diabetes prevalence, intense R&D activities by industry players, and rising demand for automated glycemic control systems. The blood glucose level in diabetic patients is controlled by an artificial pancreas device system, and industry participants are doing several studies to improve diabetes treatment. Furthermore, automated glycemic control technologies include insulin pumps, artificial pancreas, and insulin pens, among other devices. The flexibility, correct dosing, automatic detection of glucose level, short and rapid-acting insulin, and ease of use are all factors driving up demand for these devices.
Artificial Pancreas Device System Market Size, 2021 To 2028 (USD Million)
Increasing Prevalence of Diabetes and Geriatric Population Globally
The industry's expansion will be fueled by the world's ageing and overweight population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. With increasing age, muscle strength and physical labor capacities deteriorate. The Artificial Pancreas Device System market will continue to grow as more medical devices are used to support and actuate body movement.
Technical Failure and Side Effects of Artificial Pancreas Device Systems
Following an unexpected insulin overdose by a diabetes patient while using the DIY APS in May 2019, the US Food and Drug Administration issued a warning to Do-it-Yourself Artificial Pancreas Systems (DIY APS). Such technological problems may have an impact on the DIY APS adoption rate, stifling market growth over the projection period.
The Global Artificial Pancreas Device System market is segmented by Device into Threshold suspended device system, CTR System and CTT System. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Asia Pacific is Expected to Experience a Rapid Growth
During the projected period, Asia Pacific is expected to grow at the fastest rate. Because of their lifestyle, genetic alteration, urbanisation, and ageing, this region has the largest number of diabetes sufferers. Diabetes incidences are predicted to rise throughout the forecast period, boosting market growth. According to a study published by NCBI, Asian countries account for more than 60% of the world's diabetes population, fueling the region's APDS market expansion. Furthermore, the market is likely to be boosted by industry players establishing their centres across the region.
Key players operating in the global Artificial Pancreas Device System market include Medtronic 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.
The Artificial Pancreas Device System market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Artificial Pancreas Device System Market is tabulated as follows:
Frequently Asked Question
The global Artificial Pancreas Device System valued at USD 95.6 Million in 2020 and is expected to reach USD 415.8 Million in 2028 growing at a CAGR of 13.1%.
The prominent players in the market are Medtronic 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..
The market is project to grow at a CAGR of 13.1% between 2021 and 2028.
The driving factors of the Artificial Pancreas Device System include
- Increasing Prevalence of Diabetes and Geriatric Population Globally
Europe was the leading regional segment of the Artificial Pancreas Device System in 2020.