Artificial Pancreas Device System Market Projected to rise USD 415.8 Million by 2028

Vantage Market Research

Feb 17, 2022

The Artificial Pancreas Device System Market is expected to rise USD 415.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.1% from 2022 to 2028. Increasing geriatric population and rising diabetic patients are factors that propelling the growth of Artificial Pancreas Device System Market in coming years. In addition, increased 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.

Key Findings:

  • Threshold suspended device system sub-segment of device type segment incorporated the substantial growth of Artificial Pancreas Device System Market in 2021. These devices help to reduce the severity by temporarily suspending insulin delivery when the glucose level falls, thus, increases the market demand.
  • Hospitals and clinics end user segment is accounted the steady growth of Artificial Pancreas Device System Market in 2021. This surge is mainly attributed because of use of innovative concept such as continuous, glycaemic, hands-free control. This innovative concept has provided advanced computer algorithms and digital communication technology to regulate/monitor the blood glucose levels.
  • The COVID-19 outbreak has affected various industries worldwide. Old age people and the people who are facing obesity, diabetes mellitus & hypertension kind of diseases were at high risk for hospitalization and death in COVID-19 patients.

The major players involved in the development of Artificial Pancreas Device System 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..

Increasing adoption of automated systems to monitor glucose levels is augmenting the growth of Artificial Pancreas Device System Market in the coming years. These devices provide various advantages such as flexibility, ease of use and accuracy, thus, influencing the Artificial Pancreas Device System 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.

Europe is accounted to dominate the growth of Artificial Pancreas Device System Market in 2021. 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.