Oct 27, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Artificial Pancreas Market.
It was estimated prior to this unanticipated outbreak that the Artificial Pancreas Market is expected to grow from USD 164.8 million in 2020 to USD 495.6 million by 2026 at a CAGR of over 20.1% during the forecast period. The artificial pancreas is a device that mimics the glucose regulating function of a healthy pancreas. These devices use a computer-controlled algorithm to precisely calculate the amount of insulin to be delivered by using an insulin infusion pump. Advanced products can deliver bi-hormones to avoid the excessive fall in blood sugar and more closely mimic the working and operation of a healthy pancreas with little or no input from the patient.
Rising incidences of diabetes, increasing demand for automated systems for glycemic control, and strong RD capabilities of market players are some of the key factors augmenting the market growth.
- Also, an artificial pancreas device system controls the blood glucose level in diabetic patients and industry participants are focusing on conducting various research for better diabetic management.
- Due to its flexibility, automatic detection of glucose level, accurate dosage, convenient usage, and short and rapid-acting insulin features, there is a surging demand for the product.
Based on Control type, the artificial pancreas market has been categorized into threshold suspended device system, CTR system, and CTT system. Among these, the threshold suspended device system segment garnered the highest market share of 2020 and is projected to grow at a robust CAGR during the forecast timeline. This device automatically acts when the patient is unable to respond to the threshold suspend alarm and stops insulin delivery when the value of sensor glucose reaches a low threshold.
Based on Region, the market in North America held the largest share of 2020 and is likely to register a steady CAGR during the review period.
- This is mainly attributed to increasing in the number of patients with diabetes, rising demand for artificial pancreas device systems in the region, presence of well-established companies, quick adoption of advanced technologies, strong healthcare expenditure, and extensive RD by major companies in North America contribute to the growth of the regional market.
Key players operating in the global Artificial Pancreas market are-
- Medtronic (Ireland),
- Bigfoot Biomedical (The U.S),
- Johnson Johnson (The U.S),
- Tandem Diabetes Care, Inc. (The U.S),
- Pancreum, Inc. (The U.S),
- TypeZero Technologies, LLC (The U.S),
- Beta Bionics (The U.S),
- Medtrum Technologies Inc (Germany),
- Insulet Corporation (The U.S), and
- DreaMed Diabetes Ltd (Israel).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Artificial Pancreas analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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