Artificial Pancreas Device System Market Potential Growth Forecast Till 2024 Research Report
Posted: Jul 20, 2017
Artificial Pancreas Device System Market size should witness significant growth due to increasing number of people suffering from type 1 diabetes. Technological advancements in artificial pancreas device including continuous glucose monitoring will fuel business growth in the coming years.
Growth of home healthcare sector along with increasing demand for insulin self-management by diabetic patients will fuel artificial pancreas device system market size. According to American Diabetes Association 2017 report, about 1.25 million people in America have type 1 diabetes with around 40,000 newly diagnosed cases every year. The device assists in achieving glycemic control therefore increasing the product demand. Several government initiatives are undertaken for advancement in artificial pancreas device system by providing guidelines and safety standards for the device and encouraging discussions between government and private researchers for device innovation and advancement will favor artificial pancreas device system market growth.
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Based on the device type, the industry can be segmented into control to range (CTR) system, threshold suspended device system and control to target (CTT) system. CTR and CTT systems market is expected to witness significant growth during the forecast period owing to their ability to manage hypoglycemic as well as hyperglycemic glucose incidences. Moreover, complete automation of devices reduces patient intervention stimulating artificial pancreas device systems market growth.
U.S. will witness significant growth over the forecast period due to increasing number of people suffering from type 1 diabetes. As per JDRF statistics, around 5 million people in the U.S. will suffer from type 1 diabetes till 2050. Presence of organizations such as JDRF that provides funding for type 1 diabetes research and treatment along with rapid adoption of latest technology in the U.S. will drive the U.S. artificial pancreas device system over the forecast period.
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Large patient pool in UK will increase the product demand. According to the National Institute for Health Research, UK, out of the total diabetic population, around 10-15% suffer from type 1 diabetes. The increasing healthcare spending by government will further stimulate business growth. National Health Service spends around USD 1.1 billion on type 1 diabetes treatment.
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High prevalence of diabetes along with large population base susceptible to suffer from diabetes will act as primary driver for China artificial pancreas device system market growth. As per the WHO data, around four out of five young children are susceptible to suffer from diabetes in China. The increasing per capita healthcare expenditure and development of healthcare system of the country will positively affect market growth.
South Africa artificial pancreas device system market will expand at lucrative growth rate in coming years due to rising incidences of diabetes and increasing awareness about advanced treatment methods. According to the International Diabetes Federation, around 2.28 million people in South Africa suffered from diabetes in 2015 and expected to double by 2040. The Society for Endocrinology, Metabolism and Diabetes along with South African government takes numerous efforts to reduce diabetes prevalence and create awareness about diabetes treatment advancements.
Some of the industry players include, Johnson & Johnson, Pancreum, Beta Bionics, Medtronic, Tandem Diabetes Care, Bigfoot Biomedical and TypeZero Technologies. Partnerships, strategic alliances with research organizations to develop new innovative advanced products are major strategies followed by industry players for consolidating their market position. For instance, FDA approved Medtronic's MINIMED 670G System in September 2016 and launched in June 2017. MINIMED 670G is hybrid closed loop system, an advancement to current artificial pancreas devices. It upgrades diabetes management by enabling continuous glucose monitoring along with customized insulin dosage.
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