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Artificial Pancreas Device System Market Analysis

The Artificial Pancreas Device System market studied is expected to grow with an anticipated CAGR of 18.2%, during the forecast period.

The COVID-19 pandemic negatively affected the treatment and diagnostics procedures other than COVID-19 which had a significant impact on the studied market as it not only affected diagnostic and treatment procedures but also research and development activities in the area. For instance, In June 2020, The World Health Organization survey, which was completed by 155 countries over a 3-week period in May, stated that treatment and diagnosis for chronic diseases like diabetes were affected by COVID-19. It also stated that 49% of the countries surveyed had partially or completely disrupted services for treatment for diabetes and diabetes-related complications. Therefore, COVID-19 had an adverse impact on the studied market.

In addition, the increasing prevalence of diabetes, technological advancements, increasing research and development activities by key players, and increasing demand for automated systems for glycemic control are actively affecting the growth of the studied market.

As per the International Diabetes Federation, Diabetes Atlas 10th edition, 2021 report, the number of adults (20-79 years) with diabetes was 536.6 million in 2021 and it is predicted to reach 783.2 million by 2045. The prevalence of diabetes worldwide was 10.5% in 2021 and is projected to be 12.2% in 2045. As per the same report, the number of prevalent cases of type 1 diabetes in children and adolescents (0-19 years) was 1,211,900, and the number of new cases in the same age group was 149,500 in 2021. Thus, considering the mentioned facts and key drivers, the artificial pancreas device system market is anticipated to propel over the forecast period. As the artificial pancreas is mainly used to help people with type 1 diabetes. The high burden of diabetes is expected to augment the studied market.

Additionally, the advancements in technology and increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth. For instance, in September 2020, the MiniMed 770G hybrid closed loop system from Medtronic plc was approved by the United States Food and Drug Administration (FDA). The MiniMed 670G system, offers modern SmartGuard technology, with the advantages of smartphone connectivity and a broader age indication down to the age of two. These developments are likely to augment the market growth.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. however, the high cost of the device systems and safety concern is likely to impede the market growth.

Artificial Pancreas Device System Market Trends

This section covers the major market trends shaping the Artificial Pancreas Device System Market according to our research experts:

The Threshold Suspended Device System is Expected to Witness Growth Over the Forecast Period

Artificial Pancreas Device System Industry Segmentation

As per the scope of the report, an artificial pancreas device system is a medical device that links a glucose monitor to an insulin infusion pump where the pump automatically takes action (using a control algorithm) based on the glucose monitor reading. The Artificial Pancreas Device System (APDS) market is segmented by Device type (Threshold Suspended Device System, Control to Range (CTR) System, and Control to Target(CTT) System), End User (Hospitals and Clinics and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.