Market reports connected with the healthcare industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The Artificial Pancreas Device System Market is projected to attain USD 341.08 million while progressing at a 21.10% CAGR in the period of the forecast.
The prevalence of diseases like diabetes is motivating the growth of the market for artificial pancreas device system. The market draws considerable benefits from the increased investment being directed into the market to improve the product’s efficiency and efficacy. The device systems are a key step towards the treatment of ailments arising from the faulty function of the pancreas.
Thus, their advantages are crucial to the expansion of the market. The escalated level of innovations being bought about in the products is a direct result of the aptitude of the inventors and skilled professionals in the market. The continually rising expenditure on healthcare is projected to boost the market for artificial pancreas device system. Moreover, the rise in the geriatric population globally is expected to increase possibilities of growth for the market in the upcoming forecast period.
Artificial Pancreas Device System Market – Companies Covered
The contenders in the artificial pancreas device system market are Medtronic Plc, Bigfoot Biomedical, Johnson & Johnson, Dexcom Inc., Cellnovo, Tandem Diabetes Care Inc., Pancreum Inc., TypeZero Technologies LLC, Beta Bionics, F. Hoffmann-La Roche Ltd, Inreda Diabetic B.V. and Insulet Corp to name a few.
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Artificial Pancreas Device System Market – Segmental Analysis
The segmentation of the Artificial Pancreas Device System Market is carried out on the basis of type, end-user, and region. On the basis of type, the market is divided into CTT (Control to Target) Systems and CTR (Control to Range) Systems. The end users that are included in the artificial pancreas device system market are hospitals and medical centers. On the basis of Region, the artificial pancreas device system market encompasses regions such as North America, the Middle East, South America, Europe, Asia Pacific, and Africa.
Industry Updates:
January 2019 a project between experts from the Harvard John A Paulson School of Engineering and Applied Science, the Sansum Diabetes Research Institute, and the Icahn School of Medicine at Mount Sinai are taking artificial pancreas technology to the next level as they are planning to develop artificial pancreas for pregnant women with type 1 diabetes. Funding for the same has been granted by the National Institutes of Health.
In November 2018, Diabeloop, a French MedTech company received CE marking regulatory approval for its artificial pancreas system, DBLG1 for adults with type 1 diabetes.
Artificial Pancreas Device System Market – Detailed Regional Analysis
The regional analysis of the artificial pancreas device system market covers regions such as North America, the Middle East, South America, Europe, Asia Pacific, and Africa. As per the analysis, the North American region is growing effectively due to the contribution of the US, which accounts for the largest market share owing to the promising compensation scenario in the nation and increased expenditure on healthcare. Moreover, the quick market adoption of innovative technology in the US is also a significant factor for the growth of the market for artificial pancreas device systems globally.
The European region is the demonstrating good growth due to the large level of disposable income and mounting awareness of the product offering of the market. The Asia Pacific region is anticipated to have the most latent for growth which is projected to be led by nations such as India and China. The Middle Eastern & African market is controlled by the Gulf countries chiefly such as Saudi Arabia and UAE. The underprivileged regions of the African region are expected to demonstrate slow progress owing to deprived economic conditions and reduced healthcare penetration.
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