Technological advancements in artificial pancreas device systems leading to novel treatment for diabetes is expected to accelerate the growth of artificial pancreas device systems market from 2018 to 2025.
The global artificial pancreas device systems market is expected to reach US$ 2,168.1 Mn in 2025 from US$ 481.8 Mn in 2017. The report highlights the trends prevalent in the global artificial pancreas device systems market and the factors driving the market along with those that act as restraints to its growth. The global artificial pancreas device systems market is witnessing a sheer rise in the current scenario and is expected to expand in the coming years. Driving factors such as growing prevalence of diabetes, developments by major players, and rise in demand for computerized systems for glycemic control are expected to promote the growth of the global market. However, availability of alternatives for artificial pancreas device systems and high costs associated with these systems are likely to negatively affect the market growth creating challenges for market players in the future years to some extent.
The artificial pancreas device systems market is expected to grow in the coming near future due to the growth factor that is driving the market majorly is increase in the efforts made by the industry players. The different companies in the different regions are increasing their investments for the development of the research. Owing to the advantages of the artificial pancreas device system various companies are supporting their public and private research and academic institutes for the increasing the research activities for the artificial pancreas device system. Across the major players are developing new and advanced products for the artificial pancreas device, these developments are done after the research and developments done by the companies to encourage patients to live healthy life, for instance, in June, 2018, FDA approved the use of Medtronic’s hybrid closed-loop insulin pump system to include patients of the age group, 7 to 13 with Type 1 diabetes and approved the Eversense continuous glucose monitoring system for patients 18 and older. The Eversense device is the first FDA-approved CGM system to include a fully implantable sensor to detect glucose, which can be worn for almost 90 days. Moreover, in February, 2018, Medtronic received the U.S. Food and Drug Administration (FDA) approval for new arm indication for the Guardian Sensor 3. The latest indication enables patients to wear the sensor on the upper arm, which delivers more flexible and enhanced performance for users, and improved accuracy to be used with the MiniMed 670G system. Additionally, in July, 2016, Tandem Diabetes Care and TypeZero Technologies entered into an agreement for the launch of TypeZero’s artificial pancreas (AP) tech and Tandem’s t:slim Insulin Pump. This agreement is an important step for bringing closed-loop artificial pancreas system to the diabetes community.
Furthermore, the artificial pancreas device systems market research and developments are done for the companies operating for artificial pancreas, for instance, in June 2015, Medtronic which was dedicated in advancing artificial pancreas research and development for decades. They announced the first patient which enrolled in the newest clinical trial for the artificial pancreas, a study of the Hybrid Closed Loop (HCL) system. It is the future step toward an artificial pancreas, this is the first pivotal trial of closed loop technology in the U.S. The major players operating in the artificial pancreas device systems market include The major players operating in the artificial pancreas device systems market include Defymed, TypeZero Technologies, Inc., Insulet Corporation, Bigfoot Biomedical, Inc., Medtronic, Dexcom, Inc., Admetsys, Beta Bionics, Cellnovo, and Tandem Diabetes Care, Inc. among others. The launch of novel and innovative solutions by market players also have led to striking new introductions in the market as a result of which the global artificial pancreas device systems market is likely to grow.
