Artificial Pancreas Device System Market Increasing Medical Tourism in Emerging Nations

According to The Insight Partners market research study titled ‘Artificial Pancreas Device Systems Market to 2025 - Global Analysis and Forecasts by Type and Geography. 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 market is estimated to grow with a CAGR of 20.9% from 2018- 2025. 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 deterrents to its growth.

North America holds the largest geographic market and it is expected to be the first highest revenue contributor throughout the forecast period. North America market is driven by the factors such as demand for artificial pancreas device systems in the region is anticipated to increase during the forecast years owing to factors such as increase in the number of patients with diabetes and rising demand for artificial pancreas device systems in the region.

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Artificial Pancreas Device System Market: Competition Landscape & Key Developments

Key market players of Artificial pancreas device systems market are Defymed, TypeZero Technologies, Inc., Insulet Corporation, Bigfoot Biomedical, Inc., Medtronic, Dexcom, Inc., Admetsys, Beta Bionics, Cellnovo, and Tandem Diabetes Care, Inc. among others.

The market players are indulged into bringing new products to the market to keep to the pace of the competitive market nature. For instance, 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.

The market is likely to witness a rapid growth owing to factors such as growing prevalence of diabetes, developments by major players, and rise in demand for computerized systems for glycemic control. Additionally, the market is also likely to be accelerated by new product launches by market players that are presently in the pipeline. However, availability of alternatives for artificial pancreas device systems and high cost associated with these systems are expected to hinder the market growth in the coming years.

Growing Prevalence of Diabetes

Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.

Increasing Medical Tourism in Emerging Nations

The emerging markets in the developing economies are expected to be the crucial factor offering better and lucrative growth opportunities for the major players to expand their business and geographic reach. The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of the advanced treatment in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades. In India the diabetes treatment has become so popular and common that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country.

Artificial Pancreas Device System Market: Segmental Overview

The global artificial pancreas device systems market by product was segmented into control to range, control to target and threshold suspended device systems. The market by the type was led by threshold suspended device systems. In 2017, the threshold suspended device systems held a largest market share of 71.5% of the artificial pancreas device systems market, by type. The threshold suspended device systems segment is expected to dominate the market in 2025 owing to the advantages offered by the systems.

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