What is artificial pancreas and how it is impacting the global healthcare market
The global artificial pancreas market was worth $299.01 million in 2021. It is expected to reach $624.64 million by 2030, a CAGR of 8.53% over the forecasted period of 2021-2030.
The Artificial Pancreas, also known as the ‘Closed-Loop Control System,’ is an ‘All-In-One’ diabetes management system that efficiently tracks blood glucose levels using a continuous glucose monitor (CGM) and automatically delivers the hormone insulin when needed via an insulin pump. The closed-loop artificial pancreas is made up of an insulin pump that is worn externally and communicates wirelessly with the CGM. Pancreatitis (pancreatic inflammation) is one of the leading causes of global mortality increases.
According to WHO, acute and severe pancreatitis caused nearly (10-30%) of all deaths worldwide in 2019. However, significant technological advancements in the artificial pancreas have the capability to enhance the lives of people with diabetes.
Key industry drivers
The increased prevalence of diabetic individuals globally is the key driver of this market’s overall growth rate. Diabetes killed 1.5 million people worldwide in 2019, according to the WHO, and it seriously afflicted 463 million people. It is anticipated to reach 700 million by 2045.
An increase in demand for the APDS, or Artificial Pancreas Device System industry, is effectively boosting the total market growth rate. APDS is expanding, with a 20.27% total growth rate.
The approval and launch of such unique devices are likely to offer a profitable environment for the growth of the worldwide artificial pancreas device system (APDS) market throughout the forecast period.
Restraints
The higher costs associated with the overall installation process of the equipment, as well as unfavourable reimbursement policies, are the major factors obstructing the market’s growth rate. The total cost of installing the artificial pancreas system ranges between USD 7000 and USD 8000.
Segmentation analysis
The Threshold Suspended Device System segment accounted for the largest share of the total Artificial Pancreas market share.
Based on Type, the artificial pancreas market is segmented into threshold suspended device systems, CTR systems, and CTT systems.
Threshold Suspended Device System held the highest share of the market in terms of Type in 2020, with a total market share of 71.58%. In addition, when the patient fails to reply to the threshold suspend alarm, this device can act automatically and proactively. The Control to Target System (CTT) system, on the other hand, is the fastest-growing market category and is predicted to rise at a CAGR of 37.75% over the forecasted period.
The Hospital Market category recorded the greatest market share of the total Artificial Pancreas market by End-User.
The ‘Hospitals’ category led the total Artificial Pancreas market in terms of End-User. It has some of the best-planned networks for meeting the needs of the population’s healthcare. According to the American Diabetes Association, the overall cost of diagnosed diabetes in 2017 was around USD 327 billion.
Regionally, North America held a significant position in the Artificial Pancreas market.
On the basis of region, North America currently holds the greatest market share of more than 46% and is anticipated to keep leading in the years to come. The primary reason for its significance is its high level of healthcare facilities, as well as the advancement of different innovative technology throughout the healthcare sector. The key market players in this region play a significant role in market growth.
The Asia Pacific artificial pancreas device systems market will grow at a rapid pace. Increasing healthcare funding and government initiatives to raise diabetes awareness are important factors driving growth in this region.
Major players
- Medtronic Plc
- Dexcom
- Animas Corporation
- Johnson & Johnson Services Inc.
- Insulet Corporation
- F. Hoffmann-La Roche Ltd
- Beta Bionics Inc
- Tandem Diabetes Care Inc
- Vertex Pharmaceuticals Incorporated
- Teladoc Health Inc
- Other Players
Recent Development
- The FDA authorized the UVA-Developed Artificial Pancreas system, commonly known as Control-IQ, on January 2, 2020. It primarily manages and effectively monitors the Blood Glucose Levels of Type 1 diabetic patients.
- The Bigfoot Biomedical effort was approved by the FDA on May 7, 2021, in order to develop a pen-like insulin delivery device for all patients and persons who prefer injections over an insulin pump.
