An artificial pancreas is a machine that imitates a healthy pancreas' ability to control blood glucose levels. These tools precisely determine the amount of insulin to be administered via an insulin infusion pump utilizing a computer-controlled algorithm. With little to no involvement from the patient, advanced products can supply bi-hormones to prevent an excessive drop in blood sugar and nearly resemble the functioning and operation of a healthy pancreas.
The market value of artificial pancreas in 2021 was USD 299.01 million and will reach USD 624.64 million by 2030, growing at an 8.53% CAGR.
The increased prevalence of diabetes, intense R&D efforts by industry players, and expanding need for automated glycemic control systems are the factors driving the worldwide artificial pancreas market expansion.
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Increasing technology integration will drive the artificial pancreas market. Growing technological integration in the industry will accelerate market expansion. The manufacturers have turned their attention exclusively to cutting-edge technologies as a result of the growing demand for an Artificial Pancreas Device System (APDS) that can replicate the function of a healthy pancreas. The proper operation of APDS necessitates the integration of sensors, software, and related algorithms. For instance, SmartGuard Technology is integrated into Medtronic's MiniMed 530G system, which aids in providing sufficient glucose control.
The primary reasons that are severely impeding the growth rate of this market are the greater cost involved with the total installation process of the equipment and the unfavorable reimbursement regulations. The artificial pancreas system's total installation cost is in the USD 7000–8000 range.
On the basis of type, the artificial pancreas market is segment into control to the target system; threshold suspended devices system, control to range system, and non-threshold suspended devices system.
With a market share of 71.58% in 2020, Threshold Suspended Device System held the highest share of the market. When the patient fails to react to the threshold suspend alarm, this gadget can act automatically and proactively. The Control to Target System (CTT) system is the fastest-growing market sector and will increase at a CAGR of 37.75% over the course of the forecast period.
On the basis of end-user, the market is segment into homecare, hospitals, ambulatory surgical centers, clinics, and others.
The hospital segment ruled the entire market. Because of this, it has some of the best-planned networks for meeting the needs of the population's healthcare. The American Diabetes Association estimates that the entire cost of diabetes diagnoses in 2017 was around USD 327 billion (USD 237 Billion in direct medical costs and USD 90 Billion in productivity).
The artificial pancreas market worldwide is dominate by North America. The region's adoption rates of the artificial pancreas are anticipate to increase due to the rising prevalence of diabetes. The National Diabetes Statistics Report 2020 from the Centers for Disease Control and Prevention (CDC) estimates that 34.2 million Americans of all ages had diabetes in 2018. The prevalence of adult-onset diabetes rose with age, reaching 26.8% among individuals 65 and older.
The market value of artificial pancreas in 2021 was USD 299.01 million and will reach USD 624.64 million by 2030, growing at an 8.53% CAGR. The expanding elderly population, favorable rules and guidelines, and the rising global burden of diabetes will provide significant growth prospects.
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