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Artificial Pancreas Market is projected to grow at a significant CAGR of 16.1% during the forecast period, till 2029.
Key Drivers
The rising incidences of pancreatic cancer, pancreatitis and other chronic diseases is one of the key major factors fueling the growth of the artificial pancreas market. The growing demand for effective diabetes monitoring and minimally invasive (MI) drug delivery systems will strengthen the market growth. APDS has the ability to administer the glucose levels and doses of insulin throughout the day in confined amounts, which is likely to expand the market growth. The ongoing technological innovations, which include the development of software-based wireless systems integrated with automated controls, are fueling the market size. Moreover, various regulatory bodies and governments across several nations have increased their investment in research and development (R&D) to improve healthcare infrastructure across the globe, which will offer enormous opportunities to the market. For instance, the Food and Drug Association (US FDA) in the United States is approving an increasing number of new and innovative products, which is creating a positive outlook for the market in the country. Various research carries out by several leading industry players for better diabetes management have paved the way for market. For instance, Juvenile Diabetes Research Foundation (JDRF) introduced the Artificial Pancreas Project to assist patients of type 1 diabetes by establishing commercially viable artificial pancreas system, which would mimic the biological function of the pancreas.
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Hybrid device type is estimated to lead the market over the forecast period due to the ongoing technological innovations in insulin monitoring and delivery technology. On the other hand, Bi Hormonal product type is expected to hold a larger share over the upcoming years, because of the growing adoption among healthcare professionals and patients owing to its remarkable technological advanced properties.
Hospital segment is likely to lead the market over the forecast period owing to the expansion of diabetes care industry, rising incidences of diabetes disease and strong research & development activities. Moreover, the improved healthcare infrastructure and existence of trained doctors will further boost the demand of the Artificial Pancreas market over the coming years.
North America is projected to dominate the market over the upcoming years, owing to the strong private funding on healthcare infrastructure, and rising cases of diabetes. Furthermore, the existence of leading players, increasing treatment costs, technological innovations and ongoing product launches are also driving the regional market. Moreover, increasing investment in research and development from private and public organizations towards diabetes management is predicted to expand Artificial Pancreas Market size.
Key Developments
In 2019, Tandem Diabetes care received the FDA approval of one of its kind Insulin pump t slim X2 Insulin Pump to expand the roots in the Insulin Delivery Device market.
Abbott and Big Foot medical entered into a partnership to develop and promote the diabetes management systems, further advancing Abbott’s freestyle libra glucose sensing tech to strengthen their Insulin Delivery Segment in United States.
Market Segmentation:
Segmentation by Product Type
Insulin
Bi-Hormonal
Hybrid
Segmentation by End User Type
Hospitals
Clinics
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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