The Artificial Pancreas Device System Market is anticipated to expand due to factors such as the rising prevalence of diabetes, the industry’s members’ intense R&D activities, and the increasing acceptance of automated systems for glycemic control. Artificial pancreas device systems (APDS) are used to manage blood glucose levels in diabetic patients, and several studies are being carried out by industry participants to improve diabetes care. Because they are so much less invasive, patients regularly employ these devices. The rising prevalence of diabetes, obesity, and the ageing population are all driving up demand for artificial pancreas device systems.
During the projection period, it is expected that the market for artificial pancreas device systems would expand quickly with a CAGR of 18.2%. FMI describes the historical and current state of the global Artificial Pancreas Device System Market in terms of production, consumption, volume, and value in its upcoming business report. According to demand trends and growth potential, the study analyses the market by breaking it down into several categories, geographic areas, and competitors.
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The Artificial Pancreas Device System market report contains vital data and forecast statistics that will give both established and up-and-coming market players the knowledge they need to create long-term plans and ensure business continuity in the face of crises like the ongoing COVID-19 pandemic.
Doctors are delaying or postponing elective surgery unless absolutely necessary to stop the virus from spreading to those with comorbidities or chronic disorders by adhering to government regulations, including social distance rules and stay-at-home directives. Movement restrictions and supply chain interruptions have also made it difficult for market participants to operate, which has resulted in significant product shortages on the international market.
Key Takeaways Artificial Pancreas Device System Market
The artificial pancreas device system (APDS) market refers to the market for devices designed to automate and optimize insulin delivery for individuals with diabetes. Here are some key takeaways regarding the APDS market:
- Definition and Function: An artificial pancreas device system is a closed-loop system that combines an insulin pump, continuous glucose monitor (CGM), and a control algorithm to automatically adjust insulin delivery based on real-time glucose monitoring. Its goal is to mimic the function of a healthy pancreas by maintaining glucose levels within a target range.
- Market Growth: The APDS market has been experiencing significant growth in recent years. Factors such as the increasing prevalence of diabetes, advancements in technology, and the demand for better diabetes management solutions have contributed to the market’s expansion.
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- Diabetes Prevalence: The rising prevalence of diabetes worldwide is a major driving force behind the growth of the APDS market. According to the International Diabetes Federation (IDF), approximately 463 million adults aged 20-79 had diabetes in 2019, and this number is projected to rise to 700 million by 2045.
- Improved Glucose Control: APDS offers improved glucose control compared to traditional diabetes management methods. By continuously monitoring glucose levels and adjusting insulin delivery in real-time, APDS can help prevent hypoglycemia (low blood sugar) and hyperglycemia (high blood sugar) episodes, leading to better overall diabetes management.
- Regulatory Approvals: Various APDS products have received regulatory approvals in different regions. For example, the U.S. Food and Drug Administration (FDA) approved the first hybrid closed-loop system in 2016, and subsequent systems have also gained approval. In Europe, the CE mark has been granted to several APDS devices.
Artificial Pancreas Device System Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Artificial Pancreas Device System market. Competitive information detailed in the Artificial Pancreas Device System market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Artificial Pancreas Device System market report.
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Key players covered in the report include:
Pancreum, LLC, Medtronic, Inc. and JDRF, Johnson & Johnson, Beta Bionics, Inc., Tandem Diabetes Care and others.
Important Questions Answered in the Artificial Pancreas Device System Market Report
Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Artificial Pancreas Device System market been expanding during the forecast period?
- How will the global Artificial Pancreas Device System market look like by the end of the forecast period?
- What innovative strategies are adopted by Artificial Pancreas Device System market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Artificial Pancreas Device System market?
Artificial Pancreas Device System Market: Segmentation
Valuable information covered in the FMI’s Artificial Pancreas Device System market report has been segregated into key segments and sub-segments.
By Device Type:
- Threshold Suspended Device System
- Control to Range (CTR) System
- Control to Target (CTT) System
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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