The Artificial Pancreas Device System Market is expected to grow as a result of factors such the rising incidence of diabetes, the industry’s participants’ extensive R&D efforts, and the rising popularity of automated glycemic control systems. Blood glucose levels in diabetic patients are managed by artificial pancreas device systems (APDS), and various studies are being conducted by industry participants to enhance diabetes care. Patients frequently use these gadgets since they are so much less intrusive. The increase of obesity, diabetes, and ageing populations are all factors that are increasing demand for artificial pancreas device systems.
The market for artificial pancreas device systems is anticipated to grow rapidly with a CAGR of 18.2% over the projection period by 2032. In its upcoming business study, FMI analyses the historical and current performance of the global Artificial Pancreas Device System Market in terms of production, consumption, volume, and value. The study studies the market by segmenting it into various categories, geographical locations, and competitors based on demand trends and growth potential.
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In order to develop long-term plans and maintain company continuity in the face of crises like the continuing COVID-19 epidemic, both existing and emerging market players will benefit from the expertise contained in the Artificial Pancreas Device System market study, which is packed with critical data and forecast statistics.
To prevent the virus from spreading to people who have comorbidities or chronic conditions, doctors are delaying or postponing elective surgery unless it is absolutely required by abiding by government laws, including social distance rules and stay-at-home directions. The inability of market participants to operate as a result of movement restrictions and supply chain disruptions has led to substantial product shortages on the global 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.
- JDRF,
- Johnson & Johnson,
- Beta Bionics, Inc.,
- Tandem Diabetes Care
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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