Growth opportunities in the artificial pancreas market look promising over the next six years. This is mainly due to the growing awareness among patients about the disease, increasing patients’ disposable income, and rising incidences of diabetes patients.
Artificial Pancreas Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting occurrence of diabetic patients, expanding disposable income and insurance coverage by the government, technological developments and innovations in diabetic care devices, and surging consciousness about the disease among patients are the factors accelerating the growth of the global pancreas market. Moreover, the increasing expenditure on healthcare facilities, the rising acquisition of artificial pancreas at hospitals, and the ongoing technological advancements throughout the world will further stimulate market growth.
Product Type Segment Drivers
Based on Product Type, the Hybrid device is expected to dominate the market over the forecast period primarily attributed to the increasing developments and continuous technological innovations in insulin monitoring and delivery technology. On the other hand, Bi Hormonal is anticipated to witness a faster CAGR during the forecast period owing to the growing adoption of Bi Hormonal artificial pancreas across patients and healthcare professions because of its exceptional benefits like advanced technological properties.
End User Type Segment Drivers
On the basis of End-user, Hospitals are predicted to expand at a higher CAGR during the forecast period. This is owing to the ongoing improvements in the diabetes care industry, the rising incidence rate of diabetes, and the escalating research & development activities. The artificial pancreas offers continuous monitoring and auto-delivery of insulin to lessen high blood glucose levels. Moreover, the enhanced healthcare infrastructure and prevalence of skilled doctors will further strengthen the Artificial Pancreas market’s demand.
Regional Drivers
Based on the regional coverage, North America is projected to dominate the market during the forecast period due to the increasing diabetes diagnosis rate, growing private and government funding towards healthcare expenditure, and strong presence of diabetic patients. On the other edge, Asia Pacific is predicted to grow at a faster CAGR during the forecast period. This is because of individuals’ altering lifestyle, resulting in raising patients suffering from diabetes, rapid urbanization, genetic drift or modification, and aging factor. Asia Pacific countries comprise approximately more than 60% of the worldwide diabetic population, as per the NCBI. This factor further contributes to the market growth.
Artificial Pancreas Market’s Leading Manufacturers:
- Medtronic plc
- Becton Dickinson and Company
- Biotronik SE & GlaxoSmithKline
- Bayer Healthcare
- Roche Holding AG
- Dexcom Inc
- Abbott Laboratories
Artificial Pancreas Market Segmentation:
Segmentation by Product Type:
- Insulin
- Bi-Hormonal
- Hybrid
Segmentation by End User Type:
- Hospitals
- Clinics
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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