Artificial Pancreas Market Growth In The Healthcare Sector

Artificial Pancreas Market Growth In The Healthcare Sector

Artificial Pancreas Overview

The global artificial pancreas market was worth $299.01 million in 2021. It is expected to reach $624.64 million by 2030, a CAGR of 8.53% over the forecasted period of 2021-2030.

The Artificial Pancreas, also known as the ‘Closed-Loop Control System,’ is an ‘All-In-One’ diabetes management system that efficiently tracks blood glucose levels using a continuous glucose monitor (CGM) and automatically delivers the hormone insulin when needed via an insulin pump. The closed-loop artificial pancreas is made up of an insulin pump that is worn externally and communicates wirelessly with the CGM. Pancreatitis (pancreatic inflammation) is one of the leading causes of global mortality increases.

According to WHO, acute and severe pancreatitis caused nearly (10-30%) of all deaths worldwide in 2019. However, significant technological advancements in the artificial pancreas have the capability to enhance the lives of people with diabetes.

 

Market dynamics

Drivers

  • The increasing prevalence of diabetic patients worldwide is the primary driver of this market’s overall growth rate. Diabetes killed 1.5 million people worldwide in 2019, according to WHO, and it severely affected 463 million people. It is expecting to rise to 700 million by 2045.
  • One of the primary reasons for market growth is an enormous increase in R&D expenditure.
  • An increase in demand for the APDS, or Artificial Pancreas Device System market, effectively drives the overall market growth rate. APDS is flourishing, with a 20.27% overall growth rate.

Restraints

The higher costs associated with the overall installation process of the equipment, as well as unfavorable reimbursement policies, are the major factors obstructing the market’s growth rate. The total cost of installing the artificial pancreas system ranges between USD 7000 and USD 8000.

Opportunities

  • Recent advancements in insulin pumps and CGM systems have accelerated the market’s growth rate and are expected to improve its future opportunities.
  • People with Type 2 diabetes benefit from wearing an artificial pancreas controlled by computer algorithms. There are high expectations for this technique to grow exponentially in the future.

Segmentation analysis

  • By type, the artificial pancreas market is into threshold suspended device systems, CTR systems, and CTT systems. In 2021, the threshold suspended device system segment led the artificial pancreas device systems market, accounting for more than 74.72% of global revenue.
  • The ‘Hospitals’ segment significantly dominates the market in terms of End-User, as it contains some of the most efficiently planned referral networks for adequately responding to the population’s health needs. The American Diabetes Association estimates that the total cost of diagnosed diabetes in 2017 was USD 327 billion.

Regional analysis

North America ruled the artificial pancreas device systems market, accounting for 46.08% of revenue in 2021. The region is also expecting to drive by rising obesity rates, the presence of efficient reimbursement policies, and growing awareness of advanced diabetes management technologies. The regional market is expecting to drive by major players, high treatment costs, technological advancement, and product launches. Furthermore, the growing diabetic population has prompted private and public sector organizations to invest in diabetes research. The National Institutes of Health 2019 invested in collaboration with four institutions to help in the advancement of closed-loop insulin delivery technology for type 1 diabetes pregnant women. Such factors are expecting to increase APDS adoption of artificial pancreas device systems.

The Asia Pacific artificial pancreas device systems market will grow at a rapid pace. Increasing healthcare funding and government initiatives to raise diabetes awareness are important factors driving growth in this region. As per the International Diabetes Federation, India and China have the world’s highest number of diabetes patients. In this region, most countries are developing, and rising obesity rates and socioeconomic changes have fueled the emergence of type I and type II diabetes. Despite the rising prevalence of diabetes, healthcare spending on the disease was significantly lower. The market is expected to benefit from adopting new technology in developing economies.

Major players

  • Johnson & Johnson Services Inc.
  • Medtronic
  • Admetsys
  • Insulet Corporation
  • Dexcom
  • Tandem Diabetes Care Inc.
  • Beta Bionics Inc
  • Others
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