The global Artificial Pancreas Device Systems Market accounted to US$ 481.8 Mn in 2017 and is expected to grow at a CAGR of 20.9% during the forecast period 2018 – 2025, to account to US$ 2,168.1Mn by 2025.
North America holds the largest geographic market and it is expected to be the first highest revenue contributor throughout the forecast period. North America market is driven by the factors such as demand for artificial pancreas device systems in the region is anticipated to increase during the forecast years owing to factors such as increase in the number of patients with diabetes and rising demand for artificial pancreas device systems in the region.
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The List of Companies
- TypeZero Technologies, Inc.
- Insulet Corporation
- Bigfoot Biomedical, Inc.
- Dexcom, Inc.
- Beta Bionics
- Tandem Diabetes Care
Growing Prevalence of Diabetes
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
Increasing Medical Tourism in Emerging Nations
The emerging markets in the developing economies are expected to be the crucial factor offering better and lucrative growth opportunities for the major players to expand their business and geographic reach. The emerging markets in the developing countries are the major factor which are giving better opportunity for the major players to expand their business. These are becoming a major reason for the market growth in the forecast period. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of diabetes and increasing popularity of the advanced treatment in the region.
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Approvals and agreements were observed as the most adopted strategy in global artificial pancreas device systems industry. Few of the recent product launch and collaboration and others are listed below:
2018: In June, 2018, Insulet Corporation received FDA approval for its Omnipod DASH Insulin Management System.
2017: In January, 2017, Dexcom, Inc. expanded their global presence with a new Canadian headquarters in Burnaby, British Columbia. The headquarter aims to make it easier for more Canadians to get started with CGM.
2016: In February 2016, Cellnovo completed the full registration process required by the Italian Ministry of Health for medical devices and has been able to import and distribute the Cellnovo diabetes management system in Italy.
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