The report of the "Artificial Pancreas" Market by Type (Threshold Suspended Device System, Non-Threshold Suspended Device System, Control to Range System, and Control to Target System), By End-User (Hospitals, Clinics, Homecare, Ambulatory Surgical Centers, and Others) - Global Forecast to 2028. "The Global Artificial Pancreas market share accounted up to USD 275.51 million in 2020. It is most likely to reach a landmark of about USD 530.31 million by 2028, along with a steady CAGR growth of around 8.53% throughout the anticipated time frame of 2020-2028.
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Some of the pertinent factors propelling the overall market growth worldwide
The continuous growth in the number of diabetic patients worldwide is the major reason that is propelling the overall growth of this market. According to WHO, in 2019, nearly 1.5 Mn people around the world died owing to diabetes, & which also severely affected about 463 Mn people badly. Moreover, it is expected to increase to a landmark of around 700 Mn by 2045. Apart from the rise of diabetic patients, an immense increase in expenditure towards R&D activities is also one of the primary reasons that severely boost the market growth.
By Type, the 'Threshold Suspended Device System' segment held the maximum amount of share in 2020
Based on Type, the Artificial Pancreas industry worldwide has been broadly fragmented into Threshold Suspended Device Systems, Non-Threshold Suspended Device Systems, Control to Range Systems, and Control to Target Systems. The ‘Threshold Suspended Device System’ dominated the market with the highest overall market share of 71.58% in 2020. This device can immediately take action when the patient fails to respond to the threshold suspend alarm & stops the insulin delivery when the sensor glucose value reaches a lower threshold point.
By End-User, the Specialty Clinics & ASCs segment held most of the market share in 2020
Based on End-User, the Global Artificial Pancreas industry has been fragmented into Hospitals, Clinics, Homecare, Ambulatory Surgical Centers, & Others. The 'Hospitals' segment held the greatest share of the market as it persists in some of the most efficiently planned referral networks for responding properly to the population's health requirements. The American Diabetes Association stated that the overall price of diagnosed diabetes in 2017 was around USD 327 bn. (USD 237 Bn in case of direct medical costs and USD 90 Bn in the field of productivity).
North America remained the market leader in 2020
The North American segment significantly dominated the entire market with the largest amount of revenue and will successfully continue its dominance throughout the projected period. The main reason behind its dominance is its highly efficient facility levels, along with the rapid advancements of the variety of technologies in the healthcare sector. Further, the leading players prevailing in this region are also fuelling the growth of the market simultaneously throughout the estimated time frame of 2020-2028.
Notable players existing in the market:
Some of the essential players present in the Global Artificial Pancreas include Medtronic, Admetsys, Insulet Corporation, Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd, Beta Bionics Inc, Tandem Diabetes Care Inc, Glooko Inc, BIGFOOT BIOMEDICAL Inc., Verily Life Sciences LLC, Teladoc Health Inc, Dexcom, Diabeloop SA, ViaCyte Inc, JDRF, TypeZero Technologies, Inc, Dexcom Inc, Vertex Pharmaceuticals Incorporated, Animas Corporation, etc.
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