Worldwide Market Reports added Latest Research Report titled “Artificial Pancreas Device System Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis ”to its Large Report database.
The Global Artificial Pancreas Device System (APDS) Market was valued at US$ 64.0 million in 2015 and is projected to expand at a CAGR of 18.6 % during the forecast period (2016-2024), as highlighted in a new report published by Coherent Market Insights. Growing demand for continuous diabetes monitoring and minimally invasive drug delivery system is expected to fuel growth of the artificial pancreas device system (APDS) market.
Type 1 diabetes patients require multiple doses of insulin through the day in order to manage their diabetes condition. Considering the current lack of feasible alternative solution to manage type 1 diabetes apart from administering insulin, an artificial pancreas that offers convenience with continuous management of glucose level in the body is the next best solution. An artificial pancreas system works 24 hours to automatically monitor and administer insulin in controlled amounts as per variations in glucose levels in the body. Medtronic’s MiniMed 620G and 640G were the first such devices launched in the global artificial pancreas device system (APDS) market in 2014 and 2015, respectively. Artificial pancreas system would ease the life of type 1 diabetic patients by eliminating the need for regular check on glucose level and administering insulin using injectors or pens.
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Various companies are researching and developing artificial pancreas systems that are expected to enter the global artificial pancreas device system (APDS) market in the not-too-distant future. Bigfoot Medical, Tandem Diabetes Care, Inc., and Beta Bionics are conducting clinical trials on their artificial pancreas systems. The products are expected to be launched before 2020 and would stimulate market growth at an exponential rate. However, to no one’s notice there is another artificial pancreas system besides Medtronic’s 640G, Medtrum’s P6 Easy Touch Disposable Pump already marketed in Europe. This is a semi-closed loop artificial pancreas that has 9% mean absolute relative difference (MARD), better than Freestyle Libre (11.4% MARD)
The closed loop system is a life changing device for type 1 diabetes patients giving them freedom to live an uninterrupted life. Though the FDA has approved a hybrid model of an artificial pancreas, wherein the patient needs to adjust insulin intake during mealtime, an automated system would be a breakthrough innovation in the global artificial pancreas device system (APDS) market. Moreover, studies for bi-hormonal control system are underway that would enable controlling both hypoglycemic and hyperglycemic conditions. A bi-hormonal control system consists of dual-chamber pump, one containing insulin and the other containing its counteracting hormone, glucagon.
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According to the industry and Center for Diseases Control and Prevention (CDC) estimates, type 1 diabetes population accounts for nearly 5% of the total diabetic population. According to Juvenile Diabetes Research Foundation (JDRF), there were around 1.5 million type 1 diabetics worldwide in 2015. The CDC estimates that more than 13,000 young people are diagnosed with type 1 diabetes every year in the U.S. Increase in the population base along with the quest for developing an innovative diabetes monitoring and management therapy is projected to drive growth of the global artificial pancreas device system (APDS) market.
Key takeaways of the market:
• The global artificial pancreas device system (APDS) market is characterized by collaborations between players in order allow for early commercial launch of their products. Moreover, a number of products are in development with different artificial pancreas system technologies. However, an automated hybrid closed-loop system would dominate the market owing to better features offering convenience and minimal monitoring and work for the patient to administer insulin.
• The global artificial pancreas device system (APDS) market is expected to experience very high growth during the forecast period with expected launch of new systems every year till 2020, after which it is expected to register sustained stable growth
• The market for control to target (CTT) artificial pancreas system is expected to grow rapidly with the launch of MiniMed 670G, which will eliminate the need for setting insulin dose by the patient at meal times
• Type 2 diabetic patents hold more than 95% share in the global artificial pancreas device system (APDS) market
• Furthermore, being a novel device, the market for artificial pancreas system is estimated to be high and rapidly growing in North America and Europe as these are the major target markets for market players. Launch of artificial pancreas system later in emerging economies is expected to stimulate growth in Asia Pacific and Latin America artificial pancreas device system (APDS) markets towards the latter half of the forecast period.
• Medtronic is expected to account for a major share of the global artificial pancreas device system (APDS) market, with a range of products such as MiniMed 530G, 640G, and 670G expected to be launched during the forecast period.
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