Global Artificial Pancreas Device System Market Research 2024, Forecast To 2033
24 Sep, 2024
The artificial pancreas device system market has experienced rapid growth, increasing from $1.59 billion in 2023 to $1.81 billion in 2024, with a compound annual growth rate (CAGR) of 13.9%. This growth is driven by increased investment, government initiatives in clinical research, a rising demand for automated glycemic control systems, intensive R&D efforts, and a growing geriatric population. The market is projected to reach $3.06 billion by 2028, growing at a CAGR of 14%. Key drivers include the increasing prevalence of diabetes and pancreatic cancer, higher demand for minimally invasive drug delivery systems, and technological advancements in diabetes management. Major trends expected during this period include innovations in technology, rising R&D activities, more product approvals, partnerships and collaborations, and enhanced tele-consultancy for follow-up care.
Major Driver In The Artificial Pancreas Device System Market
The artificial pancreas device system market is set for growth due to the increasing prevalence of pancreatic cancer. This malignant tumor is influenced by various factors, including genetic mutations and chronic inflammation of the pancreas. Artificial pancreas device systems help manage diabetes by monitoring glucose levels and delivering insulin automatically. Cancer Australia estimated that 4,506 new cases of pancreatic cancer were diagnosed in 2023, up from previous years. This rising incidence is driving the growth of the artificial pancreas device system market, with continued expansion expected through 2024 and into 2028.
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Johnson & Johnson, Abbott Laboratories, Medtronic plc, DexCom Inc., Insulet Corporation, Tandem Diabetes Care Inc., Juvenile Diabetes Research Foundation (JDRF), Beta Bionics Inc., Glooko Inc., Bigfoot Biomedical Inc., CeQur SA, Medtrum Technologies Inc., Diabeloop SA, Beta-O2 Technologies Ltd, Pancreum Inc., TypeZero Technologies LLC, Inreda Diabetic B.V., Defymed SAS, Admetsys Corporation, DreaMed Diabetes Ltd
Key Artificial Pancreas Device System Market Trend
Companies in the artificial pancreas device system market are developing automated insulin delivery systems to improve diabetes management. These systems replicate the pancreas function by automatically monitoring glucose levels and administering insulin. Beta Bionics received FDA 510(k) clearance in May 2023 for its iLet Insulin-Only Bionic Pancreas System. This device autonomously adjusts insulin doses based on glucose levels measured by a continuous glucose monitor (CGM), requiring only body weight and meal size estimates for adjustment. The artificial pancreas device system market, valued at $2.11 billion in 2023, is expected to grow to $2.26 billion in 2024 and is projected to reach $2.97 billion by 2028.
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Artificial Pancreas Device System Market Segmentation
The artificial pancreas device system market covered in this report is segmented –
1) By Device Type: Threshold Suspend Device Systems, Control-To-Range Systems, Control-To-Target Systems
2) By Treatment Type: Bi-Hormonal, Insulin Only, Hybrid
3) By End-User: Hospitals, Medical Centers, Other End-Users
By Geography:The regions covered in the artificial pancreas device system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the artificial pancreas device system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Artificial Pancreas Device System Global Market Report 2024 furnishes information about the global artificial pancreas device system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.