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The artificial pancreas market share is expected to increase by USD 450.95 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 19.15%.
This artificial pancreas market research report extensively covers artificial pancreas market segmentation by type (threshold suspend device, non-threshold suspend device, control to range system, and control to target system) and geography (North America, Europe, Asia, and ROW). The artificial pancreas market report also offers information on several market vendors, including Admetsys Corp., Beta Bionics Inc., Bigfoot Biomedical Inc., Defymed SAS, Dexcom Inc., Inreda Diabetic B.V., Insulet Corp., Medtech Life Pvt. Ltd., Medtronic Plc, and Tandem Diabetes Care Inc. among others.
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The rising global burden of diabetes is notably driving the artificial pancreas market growth, although factors such as stringent regulatory framework may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial pancreas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Artificial Pancreas Market Driver
One of the key factors driving growth in the artificial pancreas market is the rising global burden of diabetes. Diabetes is a chronic disease, which occurs when the body cannot use insulin effectively or when the pancreas does not produce enough insulin. Hyperglycemia or increased blood sugar can result in severe damage or complications that may become life-threatening for the individual if left untreated. The global burden of the disease is rising at a rapid pace. The growing incidence of both type 1 and type 2 diabetes will significantly increase healthcare costs across the world. The factors contributing to the increase in the diabetic population include obesity, smoking, a sedentary lifestyle, and growing urbanization. Furthermore, the incidence of diabetes is higher in the case of the older population. Countries with a higher population base like China and India are likely to have a higher incidence of diabetes owing to an increase in obesity levels and urbanization. Thus, the increasing incidence of diabetes worldwide is likely to drive the market with the increased adoption of an artificial pancreas.
Key Artificial Pancreas Market Trend
The increase in awareness programs for diabetes is another factor supporting the artificial pancreas market share growth. Vendors are organizing summits to spread awareness about diabetes as well as generate insights for product development. For instance, the European Foundation for the Study of Diabetes (EFSD) in Europe is a leading European funding agency for diabetes research, which aims at creating and spreading awareness of type 1 diabetes among people. The Juvenile Diabetes Research Foundation (JDRF) is fighting type 1 diabetes by funding research, advocating for policies that improve patient access to drugs, and providing a single support network for patients with type 1 diabetes. Various initiatives taken to increase the awareness of diabetes management in the region will also accelerate the growth of the market during the forecast period. Such initiatives provide participants with knowledge of various tools and daily routine activities for diabetes prevention, management, and control. This will further enhance the demand for artificial pancreas among diabetic patients, which, in turn, will drive the growth of the market.
Key Artificial Pancreas Market Challenge
The stringent regulatory framework will be a major challenge for the artificial pancreas market during the forecast period. Medical device-related regulations must be improved to ensure that high-quality, efficient, and safe technologies reach consumers. The growing number and modernization of medical devices have led to new regulatory challenges. The US FDA has classified diabetes care management devices, such as insulin pumps, infusion sets, and insulin bolus, under the Class II category of medical devices. Failure to adhere to the US FDA regulations or any complications caused by the use of artificial pancreas will lead to the recall of the product, which will significantly affect the company's brand name. In Europe and the US, regulations, including those for medical devices, focus on deploying robust surveillance systems, enhancing post-market regulations, strengthening the regulatory process, and improving monitoring of such devices. Market vendors that are focusing on adopting innovative technologies and designing novel products should undergo stringent post-market approvals prior to the launch of the products. Therefore, the stringent regulatory scenario could potentially hamper the artificial pancreas market.
This artificial pancreas market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global artificial pancreas market as a part of the global healthcare supplies market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial pancreas market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the artificial pancreas market encompasses successful business strategies deployed by the key vendors. The artificial pancreas market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Admetsys Corp - The company offers artificial pancreas such as the closed-loop artificial pancreas.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The artificial pancreas market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the artificial pancreas market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the healthcare supplies market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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43% of the market's growth will originate from North America during the forecast period. The US is the key market for artificial pancreas in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions.
The increase in technological advances and a high incidence of type 1 and type 2 diabetes will facilitate the artificial pancreas market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 adversely affected all the countries in North America, especially the US, in 2020. However, it had only a slightly negative impact on the artificial pancreas market in North America. By the second half of 2020, the lockdown-related restrictions were somewhat relaxed in various countries, which included the resumption of businesses and non-essential services. Thus, the resumption of healthcare equipment manufacturing will cater to the demand for artificial pancreas in North America through both online and offline channels, and the market in focus will register an accelerating growth momentum during the forecast period
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The artificial pancreas market share growth by the threshold suspend device segment will be significant during the forecast period. Threshold suspend is a Continuous Glucose Monitor (CGM) enabled feature that is designed to automatically stop insulin delivery when the sensor value reaches or falls below a pre-set threshold. This increases the demand for threshold suspends device systems among diabetic patients. Therefore the segment is expected to grow during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial pancreas market size and actionable market insights on post COVID-19 impact on each segment.
Artificial Pancreas Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.15% |
Market growth 2022-2026 |
$ 450.95 million |
Market structure |
Concentrated |
YoY growth (%) |
18.47 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, Germany, France, China, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Admetsys Corp., Beta Bionics Inc., Bigfoot Biomedical Inc., Defymed SAS, Dexcom Inc., Inreda Diabetic B.V., Insulet Corp., Medtech Life Pvt. Ltd., Medtronic Plc, and Tandem Diabetes Care Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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