The global artificial pancreas device system market is estimated to grow at an impressive growth rate of 55% during the forecast period. Artificial pancreas technology can be stated as the next step in the field of integrating insulin delivery systems and glucose monitoring. It is projected to boost the global diabetes care device industry as a major breakthrough in treating and management of diabetes.
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The US Food and Drug Administration (FDA) and Juvenile Diabetes Research Foundation (JRDF) are working in collaboration with continuous glucose monitoring system manufacturers in order to develop an artificial pancreas device system. This would enhance the growth of the global artificial pancreas device system market. Artificial pancreas is being developed with the aim to enhance the insulin delivery system as well as to help in attaining normal glucose levels. Continuous glucose monitoring systems attached to the insulin delivery systems would automatically trigger insulin delivery.
The global artificial pancreas device system industry is driven by the growing burden of diabetes on economies. A majority of diabetes patients are either undiagnosed or lack basic treatment. The impending unmet needs are forcing the companies and governments to provide basic needs for diabetes. R&D has been conducted around the globe for the development of long-term solutions for diabetes. The US FDA is collaborating with diabetes patient groups, diabetes care providers, medical device manufacturers, researchers, and academic investigators to foster innovation by clarifying agency expectations for clinical studies and product approvals. These efforts have accelerated the development of the first hybrid closed-loop system, Medtronic’s MiniMed 670G System.
Currently, CGM (Continuous Glucose Monitoring) devices are being used with insulin pumps as a second prototype for the artificial pancreas. The development of artificial pancreas has gained support from the US (FDA), which is a major boost for the market growth. In March 2017, a new project on the development of artificial pancreas for closed-loop blood glucose control of type-1 diabetic patients initiated with the support of the Indian Council of Medical Research.
The main aim of this project is to develop an effective artificial pancreas prototype for Type-1 diabetic patients. A continuous glucose monitoring system communicating with an insulin delivery pump is merged with the assistance of an artificial pancreas system. Such initiatives would expand the global artificial pancreas device system market size during the forecast period.
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Current Market Trends Covered in the Global Artificial Pancreas Device System Market Report
· On the basis of the type, the threshold suspended device system segment is estimated to hold a dominating market share during the forecast period.
· North America is estimated to dominate the global artificial pancreas device system industry during the forecast period.
Global Artificial Pancreas Device System Market Segmentation
By Type
· Threshold Suspended Device System
· Insulin-Only System
· Bi-Hormonal Control System
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
