rising global burden of diabetes is driving the Artificial Pancreas Market
Technavio analyzes that the Artificial Pancreas Market is expected to grow at a CAGR of 19.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 476.7 million.There are various factors that contribute to the growth of the market. The global prevalence of diabetes is on the rise, leading to a significant increase in the demand for advanced diabetes management solutions. One such innovation is the Artificial Pancreas System (APS), an automated insulin delivery device that mimics the functions of a healthy pancreas. This system offers continuous glucose monitoring and insulin delivery, providing improved glycemic control and reducing the risk of complications for diabetes patients. The market for Artificial Pancreas is expected to grow substantially due to the increasing diabetes burden and advancements in technology.
Artificial pancreas systems, comprised of insulin pumps and computer algorithms, function to mitigate the risk of hypoglycemia by temporarily halting insulin delivery when blood glucose levels fall below a predetermined threshold. These threshold suspend devices, also referred to as low glucose suspend systems, serve as a crucial backup mechanism for patients during hypoglycemic events when they may be unable to respond. Medtronic Plc is among the vendors offering such devices, enabling enhanced glycemic control for diabetes patients while requiring continued vigilance and periodic blood glucose level monitoring.
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Artificial Pancreas Market Segmentation
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The Artificial Pancreas market refers to the development and implementation of advanced systems for managing diabetes through a closed-loop control system. This system, which includes a continuous glucose monitor (CGM) and insulin pump, aims to maintain optimal blood glucose levels for individuals with Type 1, Type 2 diabetes, and chronic pancreatitis. The APDS, also known as the Bionic Pancreas system, offers personalized therapies and hypoglycemia management. The digitalization of healthcare, with the adoption of wearable devices and teleconsultancy, has fueled the growth of this market. The rising prevalence of diabetes, obesity, and geriatric population, as well as healthcare spending, also contribute to its expansion. Despite the benefits, challenges such as invasive devices, health complications, and pancreatitis remain. Smart device adoption and the integration of personalized therapies are key trends in this market.
The Artificial Pancreas market is a significant segment within the global healthcare equipment industry, as identified by Technavio. This sector focuses on the development and production of advanced diabetes management systems, incorporating closed-loop control systems, continuous glucose monitors (CGM), insulin pumps, and other related technologies. The global healthcare equipment market encompasses various product categories, including capital equipment, instruments, implants, accessories, and consumables, used for disease diagnosis, monitoring, and treatment. Technavio's market analysis calculates the market size based on the combined revenue generated by manufacturers in these sectors. The Artificial Pancreas market's growth is driven by the increasing prevalence of diabetes and the need for more effective, efficient, and patient-centric diabetes management solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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