Global Artificial Pancreas Market to Grow at a CAGR of 20% During 2024-2032, Aided by the Growing Prevalence of Diabetes Across the Globe

According to a new report by EMR titled, ‘The Global Artificial Pancreas Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 653.81 million in 2023. The market is further estimated to grow at a CAGR of 20% between 2024 and 2032 to reach a value of USD 3314.1 million by 2032.

 
Global Artificial Pancreas Market Overview

Artificial pancreas also known as closed-loop system, an automated insulin delivery system, or an autonomous system is used to regulate the blood glucose level of the person. The device includes continuous glucose monitor (CGM), automatic insulin delivery system, and controller/control algorithm which helps in timely monitoring and administration of insulin to the person’s body. The demand of the artificial pancreas is on rise with the rising cases of diabetes patients, technological advancements which has led to the integration of CGM and automatic insulin delivery system to one device.

As per the International Diabetes Federation 2022, around 537 million adults aged 20-79 years are living with the diabetes. Since diabetes is the main cause of blindness, kidney failure, heart attacks, stroke, and lower limb amputation, it necessitates the proper care and management with the use of artificial pancreas. Additionally, the market is driven by rising obesity rates that causes high chances of diabetes at later stages.

Key Findings

• The artificial pancreas is used more by the people living with type 1 diabetes as they lack the tendency to produce insulin to regulate blood glucose level. As per the American Diabetes Association, in 2021, about 38.4 million Americans had diabetes. Out of this, 2 million Americans have type 1 diabetes, including about 304,000 children and adolescents.

• In April 2024, National Health Service (NHS) England roll out artificial pancreas for thousands of children and adults living with type 1 diabetes across England. This is the world’s first initiative rolled out by NHS. Furthermore, as per their estimates, nearly 269,095 people living in England have type 1 diabetes.

• In January 2023, EOFlow Co., Ltd., and Diabeloop collaborated to provide convenient access to EOFlow’s EOPatch system with an automated insulin delivery (AID) system.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Global Artificial Pancreas Market Demand Drivers

With changing lifestyles of people around the globe, there has been an increase in the number of patients with obesity. For instance, as per the World Health Organization (WHO) calculations, over 167 million individuals including adults and children are likely to turn overweight or obese by 2025.  This also increases the chances of people having diabetes during the forecast period. Moreover, increased number of approvals from all over the world is also anticipated to drive the market growth. In February 2024, Insulet Corporation announced CE mark approval under the European Medical Device Regulation for Abbott FreeStyle Libre 2 Plus sensor with Insulet’s Omnipod 5 automated insulin delivery system for individuals aged two years and older with type 1 diabetes.

Global Artificial Pancreas Market Segmentation Analysis

Device Types are Anticipated to Witness Significant Growth in the Forecast Period

Based on type, the market segmentation includes threshold suspend device systems, control-to-range (CTR) systems, and control-to-target (CTT) systems. Threshold suspend device systems are most commonly used systems as they monitor the blood glucose level and automatically suspends the insulin if the blood glucose level goes down. While CTR aims to adjust insulin delivery in order to maintain glucose levels within a target range which are set by the healthcare professionals.

The market report also offers insights based on end users and regions.

Global Artificial Pancreas Market: Competitive Landscape

• In December 2023, Beta Bionics, Inc., announced the nationwide launch of iLet Bionic Pancreas automated insulin delivery system with the Dexcom G7 CGM system.

• In April 2023, Medtronic announced the United States FDA approval for its MiniMed™ 780G artificial pancreas system intended to be used in individuals 7 years and above.

• Other players involved in the market includes Medtronic, EOFLOW CO., LTD, Beta Bionics, Tandem Diabetes Care, Inc., Insulet Corporation, Dexcom, Medtrum Technologies Inc., Nikkiso Co., Ltd., Pancreum, Inc., Abbott, Admetsys Corporation, INREDA® DIABETIC B.V., and Diabeloop SA.

Regional Overview

North America is Projected to Lead the Market Share

The market report offers an insight into various geographical locations, including North America, Europe, Asia Pacific, Latin America along with Middle East and Africa. North America and Europe are likely to hold a substantial market share in the forecast period. Elevating obesity rates, and increased healthcare expenditure are expected to be major growth contributors. The Asia Pacific region is expected to witness fastest growth in the forecast period. This can be accredited to several awareness initiatives by the governments as well as influential healthcare companies.

Key Offerings of the Report

• The EMR report gives an overview of the global market for artificial pancreas for the time span of (2017-2023) and (2024-2032).

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the type, end-use, and region of the global market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Key Highlights of the Report

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us

Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790