A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global artificial pancreas market. Presenting exclusive insights into the market from 2016 to 2026, the report projects that the market will witness notable growth during the forecast period. Artificial pancreas systems are designed to control the blood glucose level in diabetic people, and market players have been continually working towards improving the efficiency of the systems for better diabetes management. The growth of the market is primarily attributed to the rising incidence of diabetes, increased spending on R&D activities, and burgeoning demand for automation in glycemic control. As market players focus on developing technologically advanced artificial pancreas systems, enhanced efficiency and increased success rates are expected to complement the market growth in the forthcoming years.
Advent of Technologies Coupled with Prevalence of Diabetes Formulates Progress
Over the past decade, the number of people suffering from diabetes has exponentially grown owing to unhealthy lifestyles, increasing consumption of junk and fast food, and lack of physical exercise. Diabetes is caused by the pancreas, a vital organ that secretes crucial hormones such as insulin, glucagon, and enzymes which aids in digestion and other metabolic processes in the body. A dysfunctioning pancreas fails in maintaining the optimal levels of insulin and glucagon, which leads to diabetes. In severe cases, where medicines and manual injection insulin prove inefficient, healthcare professionals opt for the artificial pancreas. Factors such as the use of modern technologies, digitalization, and wireless and portable devices are anticipated to propel the artificial pancreas device systems market. Moreover, technological advancements and investments have given rise to advanced and efficient systems. On this premise, Medtronic introduced the first hybrid closed loop system, named MiniMed 670G, which is capable of self-adjusting sugar levels in an optimal range. Furthermore, the emergence of automation in artificial pancreas systems has integrated a variety of devices such as insulin pumps, artificial pancreas, and insulin pens. The automated systems are expected to proffer remunerative growth opportunities for the market, upheld by features such as accurate dosage, automatic detection of glucose level, short and rapid-acting insulin, and convenient usage. On the other hand, the need for regular maintenance and calibration of the systems, changes in the efficiency of sensors and the quality of insulin, are some of the factors holding back the expeditious growth of the market.
R&D Investments Invigorate North America and Europe
North America and Europe will continue to hegemonize the regional outlook of the artificial intelligence market, aided by the availability of advanced healthcare infrastructure, high awareness among consumers, and high expenditure levels. Besides, increased spending by private organizations and governments is also impelling the growth of the markets in these regions. In the interim, Asia Pacific will record substantial growth, on the back of high prevalence of diabetes among its population According to National Center of Biotechnology Information, Asian countries account for more than 60% to the world's diabetic population, which is a vital revenue opportunity for the artificial pancreas market.