Global Artificial Pancreas Device System Market Report 2024: Size, Drivers, And Top Segments
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The artificial pancreas device system market size has grown rapidly in recent years, expanding from $1.59 billion in 2023 to $1.81 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. This historical growth has been driven by factors such as increased investment inflows, government initiatives in clinical research, a growing demand for automated glycemic control systems, intensive R&D efforts by industry players, and a rising geriatric population. Moving forward, the market is projected to grow to $3.06 billion in 2028 at a CAGR of 14%. Key drivers for this growth include the growing prevalence of diabetes, increasing occurrences of pancreatic cancer, the rising prevalence of diabetes and obesity, a higher demand for minimally invasive drug delivery systems, and technological advancements in diabetes management. Major trends during the forecast period will likely include innovations in technology, increasing research and development activities, more product approvals, partnerships and collaborations, and enhanced tele-consultancy activities for follow-up care.
The increasing prevalence of pancreatic cancer is expected to propel the growth of the artificial pancreas device system market going forward. Pancreatic cancer is a malignant tumor that originates in the pancreas, a gland located behind the stomach. Pancreatic cancer is influenced by a combination of lifestyle, genetic, medical, and environmental factors, along with genetic mutations causing hereditary pancreatitis, which can lead to chronic inflammation of the pancreas. An artificial pancreas device system (APDS) is primarily designed to help individuals with diabetes manage their blood sugar levels by automatically monitoring glucose and delivering the appropriate amount of insulin. For instance, in March 2024, Cancer Australia, a government agency, estimated that 4,506 new cases of pancreatic cancer were diagnosed in 2023, an increase from the 3,751 cases reported over the past five years. Therefore, the increasing prevalence of pancreatic cancer is driving the growth of the artificial pancreas device system market.
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What Are The Key Trends That Influence Artificial Pancreas Device System Market Share Analysis?
Major companies operating in the artificial pancreas device system market are developing automated insulin delivery systems to enhance diabetes management by automatically monitoring blood glucose levels and delivering the appropriate amount of insulin. Automated insulin delivery systems aim to replicate the function of a healthy pancreas, reducing the burden of constant blood sugar monitoring and manual insulin administration for individuals with diabetes. For instance, in May 2023, Beta Bionics, a US-based medical equipment manufacturing company, received FDA 510(k) clearance for iLet Insulin-Only Bionic Pancreas System, an automated insulin delivery device. It is an artificial pancreas system designed to autonomously determine and deliver insulin doses to control blood glucose levels. A closed-loop system automatically adjusts insulin delivery based on the user’s glucose levels measured by a connected continuous glucose monitor (CGM). It only requires the user’s body weight and a meal size estimate to adjust insulin delivery automatically.
How Is The Global Artificial Pancreas Device System Market Segmented?
1) By Device Type: Threshold Suspend Device Systems; Control-To-Range Systems; Control-To-Target Systems
2) By Treatment Type: Bi-Hormonal; Insulin Only; Hybrid
3) By End-User: Hospitals; Medical Centers; Other End-Users
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The Artificial Pancreas Device System Global Market Report 2024 provides an overview of the artificial pancreas device system market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The artificial pancreas device system market forecast analyzes artificial pancreas device system market size, artificial pancreas device system market share, leading competitor and their market positions.
The Table Of Content For The Artificial Pancreas Device System Market Include:
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