The pancreas is an organ in the body that secretes several hormones, including insulin and glucagon, as well as digestive enzymes that help break down food. Insulin helps cells in the body take up glucose (sugar) from the blood to use for energy, which lowers blood glucose levels. Pancreas also known as mixed gland, performs both the functions of exocrine and endocrine gland. Artificial pancreas is device that individuals with diabetes to automatically control their blood glucose levels by providing the substitute endocrine functionality of a healthy pancreas in the human body. Furthermore, it helps the individuals to improve on insulin replacement therapy that help to avoid the risks associated with hyperglycemia, and also helps to ease the burden of insulin–dependent therapy.
Rising incidence rates of diabetes and increasing consumption of fast food
Rising incidence of diabetes, rising trend of fast food consumption, and increasing unhealthy lifestyle among individuals, are key factors driving growth of the global artificial pancreas device systems market. In addition, increasing development of innovative techniques for treatment, high return on investment for market players, and rising demand for insulin self-administration among diabetic patients are other major factors expected to fuel growth of the global artificial pancreas device systems market over the forecast period. Furthermore, the Food and Drug Administration (FDA) is collaborating with various manufacturers and research institutions to improve clinical studies and accelerate the development of the pancreas device systems.
However, high cost is a key factor restraining growth of the global pancreas device systems market. Additionally, quality of insulin, and stringent government regulation in developing countries are other factors expected to hamper growth of the global artificial pancreas device systems market over the forecast period.
The global artificial pancreas device systems market report has been segmented on the basis of product type, and region. On the basis of region, the global artificial pancreas device systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global pancreas device systems market and accounts for highest market share in terms of revenue, owing to high incidence rates of diabetes and government initiative in supporting the programs that facilitates in development of clinics trials. The market in Europe accounted for second highest revenue share contribution in the global artificial pancreas device systems market, owing to rising awareness among the diabetes patients. The market in Asia Pacific is also expected to witness the fastest growth in terms of revenue over the forecast period owing to changing lifestyle of young population.
Key players in the global artificial pancreas device systems market report include Medtronic, Pancreum, Inc., TypeZero Technologies Inc., Beta Bionics, Johnson & Johnson Services, Inc., Bigfoot Biomedical Inc., Juvenile Diabetes Research Foundation International Inc., Insulet Corporation, and Tandem Diabetes care, Inc.