ARTIFICIAL PANCREAS DEVICE SYSTEM MARKET ANALYSIS
Approval and Launch of Novel Technological Advanced Artificial Pancreas Device Systems is Expected to Fuel Market Growth
In June 2017, Medtronic Plc. launched a new hybrid closed-loop system (near-artificial pancreas) for people with type 1 diabetes in the U.S. This newly launched hybrid closed-loop system comprises of Medtronic’s MiniMed 670G insulin pump, fourth-generation sensors, and a control algorithm to determine basal insulin delivery.
This new system was approved by the U.S. FDA in 2016, and it helps to maintain the blood glucose levels within normal range by measuring them every five minutes, and responding automatically by administering or withholding insulin.
Approval and launch of such novel devices is expected to create a lucrative environment for the global artificial pancreas device system (APDS) market growth over the forecast period.
The global artificial pancreas device system (APDS) market size was valued at US$ 123.5 Mn in 2018, and is expected to witness a CAGR of 14.1% during the forecast period (2020 – 2027).
Figure 1. Global Artificial Pancreas Device System (APDS) Market Share (%), By Technology, 2027
Source: Coherent Market Insights Analysis (2019)
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