NORTH AMERICA AND EUROPE ARTIFICIAL PANCREAS MARKET ANALYSIS

North America and Europe artificial pancreas market is estimated to be valued at US$ 168.5 Million in 2023, exhibiting a CAGR of 18.2% during the forecast period (2023-2030).

Analysts’ Views on North America And Europe Artificial Pancreas Market:

Increasing prevalence of diabetes is contributing to the growth of North America and Europe artificial pancreas market over the forecast period. For instance, the number of individuals (20-79 years old) with diabetes was 536.6 million in 2021 globally and it is expected to reach 783.2 million by 2045. And in North America it was 51 million, and it is expected to reach 57 million by 2030 and 63 million by 2045, according to the International Diabetes Federation's Diabetes Atlas, 10th edition, 2021 report.

Figure 1. North America And Europe Artificial Pancreas Market Share (%), By Disease Type, 2023

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North America And Europe Artificial Pancreas Market – Driver

Increasing product approvals from regulatory authorities

To expand the benefits of hybrid closed loop therapy to younger children living with type 1 diabetes and make it easier to access and share real-time Continuous Glucose Monitoring (CGM) and pump data, the key market players are engaged in research and development activities to get product approval from the regulatory authorities is expected to drive the North America and Europe artificial pancreas market growth over the forecast period. For instance, in September 2020, Medtronic plc., the global leader in medical technology, announced it had received U.S. Food and Drug Administration (FDA) approval for its MiniMed 770G hybrid closed loop system. This newest insulin pump system offers the company’s most advanced SmartGuard technology, as featured in the MiniMed 670G system, with the added benefits of smartphone connectivity and an expanded age indication down to the age of 2 years old.

Increasing prevalence of diabetes

The number of prevalent cases of type 1 diabetes among children and adolescents (0-19 years) was 1,211,900, while the number of new cases in the same age group was 149,500 globally in 2021. In Europe, the number of adults with diabetes is expected to reach 67 million by 2030 and 69 million by 2045, according to the International Diabetes Federation's Diabetes Atlas 10th edition report. The market for North America and Europe artificial pancreas systems is thus anticipated to grow over the forecast period in light of all of these factors and major drivers. Since type 1 diabetics benefit most from artificial pancreas use. The increased prevalence of diabetes is anticipated to grow in the market under study.

Figure 2. North America And Europe Artificial Pancreas Market Value (US$ Million), By Region, 2023

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North America And Europe Artificial Pancreas Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the North America and Europe artificial pancreas market over the forecast period. North America holds 67.4% of the market share. This is due to the increasing focus by key market players on helping people with Type 1 diabetes to live. For instance, in July 2020,  DreaMed Diabetes, Ltd., announced the use of its Artificial Pancreas algorithm in Medtronic’s new CE Marked MiniMed 780G Advanced Hybrid Closed Loop system.

North America And Europe Artificial Pancreas Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the North America and Europe artificial pancreas market. For instance, the lifestyle changes during covid, concerning physical activity, stress, and nutrition, and the lack of access to outpatient diabetes clinics, had adversely affected blood glucose control in patients with type 1 diabetes (T1D).

North America And Europe Artificial Pancreas- Market Segmentation

North America and Europe artificial pancreas market is segmented into disease type, end user, and region.

Based on Disease Type, the market is segmented into diabetes type 1, diabetes type 2. Out of which, diabetes type 2 segment is expected to hold a dominant position in the North America and Europe artificial pancreas market during the forecast period, owing to rise in population and economic burden of diabetes.

Based on End User, the market is segmented into hospitals, clinics. Out of which, the hospitals segment is expected to dominate the market over the forecast period, owing to increase in the number of patient admissions in the hospitals.

Among all segmentation, the disease type segment has the highest potential due to the increasing burden of diabetes over the forecast period. For instance, in November 2021, according to an article published by National Center for Biotechnology Information, the highest number of people with diabetes in Europe is 59 million, and in North America and the Caribbean is 47.6 million. Thus, the increasing burden of diabetes is attributed to the growth of North America and Europe artificial pancreas market.

North America And Europe Artificial Pancreas Market- Key Developments

In April 2022, Beta Bionics, a medical technology company dedicated to the design, development, and commercialization of the iLet Bionic Pancreas, presented positive results from the multi-center randomized Insulin-Only Bionic Pancreas Pivotal Trial (IO BPPT) at the International Conference on Advanced Technologies & Treatments for Diabetes (ATTD).

in January 2020, Bigfoot Biomedical, Inc., a medical technology start-up, raised US$ 45 million in the initial tranche of a Series C equity financing to support the development and approval of Bigfoot Unity Diabetes Management Program, an injection-based digitized insulin dosing platform that integrates Abbott’s FreeStyle Libre glucose sensing technology.

North America And Europe Artificial Pancreas Market- Key Trends

Increasing partnerships for the development of a new automated insulin delivery system

Key market players are focusing on the development of new automated insulin delivery systems by adopting growth strategies such as partnerships, in order to help people with diabetes better manage their condition and improve health outcomes. For instance, in April 2022, Abbott, a healthcare leader;  CamDiab Ltd., a digital health and personalized medicine company, and Ypsomed, a medical device company, announced that they entered into a partnership to develop and commercialize an integrated automated insulin delivery (AID) system to help lessen the burden of round-the-clock diabetes management for people with diabetes. The initial focus of the partnership was on European countries.

North America And Europe Artificial Pancreas Market- Restraint

Unfavorable reimbursement policies

The U.S. Centers for Medicare and Medicaid Services provide reimbursement only for professional CGM systems such as iPro 2. Reimbursement is considered an essential aspect of diabetes treatment and management owing to the high cost of these treatments. However, reimbursement for CGM systems by government-aided organizations or private payers is limited. A CGM device is used for monitoring and not for treatment hence, there is no positive outcome from the use of these devices. Therefore, reimbursement for sensors and other accessories used in CGM devices is not provided by health insurance companies.

North America And Europe Artificial Pancreas Market - Key Players

Major players operating in the North America and Europe artificial pancreas market include Medtronic Plc., Johnson and Johnson Services Inc., Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., and Cellnovo.

Definition: Artificial pancreas systems comprise devices that are already used in diabetes management such as Continuous Glucose Monitoring (CGM) devices, insulin pump, blood glucose device (BGD), and digital control device with control algorithm. Artificial pancreas systems are compatible with existing pumps and CGMs and their control functions can be integrated into a regular smartphone.