North America And Europe Artificial Pancreas MarketChallenges and Opportunities

Market Challenges And Opportunities

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.

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.