Artificial Pancreas Device Systems Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Threshold Suspend Device Systems, Control-to-Range Systems, and Control-to-Target Systems); End-Users (Hospitals & Clinics, and Others); Region/Country
Global Artificial Pancreas Device Systems Market is anticipated to grow with an elevated CAGR of around 13% over the forecast period (2021-2027). The system of devices that closely mimics the glucose regulating function of a healthy pancreas is known as the artificial pancreas device system. Most systems consist of 3 types of devices including a continuous glucose monitoring system (CGM), an insulin infusion pump, and a blood glucose device (such as a glucose meter) used to calibrate the CGM. The demand for artificial pancreas device systems is increasing on account of the growing number of people having diabetes globally. For instance, according to the World Health Organization, nearly 422 million people globally have diabetes, the majority living in low-and middle-income countries. Also, around 1.5 million deaths are directly attributed to diabetes every year. Further, it has also been estimated by the International Diabetes Federation that by 2045 nearly 700 million adults worldwide will have diabetes. Additionally, with the rapid advancement in technology and rising awareness regarding the advanced treatment available for diabetes among the population, many industry players are focusing on expanding their product portfolio by launching new products in the market which in turn is driving the artificial pancreas device systems market all over the globe.
Some of the major players operating in the market are Medtronic Plc, Johnson & Johnson, Tandem Diabetes Care, Inc., Insulet Corporation, F. Hoffmann-La Roche Ltd, Beta Bionics, Bigfoot Biomedical, Inc., DexCom, Inc., Admetsys Corp., Defymed, are some of the prominent players operating in the artificial pancreas device systems market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with artificial pancreas device systems.
Insights Presented in the Report
“Amongst Type, threshold suspend device systems segment holds the major share”
Based on product type, the artificial pancreas device systems market is segmented into threshold suspend device systems, control-to-range systems, and control-to-target systems. The threshold suspend device systems segment accounted for a significant market share in 2020 and it is estimated to grow considerably during the forecast period. The growth of this segment can be attributed to the growing prevalence of type 1 diabetes and increasing preference for this device as it is a promising device for the treatment of hypoglycemic conditions.
“Amongst End-Users, hospitals & clinics segment holds the major share”
Based on end-users, the artificial pancreas device systems market is divided into hospitals & clinics, and others. The hospitals & clinics segment is anticipated to grow at a rapid rate in the upcoming years owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and large patient pool. Furthermore, the presence of several advanced devices and the availability of highly skilled healthcare professionals in hospitals are also some of the reasons why patients prefer hospitals for their treatment.
“North America represents one of the largest markets of Artificial pancreas device systems market”
For a better understanding of the market dynamics of the Artificial pancreas device systems market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Artificial pancreas device systems market industry in 2020 owing to the strong healthcare infrastructure and growing adoption of artificial pancreas device systems in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Table of Contents
Research Methodology for the Global Artificial Pancreas Device Systems Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global artificial pancreas device systems market were the three major steps undertaken to create and analyze the adoption of artificial pancreas device systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global artificial pancreas device systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of artificial pancreas device systems through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the artificial pancreas device systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Artificial pancreas device systems across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Artificial pancreas device systems. Further, we conducted factor analysis using dependent and independent variables such as type, and end-users. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisition, business expansion, and product launches in the Artificial pancreas device systems sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the artificial pancreas device systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Artificial pancreas device systems across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the artificial pancreas device systems market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the artificial pancreas device systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and end-users of the Artificial pancreas device systems market.
The main objective of the Artificial Pancreas Device Systems Market Study
The current & future market trends for artificial pancreas device systems were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of artificial pancreas device systems in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and end-users
- Define and analysis of the regulatory framework for the artificial pancreas device systems industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the artificial pancreas device systems market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific, and Rest of the world
- Company profiles of the artificial pancreas device systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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