LONDON, Sept. 21, 2016 /PRNewswire/ -- The global artificial pancreas device system (APDS) market is expected to reach USD 390 million by 2024, according to a new report by Grand View Research, Inc. Rising occurrence of diabetes, increasing incidence of adverse effects due to improper insulin administration, and the growing interest of industry participants in the development of innovative treatments are some vital impact rendering drivers.
As of 2014, the Centers for Disease Control stated that about 1.5 million individuals in the U.S. alone are suffering from type 1 diabetes. Furthermore, the development of sedentary lifestyles among teenagers is propelling the probability of disease development globally.
Hence, the economic burden weighing over the healthcare system due to the rising incidence of diabetes has led to an increase in the research activities and funding by government bodies across the globe. Furthermore, the introduction of information technology and its numerous applications within the healthcare industry is expected to act as boon for the APDS market.
For instance, the GlucoSitter Software used for tracking the glucose level and insulin administration in case of hypoglycemic conditions received the CE mark in 2015 at the annual conference of the Advanced Technologies & Treatments for Diabetes. The software was the first of its kind to receive regulatory approval and will be commercially available through the company DreaMed Diabetes Ltd.
Further key findings from the study suggest:
On the basis of the device type, the market has been segmented into threshold suspended device, Control to Range (CTR) System, and Control to Target (CTT) System. As of 2015, the threshold suspended device segment is expected to hold majority of the share. Medtronic's currently available, MiniMed 530G is based on this technology. However, over the forecast period, the CTT and CTR based systems are predicted to gain popularity owing to the higher automation and improved management of the disease, limiting the incidence of severe conditions among patients.
North America is expected to dominate the APDS market over the forecast period owing to the large pool of patients suffering from type 1 diabetes within the region. Furthermore, the continuous R&D activities directed towards an increasingly automated, permanent management & monitoring system for diabetes and government programs supporting research initiatives through funds and expertise is anticipated to help boost the market growth.
Along with North America, Europe is also anticipated to witness lucrative growth. Faster regulatory approvals and routine involvement of the region in conducting timely clinical trials of upcoming products are the vital impact rendering drivers. For instance, the project AP@Home was initiated by the European Union and was completed in October 2015. This project was focused on the development of a combined device capable of administering insulin and monitoring the glucose level of the patient by use of a single catheter.
However, Asia Pacific is predicted to witness the fastest growth, attributable to the presence of about 60.0% of the global population suffering from diabetes in this region. This number is expected to rise over the forecast period owing to the changing lifestyles of the younger population and the growing genetic predisposition amongst the newer generations to developing diabetes, over the past few decades.
Major industry players include Medtronic, Pancreum, Inc., TypeZero Technologies, LLC, Beta Bionics, Johnson & Johnson (Animas Corporation), and others. In July 2016, Tandem Diabetes Care, Inc. announced a collaboration with TypeZero Technologies, LLC to obtain the licensing rights for their technology. As per this collaboration, Tandem Diabetes Care, Inc. intends to incorporate the artificial pancreas technology, developed by TypeZero Technologies, LLC, into their product t:slim Insulin Pump.
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