Global Artificial Pancreas Device System Market: Snapshot
The artificial pancreas device system is capable of a near perfect replication of the regulatory functions of glucose of a healthy organic pancreas. These systems generally comprise three forms of devices: an insulin pump or infuser, a constant glucose monitoring system, and a glucometer or any other blood glucose measuring device. The measuring device is necessary to help calibrate the CGM, which can also be done using a computer that can maintain an algorithm to control the CGM using values derived from the blood glucose device. An artificial pancreas device system is usually a closed loop system that follows an automated method of delivering insulin to a patient. It can therefore be completely autonomous and can function without any manual inputs, similar to an organic pancreas.
The rate of innovation is exceedingly high in the global artificial pancreas device system market, primarily owing to the massive and swiftly increasing number of diabetics across the world. The count of diabetic patients is especially high in developed economies, where the presence of strong players in medical devices markets, consistent government backing, and high healthcare expenditure can support a high level of technological innovation. Bodies such as the FDA are showing an increasingly louder support to innovators in the global artificial pancreas device system market as well, due to the constant rise in demand from the growing diabetic and geriatric populations.
Global Artificial Pancreas Device System Market: Overview
According to World Health Organization (WHO) estimates, 422 million people were diagnosed with diabetes across the globe in 2014. Diabetes is considered one of the leading causes of death in a majority of developed nations, while it is emerging as a larger issue in developing nations. Effective therapeutic measures are required to keep the blood glucose levels of diabetic patients close to normal. Constant monitoring of blood glucose levels is thus important to lower the risk of hypoglycemic episodes in diabetic patients. This is a key factor fueling the demand for artificial pancreas device systems (APDS). APDS is an innovative device used for monitoring blood glucose level and administering insulin in appropriate doses to people suffering from diabetes.
Increase in the incidence of diabetes has made patient-specific care extremely important. An artificial pancreas device system helps in effectively treating diabetes patients. It is designed as a closed yet continuous loop control system required for insulin infusion. The continuous control is intended to facilitate the daily treatment of diabetic patients, especially in cases where medical personnel are not available round the clock or patients have little knowledge about the ailment.
An APDS, therefore, mimics the glucose regulating functions performed by a healthy pancreas. The system is also used to administer insulin to type 2 diabetes patients. Apart from the constant monitoring of blood glucose levels, the system provides optimum balance between blood glucose and insulin in patients. This prevents the occurrence of other diabetes-related disorders such as cardiac arrest and kidney failure.
The report provides a qualitative and quantitative assessment of the various factors affecting the global APDS market’s growth trajectory. It presents insights into the prevailing market trends and compiles exhaustive information relating to the most lucrative regional markets for APDS. Using industry-leading analytical tools, the report presents the information thus obtained in a logical format.
Global Artificial Pancreas Device System Market: Key Opportunities and Threats
Increase in demand for organ transplant and growing prevalence of pancreatic disorders are expected to drive the global artificial pancreas device system market. Rising incidence of pancreatic cancer and pancreatitis and increasing number of diabetics across the world are also fueling demand for advanced technologies.
The market is gaining impetus from increasing consumption of alcohol and other factors that increase the risk of developing pancreatic disorders. Additionally, prevalence of ailments and medical conditions such as lupus and high triglycerides and gallstones is propelling the market. Furthermore, rising geriatric population with pancreatic disorders and introduction of latest technologies such as software based and wireless systems are expected to boost market growth. However, growing awareness about the side effects of the treatment modality and ineffectiveness of this technology in treating athletic diabetes are likely to hamper market growth.
Global Artificial Pancreas Device System Market: Regional Outlook
Regionally, the global artificial pancreas device system market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. India, Indonesia, China, Pakistan, Japan, and the U.S. are the top countries exhibiting the highest incidence of diabetes. Hence, Asia Pacific and North America have emerged as the most lucrative markets for artificial pancreas device systems.
In order to study the prevailing competitiveness in the market, the report profiles companies based on their financial overview, strategies adopted, and product portfolio. Some of the leading players in the APDS market are Johnson & Johnson, Pancreum LLC, and JDRF.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.