Global Artificial Pancreas Device Market Trends
Growing Diabetes Prevalence
Global diabetes prevalence is increasing, which is driving up demand for cutting-edge diabetes treatment options. Diabetes may be treated with artificial pancreas device systems, which automatically control blood glucose levels to mimic the actions of a healthy pancreas. Urbanization, population aging, declining physical activity levels, and an increase in the prevalence of overweight and obesity are the main factors propelling the artificial pancreas device systems market's expansion.
For example, the average country-level prevalence of diagnosed diabetes in the United States increased from 6.3% in 2004 to 8.4% in 2019, according to the Centers for Disease Control and Prevention (CDC) in 2021. About 28.7 million adults in the United States have been diagnosed with diabetes, and an additional 8.5 million adults have not yet received a diagnosis, for a total of 37.3 million diagnosed patients, or approximately 11.3% of the country's population.
Technological Progress in Synthetic Pancreas Devices
Technological developments in artificial pancreas device systems have improved the safety, efficacy, and ease of managing diabetes. Technological developments in insulin pumps and continuous glucose monitoring devices, which have accelerated the development of artificial pancreas systems, have given rise to novel approaches in the treatment of type 1 diabetes. Target market growth has accelerated due to the growing demand for glycemic control provided by artificial pancreas device systems over traditional treatments.
For example, the U.S. Food and Drug Administration (FDA) approved Tandem Diabetes Care's product Control-IQ in January 2020. Using a continuous glucose monitor (Dexcom G6 CGM), it automatically monitors blood glucose levels and releases the hormone insulin as needed. The University of Virginia (UVA) developed an algorithm that is programmed into the pump to automatically adjust the recipient's insulin dose based on glucose monitoring data.
The factors that limit the target market growth are calibration issues, equipment failure, alarms that interfere with sleep, and problems wearing and managing multiple devices, even with the impressive clinical outcomes that come with using an artificial pancreas. Artificial pancreas device systems are typically expensive, particularly if they are not covered by insurance. Qualifying for coverage or insurance coverage is typically a barrier that prevents the artificial pancreas device systems market from expanding.