Artificial Pancreas Market
The global artificial pancreas market is anticipated to exhibit a CAGR of 15.3% over the forecast period. The evolving need for an artificial pancreas device system to simulate the functions of a healthy pancreas has encouraged the vendors to emphasise on the incorporation of advanced technologies. Thus, the rising technological incorporation will fuel the market growth.
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Artificial Pancreas Market Dynamics
An artificial pancreas is a blessing to the medical industry as it automatically administers the blood glucose level and provides insulin to the individual with diabetes. Thus, with the accelerating cases of diabetes, the industry players are concentrating several researches for better management of diabetes. Also, the surging demand for automated systems for glycemic control will boost the growth of the global artificial pancreas market.
The ongoing technological advancement and the disbursement on healthcare facilities will steer the market growth. Further, the increasing awareness among the population and collaboration of FDA with private institutions will compel the market growth. Besides this, the augmenting demand for self-administration of insulin will raise the market growth. However, insufficient number of trained professionals in underdeveloped regions, such as South America and Africa may restrain the artificial pancreas market size.
Treatment Type Segment Drivers
Hybrid device type is likely to seize the largest share in the overall market from 2019-2026. This is due to the rising innovations and ongoing technological advancements in insulin monitoring and delivery technology. However, as per the artificial pancreas market report, the Bi Hormonal product type is anticipated to witness a sturdy growth over the forecast period. This is because of the rising deployment of Bi Hormonal artificial pancreas among healthcare professionals and patients due to its enhanced technological advanced features.
End Users Segment Drivers
Hospital segment is expected to capture a prominent share over the coming years. The continuous innovations in diabetes care industry will drive the market growth. Also, the rising incidences of diabetes and the intensified research & development activities have supplemented the market growth. Moreover, the better healthcare infrastructure and presence of trained doctors will further encourage the market growth.
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