Global artificial pancreas market to grow at a CAGR of 7.4% over 2016-2020
According to a market research report published by Research and Markets, global artificial pancreas devices system (APDS) market is estimated to grow at a CAGR of 7.40% during the period 2016-2020. The increasing demand for APDS has driven the vendors to undertake extensive clinical trials toward product improvement, which are expected to have a positive impact on the market growth. Medtronic, Tandem Diabetes Care, Johnson & Johnson and Insulet are currently focusing on the development of closed loop APDS, which is expected to propel the market growth owing to its potential advantages compared with existing APDS. The existing open loop APDS are low glucose suspend devices with semi-automation. As these systems are not integrated with advanced algorithms, the required user intervention is at a moderate level. On the contrary, closed-loop APDS are externally worn medical devices, which would enable individuals with type 1 diabetes to regulate blood glucose levels in a fully automated way with zero intervention required from the user. The key driving factors include growing technological integration fuelling the market growth, increasing initiatives of research organizations fostering innovation in the market and increasing prevalence of diabetes fuelling the need for effective devices.
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