According to the research experts of Strategic Market Research the market for Radio Frequency Ablation Devices was worth USD 3.531 billion in 2020 and is likely to reach a landmark of nearly USD 10.726 billion in 2030 with a robust CAGR of 11.732 %.
New York, United States, May 19, 2022 (GLOBE NEWSWIRE) -- The perennial rise in the prevalence of diabetic patients worldwide and an immense increase in expenditure for R&D activities are fuelling the growth of the Artificial Pancreas Market throughout the estimated period of 2020 to 2028. In terms of Type, the Threshold Suspended Device System segment led the largest share of approximately 71.58 % of the total market in 2020. Moreover, based on region, North America held the most dominant position globally, with a share of around 46 percent of the total market. However, the Asia-Pacific region was regarded as the fastest growing market with a decent CAGR.
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The detailed segmentation of the latest report published by Strategic Market Research on the Artificial Pancreas Market are as follows:
Based on Type:
Threshold Suspended Device System
Non-Threshold Suspended Device System
Control to Range System (CTR)
Control to Target System (CTT)
Based on End-User:
Ambulatory Surgical Centers (ASCs)
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The Market for Global Artificial Pancreas Market is predicted to reach a market value of USD 530.31 Million by 2028 from USD 275.51 Million in 2020, at a CAGR of 8.53 percent during the forecasted period. The continuous upsurge in the number of diabetic patients worldwide is the key factor for boosting the overall growth of the Artificial Pancreas market. As per WHO, in 2019, approximately 1.5 million people died worldwide due to diabetes, and also it severely affected around 463 million individuals. It is anticipated to rise up to 700 million by the year 2045.
By Type, the Threshold Suspended Device System segment held the maximum proportion of the total Artificial Pancreas market share.
In terms of Type, Threshold Suspended Device System had the largest proportion of the market, with an overall market share of 71.58% in the year 2020. Also, this device can take action automatically and act proactively when the patient is unable to respond to the threshold suspend alarm. On the other hand, The Control to Target System (CTT) system is the fastest-growing market segment and is expected to expand at a CAGR of 37.75% throughout the entire forecasted period.
By End-User, the Hospital Market segment held the largest market share of the total Artificial Pancreas market.
In terms of End-User, the ‘Hospitals’ segment had dominated the entire Artificial Pancreas market. It is because of this factor that it comprises some of the most well-planned networks for responding to the population's healthcare needs. As per American Diabetes Association, the total cost of diagnosed diabetes in the year 2017 was approximately USD 327 Billion. (USD 237 Billion in terms of direct medical costs and USD 90 Billion in terms of productivity).
In terms of Region, North America had the biggest share of the Artificial Pancreas market.
On the regional basis, North America possesses the largest share of the market, of approximately 46% and it is expected to continue its dominance in the next upcoming years. The prime factor behind its prominence are its high level of healthcare facilities, along with the enhancement of various innovative technologies in the entire healthcare sector. The major market players in this region play a significant role in terms of the growth of the market.
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The list of dominating players covered in the Artificial Pancreas Market report are as follows:
Johnson & Johnson Services Inc.
Tandem Diabetes Care Inc
F. Hoffmann-La Roche Ltd
Beta Bionics Inc
Teladoc Health Inc
BIGFOOT BIOMEDICAL Inc.
Verily Life Sciences LLC
Vertex Pharmaceuticals Incorporated
TypeZero Technologies, Inc
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Artificial Pancreas Market: Recent Developments
On the 2nd of January, 2020, the FDA approved the UVA-Developed Artificial Pancreas system, which is also widely known as Control-IQ. It primarily regulates and monitors the Blood Glucose Levels of Type 1 diabetes patients on an effective basis.
On the 7th of May, 2021, the Bigfoot Biomedical initiative was approved by the FDA in order to introduce a pen-like insulin delivery system for all the patients and the individuals who mainly prefer injections rather than an insulin pump.
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