North America And Europe Artificial Pancreas Market, By Disease Type (Diabetes Type 1, Diabetes Type 2), By End User (Hospitals, Clinics), and By Region( North America, Europe) is estimated to be valued at US$ 168.5 Million in 2023, exhibiting a CAGR of 18.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on the adoption of inorganic growth strategies such as partnerships in order to expand their product portfolio, and this is expected to drive market growth over the forecast period. For instance, on May 24, 2023, Convatec Group Plc., a global medical products and technologies company focused on solutions for the management of chronic conditions, announced its partnership with Beta Bionics for the iLet Bionic Pancreas which has now been FDA 510(k) cleared and set for commercial launch. Convatec is the global leader in the design and manufacturing of infusion set technologies and insertion devices for insulin pump treatment.
North America And Europe Artificial Pancreas Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China,) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had a positive impact on the North America And Europe artificial pancreas market. For instance, The World Health Organisation survey, which was completed by 155 nations over a 3-week period in May, revealed in June 2020 that COVID-19 had an impact on the treatment and diagnosis of chronic diseases including diabetes.
North America And Europe Artificial Pancreas Market: Key Developments
In April 2021, World Health Organization launched the Global Diabetes Compact, a global initiative aiming for sustained improvements in diabetes prevention and care, with a particular focus on supporting low- and middle-income countries.
Browse 35 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “North America And Europe Artificial Pancreas Market”- Forecast to 2030, North America And Europe Artificial Pancreas Market, By Disease Type (Diabetes Type 1, Diabetes Type 2), By End User (Hospitals, Clinics), By Region (North America, Europe).
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Key Takeaways of the North America And Europe Artificial Pancreas Market:
- North America And Europe artificial pancreas market is expected to exhibit a CAGR of 9% during the forecast period. For instance, in April 2020, researchers from the University of Messina, Italy, reported that measurement of Band 3 protein anion exchange capability can aid in monitoring the impact of hyperglycemia on erythrocytes homeostasis.
- Among disease type, diabetes type 1 segment is estimated to be the fastest growing in the North America And Europe artificial pancreas market over the forecast period. For instance, in April 2020, JDRF, a nonprofit 501 organization based in the U.S., announced to raise US$ 2.5 million for R&D in type 1 diabetes through JDRF House ParT1D for a Cure.
- Major players operating in the North America And Europe artificial pancreas market include Medtronic Plc., Johnson and Johnson Services Inc., Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., and Cellnovo.
