Upgradation in process
Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Recent Trends and Developments in the Market
Currently, the MiniMed 670G is the only FDA approved hybrid closed-loop insulin delivery system in the market. The diabetic system, developed by Medtronic, offers SmartGuard technology that mimics some of the functions of pancreas.
The auto mode adjusts basal insulin every five minutes based on the patient’s CGM readings and automatically starts and stops insulin delivery to the body.
Introduction to Hybrid Closed-Loop Insulin Delivery System
Type-1 diabetes is a condition in which the body is not able to produce sufficient amount of insulin and thus has to depend on an external source for the hormone. Insulin is responsible for regulation of glucose levels in the body. Diabetic patients examine their blood sugar level several times on a daily basis and then administer insulin dose through injections. Continuous glucose monitoring (CGM) is required for patients with diabetes in order to keep a check on rising glucose levels in the body.
Hybrid closed-loop insulin delivery system is a wearable system that monitors and regulate the blood sugar by supplying a regular amount of insulin to the body. It is also known as “artificial pancreas”.
Market Size and Forecast
According to American Diabetes Association, around 30.3 million or 9.4% of Americans had diabetes in 2015, out of which, only 23.1 million were diagnosed with the disorder. The increasing prevalence of diabetes is raising the demand for effective devices for controlling the disease such as hybrid closed-loop insulin delivery system.
The hybrid closed-loop insulin delivery system market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027. The market is segmented by component, by distribution channel and by region. On the basis of distribution channel, the market is further segmented into hospital pharmacies, retail pharmacies, online pharmacies and others, out of which, the retail pharmacies segment is anticipated to hold the largest share in the hybrid closed-loop insulin delivery system market on account of ease of availability of insulin delivery systems at retail pharmacies. The close proximity of retail pharmacies to residential areas is another factor that is estimated to increase the growth of this segment as the large consumer base makes them suitable vendors for the product in the market. DOWNLOAD SAMPLE REPORT HERE
Growth Drivers
Rapidly Growing Prevalence Of Diabetes To Drive The Market Growth
Data presented by the World Bank suggested that 8.5% of the population between the ages 20 and 79 was estimated to have diabetes in the year 2017.
The increasing occurrence of diabetes among the population is resulting in a rising demand for insulin delivery systems that are easy to use and do not require multiple visits of patients to the hospital. Hybrid closed-loop insulin delivery systems provide an all-in-one approach as they can be used to monitor the insulin levels as well as regulate them. This is a major factor which is estimated to drive the market growth during the forecast period.
Development Of Technologically Advanced Medical Devices For Diabetes To Support The Market Growth
Efficient treatment methods for management of diabetes type-1 are being developed which aid in reducing the complexity of the condition and provide an effective insulin delivery system. Technological advancements in the medical industry are estimated to increase the development of better systems for controlling diabetes, thereby creating a significant impact on the market growth.
Restraints
Limited Availability Of Insulin Delivery System To Inhibit Market Growth
The limited availability of hybrid closed-loop insulin delivery systems in the market is anticipated to be a major factor restricting the growth of the market. This can be attributed to the highly strict regulatory policies and less number of devices approved by FDA for use by the patients.
Market Segmentation
Our in-depth analysis of the hybrid closed-loop insulin delivery system market includes the following segments:
By Component
By Distribution Channel
By Region
On the basis of regional analysis, the hybrid closed-loop insulin delivery system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Growing technological advancements and rising acceptance of new medical devices among the diabetic population are estimated to contribute towards the highest market share in hybrid closed-loop insulin delivery system market in North America. The market in Europe is anticipated to hold the second leading stance in the market as a result of growing demand for improved diabetes treatment products. However, the market in Asia-Pacific region is estimated to observe a high growth rate in the upcoming years on account of emerging healthcare industry and growing population with increasing prevalence of diabetes.
The hybrid closed-loop insulin delivery system market is further classified on the basis of region as follows:
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