The artificial pancreas is a system that measures blood glucose levels on a minute-to-minute basis using a continuous glucose monitor (CGM), and transmits this information to an insulin pump that calculates and releases the required amount of insulin into the body. It consists of three essential components – a glucose sensor system, a control algorithm, and an insulin infusion device. This system is more effective than conventional insulin delivery devices as it automates insulin dosing based on blood sugar levels. Key companies in this industry are focusing on developing such systems. Medtronic recently gained US FDA approval for its artificial pancreas system, MiniMed 670G.
THE BUSINESS RESEARCH COMPANY EXPECTS THE DIABETES CARE DEVICES MARKET TO GROW TO $14 BILLION BY 2021
Asia Pacific was the largest region in the diabetes care devices market in 2017, accounting for two-fifth of the market share.
According to The Business Research Company’s Consultant, Nitin Gianchandani, advances in technology have led to the innovation of intelligent glucose meters which simplifies diabetes management for users. Smart glucose monitoring devices can recognize patterns of high and low blood glucose. After setting high and low limits the meter will automatically search for high and low glucose patterns for every test. For instance, LifeScan’s intelligent glucose meter, Verio IQ, recognizes patterns of high and low blood glucose and always features pattern analysis feature. This alerts patients when they’re trending to a high or low glucose level.
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Roche was the largest competitor with 15.04% of the market, generating revenues of $2.0 billion for the financial year 2016. Roche’s key strategy is to serve patients across the healthcare spectrum, with emphasis on clinical chemistry, tissue diagnostics, and molecular diagnostics. The company invests approximately CHF 9 billion in research and development every year, amongst the highest research and development spent across all industries worldwide.
The diabetes care devices market manufactures blood glucose monitoring devices and insulin delivery devices. Diabetes care devices are designed to diagnose, monitor or manage type I and type II diabetes mellitus. Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin is a hormone that regulates blood sugar. Diabetes care devices are designed to diagnose, monitor or manage type I and type II diabetes mellitus
Diabetes Care Devices Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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