The Hybrid Closed Loop Insulin Delivery System Market is expected to grow on a healthy note further. The current scenario is such that virtual monitoring tools are being called for. They act as a precision factor for the healthcare vertical. With the turning out to be more accessible for patients and providers alike, several post-operative intervention options are being made available for preventing hospital re-admittance and complications. With cost-effectiveness rendered as well, the healthcare vertical is expected to take off on a flourishing note going forward.
Prevalence of diabetes is increasing rapidly and hence required technologically advanced product such as hybrid closed-loop insulin delivery system for the management of diabetes.
As per WHO, there are around 422.0 million people living with diabetes in 2014 around the world and this prevalence further increasing rapidly. Out of the total diabetes suffering population around 5.0% to 10.0% of it suffer from type 1 diabetes and diabetes management in these patients is much complex as compared to type 2 diabetes.
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Rapidly increasing the worldwide prevalence of diabetes is the major driver in the hybrid closed-loop insulin delivery system market. The technologically advanced nature of hybrid closed-loop insulin delivery system makes the diabetes management easier with automatic monitoring and dose delivery as per the requirement which further helps in increasing patient compliance driving the growth of hybrid closed-loop insulin delivery system market.
Ease of use of hybrid closed-loop insulin delivery system expected to fuel the growth of the market. Although the prevalence of type 1 diabetes is lower as compared to type 2 diabetes, management complexity level of type 1 diabetes is higher due to that hybrid closed-loop insulin delivery system plays important role in easing management of it.
The hybrid closed-loop insulin delivery system measures the glucose level in the blood on regular interval providing novel diabetes management. The hybrid closed-loop insulin delivery system is used for type 1 diabetes management and type 1 diabetes affects children more as compared to adult and hence it is critical to managing.
As per recent advancement, in 2017 FDA approved use of hybrid closed-loop insulin delivery system for type 1 diabetes in children above the age of 6 years easing the management and further driving the hybrid closed-loop insulin delivery system market.
Although the hybrid closed-loop insulin delivery system is effective in diabetes management it can be used only in the patient who has blood glucose level very high and hence hybrid closed-loop insulin delivery system is yet to be feasible for the patients who are suffering from a comparatively less critical stage of diabetes
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Market Segmentation
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Rapidly increasing diabetes prevalence as well as increasing novel approach by healthcare professionals and patients in the management of diabetes is a major factor fueling the growth of hybrid closed-loop insulin delivery system market. By distribution channel, hybrid closed-loop insulin delivery system expected to be dominated by retail pharmacies due to higher patient footfall for the purchase of hybrid closed-loop insulin delivery system.
The manufacturers in the hybrid closed-loop insulin delivery system market are focusing on the innovative approach to enhance the patient compliance with the use of hybrid closed-loop insulin delivery system for diabetes management.
The global hybrid closed-loop insulin delivery system market is expected to be dominated by North America due to higher patient adoption. Europe is expected to be the second most lucrative hybrid closed-loop insulin delivery system market. Latin America hybrid closed-loop insulin delivery system market is expected to grow steadily due to steadily increasing patient adoption.
Asia-Pacific is the fastest growing hybrid closed-loop insulin delivery system market due to emerging countries such as India and China where potential of hybrid closed-loop insulin delivery system market growth is significant. The Middle East and Africa is the least attractive hybrid closed-loop insulin delivery system market due to low adoption.
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Some of the key participants operating in the hybrid closed-loop insulin delivery system market are Medtronic Inc., Insulet Corporation, Beta Bionics, Eli Lilly, WaveForm (AgaMatrix), Bigfoot Biomedical, Tandem Inc. and others.
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