Latest
industry research report on: Global Hybrid Close Loop System Market |
Industry Size, Share, Research, Reviews, Analysis, Strategies,
Demand, Growth, Segmentation, Parameters, Forecasts
Hybrid close loop system is an
advanced technique having two parts as insulin pump with hybrid close
loop and a sensory system guardian link three transmitter, which is
designed to assist patients with type 1 diabetes in managing the
glucose level. In auto mode, hybrid close loop system automatically
adjusts the volume of insulin to be transferred with keeping a record
of the quantity delivered in a given preset cycle. Hybrid close loop
system can also adjust the volume of basal insulin i.e. the volume
required when a person is not using an insulin pump. The device
supplying quantity of 120 mg/dL of insulin, which further adjusts the
hybrid close loop system to synchronize with the diet of the patient.
Hybrid close loop system helps an individual to be aware of their
glucose level, which makes them more independent in managing their
daily diet plans with better compliance gradually. Furthermore,
individuals at the risk of fluctuating glucose level at the night
time are expected to be benefited more due to the hybrid close loop
system’s continuous glucose monitoring as well as the provision of
insulin availability throughout the bedtime. Hybrid close loop system
device can be a monopolistic rival for other insulin pump devices due
to its hybrid and dual nature of monitoring the glucose level as well
as to pump the amount of insulin required to maintain the absolute
sugar level in the body. Nevertheless, the supporting factor for
Medtronic hybrid close loop system is the priority access program,
which enables diabetes affected population to get started with
MiniMed 630G system with low cost on purchasing before it’s
official release in the market, which is dated in the year 2017.
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The
global hybrid close loop system market consists of only one product
named MiniMed 630G by Medtronic. Hybrid close loop system named
MiniMed 630G system by Medtronic is available with a healthy
reimbursement plan, which will benefit the patient, which in turn is
expected to fuel the market growth for hybrid close loop system
market in the near future. Furthermore, based on end users, global
hybrid close loop system market can be further segmented into
hospitals, clinics, diagnostic centers, and ambulatory care centers.
Increasing prevalence of diabetes with increasing technological
advances and increasing adoption rate for assistive medical
technology is expected to support the hybrid close loop. The hybrid
close loop system is expected to register significant CAGR during the
forecast period, due to monopolistic approach and technological
advancements.
Other
influencing factors are increased demand for comfortable lifestyles
among patients suffering from debilitating diseases such as diabetes,
is expected to fuel the demand for hybrid close loop system. This
system has recently received approval from the U.S. FDA in September
2016.
Increasing
preference of physicians towards continuous glucose monitoring of
patients who have diabetes is another factor expected to push the
hybrid close loop system market. Availability of hybrid close loop
product upgrade programs at minimum cost along with reimbursement
options are other revenue drivers for the market.
Restraints
include novelty of the product. This refers to the fact that there is
only one approved product in the world currently in hybrid close loop
system market. Differential access to the technology could hamper the
expected revenue flows from developing markets across the world.
Furthermore, lack of technological advancement and infrastructural
loopholes in manufacturing could deter market entry of a similar
product in the near horizon. Regulatory hurdles for hybrid close loop
system product clearance with design specification and gaining
marketing authorization are other factors projected to hinder
expected revenue stream from the technology.
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Type 1 diabetes burden is
increasing gradually which is one of the major health concern
globally. According to the American Diabetes Association, in 2012,
the prevalence of diabetes is expected to increase by 2-5% globally
and is to affect the hybrid close loop system market positively in
the near future. Based on geography, the global hybrid close loop
system market is segmented into five key regions, North America,
Europe, Asia-Pacific, South America, and the Middle East and Africa.
North America is expected to account for the largest revenue share in
the global hybrid close loop system market over the forecast period
followed by Europe. Hybrid close loop systems are non-invasive
devices which are useful in safe glucose monitoring as well as
insulin supply, and this dual factor has increased the adoption rate
of hybrid close loop systems among end users, which is expected to
underpin the growth of the global hybrid close loop system devices
market. Also, there is a growing trend of home and point of care
testing, and a shift towards the better lifestyle, which is projected
to expand the growth of the hybrid close loop system market in North
America & Europe. Asia-Pacific is expected to witness remarkable
CAGR during the forecast period, due to large population base
affected by type 1 diabetes. However, healthcare facilities in
underdeveloped and emerging countries, which lack appropriate
awareness for innovative assistive technologies, is anticipated to
affect the adoption rate in these countries.
Currently, there is only one
player in the global hybrid close loop system market named as
Medtronic, which is selling its hybrid close loop system device by
the name of Minimed 670G System.
The report offers a
comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections
about market size. The projections featured in the report have been
derived using proven research methodologies and assumptions. By doing
so, the research report serves as a repository of analysis and
information for every facet of the market, including but not limited
to: Regional markets, technology, types, and applications.
The study is a source of
reliable data on:
Market segments and
sub-segments
Market trends and dynamics
Supply and demand
Market size
Current
trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder
analysis
The regional analysis
covers:
North America (U.S. and
Canada)
Latin America (Mexico,
Brazil, Peru, Chile, and others)
Western Europe (Germany,
U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands,
and Luxembourg)
Eastern Europe (Poland and
Russia)
Asia Pacific (China, India,
Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa
(GCC, Southern Africa, and North Africa)
The report has been compiled
through extensive primary research (through interviews, surveys, and
observations of seasoned analysts) and secondary research (which
entails reputable paid sources, trade journals, and industry body
databases). The report also features a complete qualitative and
quantitative assessment by analyzing data gathered from industry
analysts and market participants across key points in the industry’s
value chain.
A separate analysis of
prevailing trends in the parent market, macro- and micro-economic
indicators, and regulations and mandates is included under the
purview of the study. By doing so, the report projects the
attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop
analysis, which includes an assessment of the parent market
Important changes in market
dynamics
Market segmentation up to
the second or third level
Historical, current, and
projected size of the market from the standpoint of both value and
volume
Reporting and evaluation of
recent industry developments
Market shares and
strategies of key players
Emerging niche segments and
regional markets
An objective assessment of
the trajectory of the market
Recommendations to
companies for strengthening their foothold in the market
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