Hybrid Close Loop System Market to Witness Exponential Growth by 2024

Posted by Aman Jaiswar on May 30th, 2019

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.

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.

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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.

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.