With the increasing incidence of diabetes worldwide, governments and healthcare organizations are keen on exploring novel therapeutics and treatment methods. In this study, Transparency Market Research, studies the scope of expansion for the global hybrid close loop system market between 2016 and 2024. The report is titled “Hybrid Close Loop System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” and is available for sale on the company website. Hybrid close loop systems constitute advanced technique and comprise two parts as insulin pump with sensory system guardian and close loop, which link three transmitters. The device is designed to help diabetes type 1 patients manage their glucose level diligently.
In this report, the trajectory of the global hybrid close loop system market is evaluated in detail. Historical data iterating the market’s success over the years and risks it witnessed along the course is referred to for the purpose of detailed assessment. Besides this, the report includes exhaustive information obtained via proven research methods and from trusted industrial sources. Information thus sourced is compiled in a coherent chapter-wise format for readers to get a better perspective of the global hybrid close loop system market.
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Continuous monitoring is essential for individuals with high risk of fluctuating glucose level. A hybrid close loop system ensure the same, especially when they are asleep as it has the provision of insurance availability even during the bedtime. The system can be a monopolistic rival providing tough competition to other insulin pump devices due its dual nature of monitoring glucose levels and pumping the required amount of insulin to maintain absolute sugar level in patients.
The market is currently gaining from the increasing demand for comfortable lifestyles among diabetes patients. Furthermore, the system has been approved by the U.S. FDA in September 2016, post which the market has been witnessing considerable spike in the demand. Besides this, the market is gaining impetus as an increasing number of physicians recommend continuous monitoring of diabetes patients. These systems are designed to upgrade diabetes monitoring at minimum cost and also come with reimbursement options. Spurred by these factors, the global hybrid loop system market will exhibit strong growth over the forecast period.
On the downside, the novelty of the product has emerged as a key market restraint. Currently only one hybrid close loop system designed has received approval. This restricts the entry of new players as well as expansion plans of the existing players to an extent. The market is also witnessing challenge from the presence of infrastructural loopholes and lack of technological advancements. If these challenges are mitigated, the market will significantly gain from the prevailing opportunities.
Currently, there is only one company operating in the global hybrid close loop system market. It is called Medtronic.
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