Health experts say that the artificial pancreas is as good as a cure because it means patients will no longer have to manage the condition themselves.
The wristwatch-size device is surgically implanted into the abdominal cavity and releases a precise amount of insulin into the bloodstream. Supplies are topped up via a short tube which passes through the skin.
Human trials are set to start in 2016 with the first implants taking place on the NHS within 10 years. Inventor Joan Taylor, 64, professor of pharmacy at De Montfort University, Leicester, said: "It works like a healthy pancreas should, regulating blood sugar by releasing just enough insulin into your bloodstream. You don't need to fill it up every day, so avoid painful daily injections.
"We are extremely close to embarking on clinical trials. Could the procedure to fit it be available on the NHS? Definitely – hopefully within a decade. Diabetes is already an epidemic and it's going to soon become a scourge on society."
The implant contains a reservoir surrounded by a special gel which slowly releases the hormone insulin as blood sugar levels rise. As levels drop, the gel solidifies, ensuring the right amount of insulin is released.
It would cost £5,000 for the device and surgery to fit it.
The artificial pancreas will help all Type 1 insulin-dependant diabetics and some suffering Type 2 who need daily injections.
The prototype has taken 20 years and £1million to create with money from the NHS, the Lachesis Fund, which invests in research at the university, and the charitable Edith Murphy Foundation. The rest has come from private backers.
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