The global smart implantable pumps market size was USD 1,300 million in 2019 and is expected to generate USD 2,290 million by 2027, at a CAGR of 8.8% between 2020 and 2027.
The global market is anticipated to be driven by technological advancements and increase in usage of smart implantable pumps during the forecast period. The market in Asia Pacific is expected to expand at a high CAGR due to high prevalence of diseases, improvement in health care infrastructure, and rise in adoption of smart implantable pumps.
Smart implantable pumps enable controlling drug delivery rate exteriorly, which is beyond the abilities of conservative controlled-release preparations. The delivery of chemotherapeutic agents to cancer patients and insulin to diabetics signifies the two major applications of smart implantable devices. The smart implantable pump technology helps in reducing medication errors and prevents patient injury; thus, the demand for such devices is growing rapidly. The rising prevalence of chronic diseases, such as cancer, diabetes, and pain associated with them, is the key factor projected to drive the growth of the global smart implantable pumps market in the future. According to the World Health Organization handout 2016, globally there were around 422 million adults suffering from diabetes, which is 4 times of 1980’s figure. Moreover, the increasing geriatric population base, rising health consciousness of people, growing healthcare expenditures in developing countries, favorable reimbursement policies, and government support to avail the best patient treatment options are propelling the global smart implantable pumps market.
Rise in Geriatric Population and Increase in Incidence of Chronic Diseases Drive Market
The global population is aging rapidly, especially in developed economies such as the U.S., most of Western Europe, and Japan. Developed countries witness high rate of aging compared to the developing countries. This is attributed to improved health care infrastructure, favorable reimbursement policies, and advanced health care facilities in these countries. Moreover, access to various diagnostic and treatment services has improved in the recent past, especially in developed countries. This in turn has increased the life expectancy of the population. Increase in number of elderly people leads to high rate of ailments, which in turn is likely to propel demand and consumption of smart implantable pumps
Advantage over Conventional Delivery Systems
Smart implantable pumps have several advantages over conventional delivery systems (syringes/pens/injections). Smart implantable pumps provide site specific drug delivery, minimize potential side effects, and help improve the quality of life. Moreover, these pumps are patient compliant, as the treatment regimen associated with a smart implantable device is generally less burdensome than pills or injections. These advantages over conventional delivery systems are projected to drive the global smart implantable pumps market in the near future.
Increase in Patient Population with Chronic Pain and Other Chronic Illnesses
Rise in prevalence of chronic pain, heart failure, and hypertension is a major driver of the global smart implantable pumps market, as these pumps are extensively used to administer drugs during the treatment of these diseases. Heart failure is a major public health problem, with a prevalence of over 5.8 million in the U.S., and over 23 million globally. A number of international studies have estimated that between 10.1% and 55.2% of the population is afflicted with pain. In the U.S., 20% to 30% of the general population experiences chronic or recurring pain. Approximately, two thirds of these people have had pain for more than five years. Hence, rise in prevalence of chronic diseases is likely to propel the global market in the near future.
In terms of type, the smart implantable pumps market can be divided into perfusion pumps and micro-pumps. The perfusion pumps segment is projected to account for leading share of the global market during the forecast period owing to wide adoption of these devices, especially Medtronic’s Synchromed II Pump. Technological developments in perfusion pumps are anticipated to boost the growth of the segment during the forecast period. Based on application, the market can be bifurcated into pain & spasticity and cardiovascular. In terms of end-user, the global smart implantable pumps market can be classified into hospitals, ambulatory surgical centers, and others. The hospitals segment is expected to expand at a high CAGR during the forecast period due to increase in the number of visits and longer stay in hospitals, favorable reimbursement policies, and rise in the number of implantable procedures performed in these settings.
Rise in Prevalence of Chronic Diseases and Increase in Disposable Income to Drive Asia Pacific Market
Geographically, the global smart implantable pumps market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to constitute leading share of the global market during the forecast period, owing to high adoption of smart implantable pumps and high health care expenditure. Europe is anticipated to account for significant share of the global market between 2019 and 2027. Increase in incidence of chronic pain and pulmonary arterial hypertension is expected to propel the market in the region during the forecast period. The market in Asia Pacific is likely to witness strong growth during the forecast period, due to surge in health care expenditure. Moreover, increase in focus of key players on expansion in the region, large untapped population, and rise in awareness about smart implantable pumps contribute to the growth of the market in Asia Pacific. The smart implantable pumps market in Latin America is anticipated to experience steady growth from 2019 to 2027.
The report analyzes and forecasts the smart implantable pumps market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2027. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global smart implantable pumps market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the smart implantable pumps market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of smart implantable pumps market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Companies Mentioned in Report
The report also profiles major players in the global smart implantable pumps market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Key players in the global smart implantable pumps market are Medtronic, plc. Tricumed Medizintechnik GmbH, Flowonix Medical Inc., Abbott, and Berlin Heart, among others.
The global smart implantable pumps market has been segmented as given below:
Reasons to Purchase this Report:
- Estimates 2020-2027 smart implantable pumps market development trends with the recent trends and SWOT analysis
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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