A technologically sophisticated drug delivery system or instrument implanted below the skin for steady administration of medication or fluid is an implantable pump. These pumps are used for the supply of anti - spasmodic, chemotherapeutic and opioid medicines. The report provides analysis of global Smart Implantable Pumps market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year. According to Acumen Research and Consulting, the global Smart Implantable Pumps market is expected to grow at noteworthy CAGR around 7.5 % throughout the forecast period and reach around US$ 2.6 billion by 2026.
In developing economies such as the United States, most of western Europe, and in Japan, there is a fast aging global population. Compared with developing countries, developed countries are witnessing a high aging rate. This is attributed to improved health care facilities and favorable refund policies in these countries, as well as advanced health facilities. Moreover, in the past, in particular in developed countries, access to various diagnostic and treatment services has been improved. In turn, this has increased the population's life expectancy. In turn, this has increased the population's life expectancy. The growth of the number of elderly leads to a high rate of illnesses, which is likely to boost demand and consumption of intelligent implantable pumps.
The advantages of smart implantable pumps compare conventional (pens / syringes / injections) delivery systems. Intelligent, implantable pumps deliver drugs on site, reducing potential side effects and enhancing quality of life. Furthermore, these pumps are patient-compliant, because a clever implantable device usually has less treatment schemes than pills or injections. The global smart implantable pumps market will be driven in the near future by these advantages over conventional delivery systems.
During the predicted years, Smart implantable pump market would expand because several multi-national companies focus on Smart implantable new product innovations. The Smart implantable market will also be boosted by the increasing incidence of pain, cancer or diabetes, the rapid growth of a geriatric population, technological developments such as wireless technology growth and introduction of intelligent pumps, the increase of global healthcare and pharmaceutical companies moving there to Asia-Pacific production bases.
Due to the strict regulations on new products due to patient security risks, high costs and low reimbursement of intelligent implantable Pumps in developing countries, the smart implantable pumping market is affected. In 2013, the United States. Food and Drug Administration Safety Information and Adverse Events Reporting Program announced that patients have abstained from smart implantable pumps because of malfunctioning due to medication over dosing, which has led to risk to patient safety.
Increased chronic pain and other chronic diseases population
A major driver on the global smart implantable pumps market is a rise in chronic pain, cardiac failure and high blood pressure as the pumps are widely used to treat these diseases in the use of drugs. Heart failure, which has a prevalence of more than 5.8 million in the USA and more than 23 million worldwide, is an important public health problem. A number of international studies estimate that 10.1% to 55.2% of the population is suffering from pain. In the United States, chronic pain occurs in 20 to 30% of the general population. For more than five years, approximately 2/3 of these people have had pain. Hence, rise in prevalence of chronic diseases is likely to propel the global market in the near future.
In type, it can be divided into perfusion pumps and micropumps on the smart implantable pumps market. The segment of perfusion pumps, in particular the Medtronic Synchromed II Pump, is projected to take into account the world market's leading share during the projected period. In the forecast period, technological developments in perfusion pumps should boost the segment's growth. On the basis of application, pain & spasticity and cardiovascular can be transformed into the market. As for the end-user, the global market for smart implantable pumps can be divided into hospitals, hospitals and surgical centers. Increase in the number of visits and long hospital stays and favorable reimbursement policies and increased numbers of implantable procedures carried out under these conditions is expected to increase the hospital segment during the forecast period.
Based on type, application, end user and region, the global smart implantable pump markets have been segmented. The market has been transformed into perfusion pumps and micropumps in terms of type. The perfusion pumps segment, especially Medtronic's Synchromed II Pump, is expected to account for the largest share of the world market in the forecast period. In order to boost segment growth during the forecasts, technological developments in perfusion pumps are anticipated. Divided into pain, spasticity and cardiovascular the global smart implanable pumps market. The market was ranked as hospitals, ambulatory surgical centers and other services for the end-user. Due to an increased number of hospital visits and a longer stay, favorable reimbursement policies, and an increased number of implantable procedures performed in such conditions, the hospital segment is expected to expand to the highest AGR in the forecast period.
Geographically, five major regions have been segmented into the global market of the intelligent implantable pumps: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Due to its high use of clever implantable pumps and high health care expenditure, North America is projected to represent the world's forecast leading share. Between 2019 and 2026, Europe is expected to play an important role in the world market. Increases in the previews are expected to boosts the occurrence of pulmonary arterial hypertension and chronic pain in the region. Due to increased health care expenses, the market in Asia Pacific will likely experience strong growth over the forecast period. Increased focus on regional expansion by key players is also contributing to market growth in Asia Pacific with an expanding population without exposure and increased responsiveness about smart implantable pumps. In 2019 to 2026, the intelligent market for implantable pumps will grow steadily in Latin America.
Global Smart Implantable Pumps Market, by Type
Global Smart Implantable Pumps Market, by Application
Global Smart Implantable Pumps Market, by End Use
Global Smart Implantable Pumps Market, by Geography
The market research study on “Smart Implantable Pumps Market (By Type: Micro-pumps, Perfusion Pumps; By Application: Pain and Spasticity, Cardiovascular; By End Use: Ambulatory Surgical Centers, Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Smart Implantable Pumps market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in Smart Implantable Pumps segmented by molecular type, test type and region. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players & Strategies
The Smart Implantable Pumps market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Medtronic, plc, Flowonix Medical, Inc., Tricumed Medizintechnik GmbH, Abbott, Berlin Heart, and others.
These companies have established their market presence and enjoy customer brand loyalty. They offer a wide range of products and distribution systems worldwide. In addition, there was a small number of participants in the emerging markets in Asia in particular. However, the market leaders are expected to restrict the penetration of new entrants in the market by means of the strict regulatory framework and high quality standards.