Zion Market Research has published a new report titled “Smart Implantable Pumps Market By Type (Micro-Pumps and Perfusion Pumps), By Application (Cardiovascular and Pain & Spasticity), and By End-User (Ambulatory Surgical Centers, Hospital, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global smart implantable pumps market was USD 1,298 million in 2018 and is expected to generate USD 2,288 million by 2025, at a CAGR of 8.4% between 2019 and 2025.
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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.
The global smart implantable pumps market is fragmented based on type, application, and end-user. On the basis of type, the global smart implantable pumps market includes micro-pumps and perfusion pumps. In terms of market share, the perfusion pumps segment held a significant share in the global smart implantable pumps in 2018 and is expected to remain dominant over the forecast period as well. Technological enhancements in perfusion pumps are propelling the demand for these devices globally. Moreover, the wide use of perfusion pumps in clinical settings, such as nursing homes and hospitals, are also contributing to this segment’s growth.
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By application, the smart implantable pumps market is categorized into cardiovascular and pain and spasticity. The cardiovascular segment accounted for the largest share in the global smart implantable pumps market in 2018, due to the growing prevalence of hormonal disorders, such as diabetes.
Based on end-user, the smart implantable pumps market includes ambulatory surgical centers, hospitals, and others. Hospitals are expected to register a high growth rate in the smart implantable pumps market over the projected timeframe, owing to the increasing use of smart implantable pumps in hospitals due to the growing number of implantable procedures and an increasing number of patients.
North America and Europe are estimated to account for major shares in the smart implantable pumps market globally. This can be due to the rising cardiovascular diseases cases in the U.S. and the growing number of ambulatory surgical centers and hospitals leading to increased use of infusion pump in these regions. The Asia Pacific is expected to register the highest growth in the global smart implantable pumps market over the forecast time period, growing healthcare infrastructure, increasing government support, and rising regional awareness about newer medical devices.
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Some major players operating in the global smart implantable pumps market are Abbott, Flowonix Medical, Berlin Heart, Tricumed Medizintechnik, and Medtronic.
This report segments the global smart implantable pumps market into:
Global Smart Implantable Pumps Market: Type Analysis
- Perfusion Pumps
Global Smart Implantable Pumps Market: Application Analysis
- Pain and Spasticity
Global Smart Implantable Pumps Market: End-User Analysis
- Ambulatory Surgical Centers