A comprehensive study has been conducted to shed light on the multifaceted aspects of the global smart implantable pumps market. The insights gleaned from this report provide valuable assistance in evaluating market growth prospects during the forecast period.
Rising Rates of Implantation Surgeries Fueling Smart Implantable Pumps Market
The global smart implantable pumps market is poised for significant growth, driven by several key factors. These include the high prevalence and incidence of chronic diseases such as spasticity and chronic pain, a substantial senior population more susceptible to chronic ailments, increasing health awareness, rising healthcare expenses, and favorable reimbursement policies. According to the World Health Organization (WHO), chronic diseases' burden was projected to reach 57% by the end of 2020, and this figure is expected to climb due to population growth and an escalating incidence of chronic diseases. With the prevalence of chronic diseases on the rise, the market is set to witness substantial growth in the forecast period. Other contributing factors include the increasing prevalence of elderly populations, favorable government reimbursement policies, the growth of healthcare and pharmaceutical companies, heightened healthcare spending, and a burgeoning health-conscious consumer base.
Technological Advancements and Increased Implantation Surgeries Drive Market Expansion
The expansion of the smart implantable pumps market is further accelerated by technological advancements, the development of intelligent pumps, and a rising number of implantation surgeries. However, regulatory approvals and the potential for device recalls due to pharmaceutical errors present challenges to market growth. The industry's stringent quality standards also serve as a significant barrier to expansion.
COVID-19 Impact on Smart Implantable Pumps Market
The advent of COVID-19 strained healthcare systems worldwide, leading to delays in elective medical procedures. However, the demand for smart implantable pumps, insulin infusion pumps, and volumetric infusion pumps increased as remote patient treatment gained traction, reducing disease transmission risks and alleviating pressure on healthcare facilities. Notably, smart implantable pumps became crucial in managing COVID-19 patients, particularly those in intensive care units (ICUs).
Rising Prevalence of Chronic Pain Drives Market Expansion
The upsurge in chronic pain, heart failure, and high blood pressure cases significantly contributes to the growth of the global smart implantable pumps market. These conditions are frequently treated with medications delivered via pumps. Heart failure, affecting millions worldwide, underscores the need for such devices. Chronic pain affects a substantial portion of the population, further driving market growth.
Expanding Home Care Settings Foster Market Growth
Smart implanted pumps are increasingly used in home care settings, offering wearable and portable solutions for managing various diseases, including diabetes and cancer. The demand for home healthcare has risen due to the growing prevalence of chronic diseases and escalating hospitalization costs, leading to increased utilization of ambulatory smart implanted pumps.
Wireless Access Limitations Challenge Market Expansion
The smart implantable pumps market faces limitations due to inadequate wireless connectivity between smart infusion devices and hospital information systems. These limitations can result in errors and hinder the advancement of smart pumps to "intelligent" infusion systems.
Emulsifiers Lead Smart Implantable Pumps Market Categories
Emulsifiers hold the largest market share in the smart implantable pumps market, driven by growing hospital visits, favorable government reimbursement policies, and increased usage of smart implanted pumps. The segment benefits from a growing hospital base and visits, primarily attributed to the rising prevalence of chronic conditions.
Cardiovascular Application Dominates Market
Cardiovascular applications dominated the market in 2021, propelled by the increasing incidence of heart diseases worldwide. Changing lifestyles contribute to the risk of cardiovascular diseases, making it the leading cause of global mortality. The segment continues to reign as the dominant category in the smart implantable pumps market.
North America Leads Market with Focus on Cancer and Diabetes
North America leads the smart implantable pumps market, driven by rising cancer and diabetes cases, technological adoption, significant healthcare expenditure, and robust research activities. The region's demographic shift, with a growing elderly population susceptible to cardiovascular risks, further fuels market growth.
Steady Growth in Asia Pacific
Asia Pacific anticipates stable revenue growth in the smart implantable pumps market, driven by technology adoption, increased healthcare spending, rising lifestyle-related disorders, and an established economy. High population density, a growing prevalence of chronic diseases, and a reputation for affordable healthcare contribute to market expansion.
Global Smart Implantable Pumps Market: Competitive Landscape
Key players in the smart implantable pumps market include Abbott, Baxter, Cognos Therapeutics, Inc., Medtronic, Flowonix Medical, Inc., Terumo Europe NV, Intarcia Therapeutics, Inc., Fresenius Kabi (Ivenix), and tricumed Medizintechnik GmbH.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
https://www.fairfieldmarketresearch.com/report/smart-implantable-pumps-market
Our Blog
Smart Implantable Pumps Market
https://www.linkedin.com/pulse/global-smart-implantable-pumps-market-comprehensive-analysis-vyas
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
LinkedIn | Twitter
maverick
