Smart Implantable Pumps Market: Increasing Cases of Cardiovascular Disorders is expected to drive the market
Smart Implantable Pumps Market - Snapshot
An implantable pump is a technologically advanced drug delivery system or device implanted beneath the skin to administer a steady dose of drug or fluid. These pumps are used to deliver anti-spasmodic, chemotherapeutic agents, and opioid drugs. The global smart implantable pumps market was valued at US$ 1,332.42 Mn in 2018 and is projected to expand at a CAGR of 8.0% from 2019 to 2027.
Smart implantable pumps are widely used in the treatment of pain & spasticity, pulmonary arterial hypertension, and heart failure. Technological advancement in implantable pumps is likely to boost the growth of the global market in the near future.
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The global smart implantable pumps market has been segmented based on type, application, end-user, and region. In terms of type, the market has been bifurcated 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 advancements in perfusion pumps are anticipated to boost the growth of the segment during the forecast period. Based on application, the global smart implantable pumps market has been divided into pain & spasticity and cardiovascular. In terms of end-user, the market has been classified into hospitals, ambulatory surgical centers, and others. The hospitals segment is expected to expand at the highest CAGR during the forecast period owing to increase in the number of visits and longer stay in hospital, favorable reimbursement policies, and rise in the number of implantable procedures performed in these settings.
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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 and Europe accounted for major shares of the global market in 2017. High prevalence of chronic diseases such as spasticity and chronic pain and presence of a large geriatric population that is more prone to chronic diseases drive demand for smart implantable pumps in these regions. The smart implantable pumps market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Increase in incidence of cardiac diseases and other chronic diseases and rise in health care expenditure are anticipated to propel the market in the region during the forecast period.
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Key players operating in the global smart implantable pumps market include Medtronic, plc, Tricumed Medizintechnik GmbH, Flowonix Medical, Inc., Abbott, Berlin Heart, and others. These companies have established their presence in the market and enjoy brand loyalty among customers. These have diverse product offerings and extensive distribution systems across the world. Moreover, entry of small players has been witnessed especially in the emerging markets in Asia. However, stringent regulatory framework and high-quality standards set by the market leaders are anticipated to restrain the penetration of new entrants in the market.
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Smart Implantable Pumps Market to Rise from Increasing Cases of Cardiovascular Disorders
The surging prevalence of cardiovascular diseases stands as the prime factor aiding in expansion of the global smart implantable pumps market. An implantable siphon is an innovatively progressed drug conveyance framework or gadget embedded underneath the skin to regulate a consistent portion of medication or liquid. These pumps are utilized to convey hostile to uncontrollable, chemotherapeutic specialists, and narcotic medications.
Savvy implantable pumps are generally utilized in the treatment of torment and spasticity, pneumonic blood vessel hypertension, and cardiovascular breakdown. Mechanical headway in implantable pumps is probably going to support the development of the worldwide market soon. The worldwide market is foreseen to be driven by innovative headways and expansion in utilization of shrewd implantable pumps during the gauge period. The market in Asia Pacific is required to extend at a high CAGR because of high predominance of infections, improvement in medical care framework, and ascend in appropriation of shrewd implantable pumps.
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Wave of Coronavirus has Boosted Research & Development Procedures for Novel Therapeutics
Owing to the current coronavirus pandemic, majority of nations have implemented stringent health regulations in term of several health issues. Chronic and acute diseases such as kidney disorders, cardiac arrests amidst the corona pandemic are considered of utmost emergency and are accordingly treated. Along with research and development of treatment of Corona virus, companies are major financers are keenly investing heavily on the development of better smart implantable pumps so as to save more lives on the one hand and earn significant revenues for the market on the other.
Smart implantable pumps have a few points of interest over regular conveyance frameworks, for example, needles, pens, or infusions). Savvy implantable pumps give site explicit medication conveyance, limit possible results, and help improve the personal satisfaction. Additionally, these pumps show restraint consistent, as the treatment routine related with a keen implantable gadget is for the most part less oppressive than pills or infusions. These favorable circumstances over customary conveyance frameworks are projected to drive the worldwide savvy implantable pumps market soon.
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