Global Smart Implantable Pumps Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Smart Implantable Pumps Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global smart implantable pumps market report has been segmented on the basis of type, application, end user, and region.

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Global Smart Implantable Pumps Market: Overview

Implanted infusion pumps are small medical device intended for steady dose administration of drugs. Implantable pumps consist of a reservoir that is placed subcutaneously which is connected through a catheter into the intrathecal space of the pump. The pump directs liquid medicine through a thin flexible tube or a catheter to a target part of the body. They are typically labeled for dosages, specific drugs, and routes of administration that generally require a high level of monitoring. Implantable infusion pumps are designed to offer long term drug infusion through the intravenous, subcutaneous, or intra-arterial route of drug administration. The advantages of these pumps are, the convenience of drug administration, reduction, or elimination drug overdosing, the drug is delivered locally or to a systemic circulation with minimal interference of metabolic or biological barriers and flexibility.

Global Smart Implantable Pumps Market: Dynamics

Growing incidences and prevalence of pain, diabetes, and cancer is a key factor expected to drive the revenue growth of the target market over the forecast years. Some other factors expected to drive revenue growth of the global smart implantable pumps market are, increasing the number of the elderly population, growing conscious about health among individuals, rising healthcare expenditures, favorable reimbursement policies. However, stringent regulatory policies for approval for these products and an increasing number of product recalls due to medication errors related with infusion pumps are major factor expected to hamper the growth of the target market to a higher extent.

Global Smart Implantable Pumps Market: Segment Analysis

Among the type segments, perfusion pumps segment is expected to register highest market share in terms of revenue, owing to high-tech advancements in perfusion pumps is expected to boost the growth of the segment. Among the application segments, the cardiovascular segment is expected to witnessed highest market revenue share and CAGR over the forecast period. This is primarily to, continuously increasing prevalence and incidences of cardiovascular diseases. Among the application segments, the hospital is expected to account for the fastest growing CAGR during the forecast period, owing to the increasing number of patients visiting hospitals as well as favorable reimbursement policies.

Global Smart Implantable Pumps Market: Trends

Prominent player manufacturing smart implantable pumps such as Medtronic plc, Abbott Laboratories, and many others are continuously aiming towards getting US FDA approvals for the products – in order to expand its geographical footfall and customer base and is among the major trend witnessed in the target market.

For instance, in October 2018, Ireland –based medical device company Medtronic plc – received US Food and Drug Administration (FDA) for personal therapy manager ‘myPTM’ – that works with the SynchroMed II – drug delivery system and is designed for patients suffering from severe or chronic pain.

Global Smart Implantable Pumps Market: Regional Analysis

In 2019, the markets in North America is projected to hold a major share in the target market over the forecast period. This is primarily due to, rising cases of cardiovascular diseases in the US. In addition, a growing number of ambulatory surgical centers and hospitals resulting in higher usage of the infusion pump in the region. The market in the Asia Pacific is projected to register the highest CAGR during the forecast period owing to higher healthcare expenditure.

Global Smart Implantable Pumps Market Segmentation:

Segmentation by type:

Perfusion Pumps
Micro-pumps

Segmentation by application:

Pain & Spasticity
Cardiovascular

Segmentation by end user:

Hospitals
Ambulatory Surgical Centers
Others (including Home care settings, etc.