Wilmington, Delaware, United States, June 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Significant advancement in implantable drug delivery pumps is anticipated to improve treatments of cardiovascular diseases. This is projected to augment market growth.
The global Smart Implantable Pumps Market was valued at US$ 1.8 Bn in 2021 and is projected to exceed US$ 3.8 Bn by 2031. Rapid integration of advanced microelectromechanical systems with next-generation smart implantable pumps is broadening market outlook.
Rise in demand for novel drug delivery devices for the management of chronic pain is creating significant business opportunities for companies in the market. An example is the usage of intrathecal drug delivery system in the treatment of chronic pain. Companies are developing novel drug delivery technologies to attract market demand. An instance is the development of micro-electromechanical systems (MEMS)-enabled implantable drug infusion pumps.
Considerable adoption of smart implantable pumps in hospital settings is anticipated to accelerate market growth. The hospital end-use segment accounted for major market share in 2021. Rapid increase in availability of an array of advanced drug delivery technologies in hospitals is anticipated to strengthen the segment
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Key Findings of Market Study
- Rapid Technological Advancement in Perfusion Pumps: Significant demand for next-generation implantable infusion pumps for chronic pain presents substantial business opportunities for companies in the smart implantable pumps industry. Based on type, the perfusion pumps segment accounted for major market share in 2021.
Rapid technological advancements in implantable infusion pumps is likely to drive the segment. Considerable adoption of perfusion pumps in the treatment of chronic pain is anticipated to boost the market in the next few years. Rise in demand for smart perfusion pumps for the treatment of severe chronic intractable pain is projected to fuel market development.
- Rise in Usage of Implantable Pumps for Treatment of Cardiovascular Diseases: Based on application, the cardiovascular segment accounted for the dominant market share in 2021. Significant need for targeted delivery of therapeutic agents to the heart for the treatment of a range of cardiovascular conditions, especially heart failure and congenital heart disease, presents substantial growth opportunities for companies in the market. Steady innovation in technologies for intrapericardial delivery of therapeutics to the heart and coronary arteries is anticipated to bolster the segment.
Key Growth Drivers
- Rise in prevalence of spasticity and neuropathic pain is a key driver of the smart implantable pumps market. Employment of intrathecal drug delivery systems for the management of chronic pain is anticipated to bolster market development.
- Continuous technology advancement in programmable drug delivery is anticipated to drive the market. Focus of medtech companies on integrating novel features in next-generation implantable pumps is expected to augment market outlook. Rise in integration of microelectronics, telemetry, and sensors with smart pumps is projected to boost the market.
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Regional Growth Dynamics of Smart Implantable Pumps Market
- The market in North America is anticipated to witness significant revenue during the forecast period of 2022–2031. Rise in number of implantable procedures for treatment of cancer, chronic pain, and cardiovascular diseases is likely to bolster the adoption of smart implantable pumps among the patient population in the region. Rapid technological innovations in infusion pumps is expected to augment market size in the region in the next few years.
- Europe is another lucrative market for smart implantable pumps. Surge in demand for smart implantable pumps for the management of chronic illnesses is a key trend expected to spur market development in Europe.
- Asia Pacific is anticipated to offer significant business opportunities for companies in the global market. Continuous advancement in healthcare infrastructure of developing countries and high prevalence of chronic pain and spasticity in people in Asia Pacific are expected to propel the market growth in the region in the next few years.
Competition Landscape
Key players operating in the smart implantable pumps market are
- Abbott
- Baxter
- Cognos Therapeutics, Inc.
- Medtronic
- Flowonix Medical, Inc.
- Terumo Europe NV
- Intarcia Therapeutics Inc
- Fresenius Kabi (Ivenix)
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Segmentation
The smart implantable pumps market is segmented based on
Type
- Perfusion Pumps
- Micro Pumps
Application
- Pain & Spasticity
- Cardiovascular
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
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