The global smart implantable pumps market is poised for substantial growth, with multifaceted factors driving its expansion. A recent comprehensive study delves into the various aspects of this dynamic market, shedding light on the opportunities and challenges that lie ahead during the forecast period.
Shooting Rates of Implantation Surgeries Fuel Growth
The surging rates of implantation surgeries represent a significant boon to the smart implantable pumps market. Factors such as the increasing prevalence of chronic diseases like spasticity and chronic pain, a growing elderly population more susceptible to chronic illnesses, heightened health awareness, rising healthcare costs, and favorable reimbursement policies are driving this growth. According to the World Health Organization (WHO), the burden of chronic diseases is expected to reach 57% by the end of 2020, and this figure is projected to rise further due to population expansion and an increasing incidence of chronic diseases. The market's upward trajectory is further accelerated by the global rise in geriatric populations, favorable government reimbursement policies, increased healthcare and pharmaceutical industry activities, heightened healthcare spending, and a growing base of health-conscious consumers.
Technological Advancements and Increasing Implantation Surgeries
Advancements in technology, the development of intelligent pumps, and a rising number of implantation surgeries performed worldwide are expected to contribute significantly to the smart implantable pumps market's growth during the forecast period. However, the market may face challenges from an increasing number of device recalls due to pharmaceutical errors and stringent regulatory approval regulations. Adherence to industry quality standards remains a paramount challenge in the market expansion.
COVID-19 Impact
The advent of the COVID-19 pandemic placed substantial strain on global healthcare systems as elective medical procedures were postponed. However, the demand for smart implantable pumps, including insulin infusion pumps and volumetric infusion pumps, witnessed a surge as remote patient treatment gained prominence to minimize disease transmission risks and alleviate the burden on healthcare institutions. Hospitalized COVID-19 patients, particularly those in intensive care units (ICUs), saw an increased demand for smart implantable pumps and related devices.
Increased Prevalence of Chronic Pain Cases
A notable increase in chronic pain cases, heart failure, and high blood pressure has emerged as a key driver of the global smart implantable pumps market. These conditions often require medication administered through pumps. Heart failure, in particular, is a pressing public health concern, affecting millions of individuals worldwide. Chronic pain affects a significant portion of the population, with a substantial proportion enduring it for extended periods. These trends are expected to drive market growth in the coming years.
Expansion in Home Care Settings
Smart implantable pumps are increasingly employed in home care settings for managing various diseases, including diabetes and cancer. These pumps are designed to be wearable or portable, allowing for precise and controlled fluid transfer, such as nutrition, medications, and antibiotics, into patients' bodies. The growing prevalence of chronic diseases, rising hospitalization costs, and the demand for cost-effective alternatives to hospital care have led to increased adoption of ambulatory smart implanted pumps.
Lack of Wireless Access at Hospitals
Despite their benefits, implantable pumps face challenges related to wireless connectivity in hospital settings. Common errors in implantable pump usage, such as push-button, unit, and calculation errors, can have serious consequences. To address these issues and advance smart pumps to a new level of "intelligent" infusion systems, wireless connectivity with systems like the Barcoded Medication Administration (BCMA), Hospital Information System (HIS), and Electronic Medical Record (EMR) is crucial. However, many hospitals struggle with poor wireless connectivity and limited funding, hindering the seamless integration of smart implantable pumps into healthcare systems.
Emulsifiers Lead the Market
The emulsifiers category holds the largest share in the smart implantable pumps market and is expected to maintain its dominance throughout the forecast period. Factors driving this segment include the increasing prevalence of chronic conditions, hospital visits, favorable government reimbursement policies, and the adoption of smart implanted pumps in hospitals. The availability of various device versions and the growing popularity of implanted infusion pumps further bolster this segment. Ambulatory surgical centers are also expected to experience significant growth, driven by their ability to enhance surgical outcomes and reduce postoperative complications.
Cardiovascular Application Dominates
The cardiovascular application category emerged as the dominant segment in 2021, primarily due to the rising incidence of heart-related diseases worldwide. Cardiovascular diseases are a leading cause of global mortality, with changing lifestyles increasing the risk of such conditions. The category includes heart attacks and strokes, accounting for a significant portion of these fatalities. Behavioral risk factors like smoking, poor diet, physical inactivity, and alcohol consumption contribute to cardiovascular diseases. As a result, the cardiovascular segment continues to drive the smart implantable pumps market.
North America Leads
North America is set to lead the smart implantable pumps market in terms of revenue share during the forecast period. Factors contributing to this growth include the rising incidence of cancer and diabetes, increased adoption of smart implanted pumps, high healthcare spending, and extensive research activities. Additionally, the region's focus on technologically advanced medical implants and the growing elderly population vulnerable to cardiovascular risks play pivotal roles in market expansion.
Asia Pacific Shows Promise
The Asia Pacific smart implantable pumps market is expected to witness stable revenue growth due to high adoption of technologically advanced products, increasing healthcare spending, a rise in lifestyle-related disorders, and established economies. The region's dense population, coupled with a growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer, further fuels market growth. Emerging economies in the region, including China, Japan, and India, boast advanced healthcare infrastructure, affordable therapies, and government reforms, attracting medical tourism and fostering market expansion.
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)
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