The global smart implantable pumps market is experiencing significant growth driven by various key factors. The high prevalence and incidence of chronic diseases like spasticity and chronic pain have been major drivers of market expansion. Additionally, the presence of a sizable senior population that is more susceptible to chronic diseases has further contributed to the market’s growth. Growing health consciousness among individuals and rising healthcare costs have also played crucial roles in driving the demand for smart implantable pumps.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/smart-implantable-pumps-market
Furthermore, favorable reimbursement policies have provided a conducive environment for the market’s development. According to the World Health Organization (WHO), the burden of chronic diseases is projected to reach 57% by the end of 2020 and is expected to rise further due to ongoing population expansion and a higher incidence rate of chronic diseases. This continuous increase in chronic diseases is likely to fuel the market growth in the forecast period.
Technological advancements in the healthcare industry, particularly in the development of intelligent pumps, have contributed to the expansion of the smart implantable pumps market. Moreover, the rising number of implantation surgeries being performed has increased the demand for these smart pumps. However, the market’s growth may face challenges due to an increasing number of device recalls caused by pharmaceutical errors and stringent regulatory approval regulations. High-quality standards set by industry players will also be a crucial factor in determining market expansion.
The COVID-19 pandemic had a significant impact on the healthcare system, leading to the delay of many elective medical procedures. However, the demand for smart implantable pumps, along with insulin infusion pumps and volumetric infusion pumps, increased as more patients were treated remotely from home to reduce the risk of disease transmission. The pandemic also led to an increased demand for smart implantable pumps among hospitalized patients, especially in ICUs.
The market expansion is expected to be further propelled by the rising prevalence of chronic pain cases, heart failure, and high blood pressure, which are commonly treated with medications using smart implanted pumps. Home care settings are witnessing a soaring demand for ambulatory pumps to manage various diseases like diabetes and cancer, which has led to an increase in the use of wearable or portable smart pumps.
Despite the market’s growth prospects, limitations such as the lack of wireless access at hospitals pose challenges to smart implantable pumps’ market expansion. Connectivity issues between smart infusion devices and hospital information systems in most hospitals hinder the seamless integration of these pumps.
In terms of product categories, emulsifiers have been dominant in the smart implantable pumps market, primarily due to an increase in hospital visits and favorable government reimbursement policies. Additionally, ambulatory surgical centers are anticipated to witness significant growth due to the benefits of quick feedback on patient status and lower surgical expenses.
The cardiovascular application segment currently leads the smart implantable pumps market, in line with the rising prevalence of heart illnesses worldwide. Cardiovascular diseases account for a substantial number of fatalities globally, making them the leading cause of mortality. Addressing behavioral risk factors and lifestyle changes can help prevent many cardiovascular illnesses, but the demand for smart implantable pumps in this segment is expected to remain high.
North America is at the forefront of the smart implantable pumps market, mainly due to the increasing prevalence of cancer and diabetes, and a focus on patient monitoring and data logging. The region’s adoption of technologically advanced medical implants, significant healthcare spending, and research activities contribute to market growth. The growing elderly population, more susceptible to cardiovascular hazards, further supports market expansion in North America.
Asia Pacific is projected to experience stable revenue growth in the smart implantable pumps market, driven by high adoption of technologically advanced products, rising healthcare spending, and an increasing prevalence of lifestyle-related disorders. The region’s countries are favored destinations for medical tourism due to their reputation for affordable healthcare and advanced healthcare infrastructure.
The competitive landscape of the global smart implantable pumps market includes prominent players such as Abbott, Baxter, Cognos Therapeutics, Inc., Medtronic, Flowonix Medical, Inc., Terumo Europe NV, Intarcia Therapeutics, Inc., Fresenius Kabi (Ivenix), and tricumed Medizintechnik GmbH.
Recent notable developments in the market include the FDA clearance of Ivenix Infusion System in 2019, which aims to enhance infusion safety while reducing total cost of ownership. In 2022, Baxter International, Inc. received FDA approval for its new Novum IQ syringe infusion pump (SYR) with Dose IQ Safety Software, representing a breakthrough in infusion therapy products.
Overall, the global smart implantable pumps market is expected to witness significant growth in the forecast period, driven by the increasing prevalence of chronic diseases, rising healthcare expenditure, and continuous technological advancements in the healthcare industry.
For More Information Read: https://www.fairfieldmarketresearch.com/
Related Reports: