Acumen Research and Consulting, recently published report “Smart Implantable Pumps Market – Global Industry Analysis, Market Size, and Forecast, 2019 - 2026”
LOS ANGELES, May 02, 2019 (GLOBE NEWSWIRE) -- The Global Smart Implantable Pumps Market size is estimated to grow at CAGR above 7.5 % over the forecast time frame 2019-2026 and reach the market value around USD 2.6 billion by 2026.
Smart implantable pumps have different potential benefits that have increased use over time. Such benefits include delivering focused and consistent medication to a specific body component, reducing chronic side effects and pain compared to other medicines, relieving patients from direct injections or catheters' malaise and improving the management of symptoms.
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A major driver of the global smart implantable pumps market is the increase in chronic pain, heart failure, and hypertension as they are used extensely to administer medicines during treatment of these diseases. Heart failure is a major problem for public health, with over 5.8 million prevalence in the US and more than 23 million worldwide. A number of international studies have estimated that 10.1% to 55.2% of the population are suffering from pain. In the US, chronic or recurring pain affects 20 to 30% of the overall population. For more than five years about two thirds of these people suffered pain.
The market for smart implantable pumps can be broken down into perfusion pumps and micro-pumps. During the forecast period, the perfusion pumps segment, in particular the Medtronic Synchromed II Pump, are projected to account for the worldwide market's leading percentage. In the forecast period, technology developments in perfusion pumps are expected to boost segment growth. The market can be transformed into pain and spasm and cardiovascular, depending on the application. In terms of end-users, the world market for intelligent, implantable pumps can be classified into hospitals, ambulatory surgical centers.
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Geriatric population increase and market growth in incidence of chronic diseases
In developing economies such as the USA, most of Western Europe and Japan, the global population ages rapidly. Compared with developing countries, developed countries witness high aging rates. This is due to improved infrastructure for health care, favorable refund policies and advanced health care facilities in those countries. In addition, access to various diagnostic and therapeutic services, especially in developed countries, has improved in recent past. In turn, this has increased the population's life expectancy. Increased numbers of elderly lead to a high rate of illnesses, which in turn can boost demand and consumption of intelligent implantable pumps.
Regional Outlook
Geographically, five major regions were segmented in the global smart implantable pumps market: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2018 the major global market shares were represented by North America and Europe. A large geriatreic population that is more vulnerable to chronic diseases such as spasticity and chronic pain, leads to demand for smart implantable pumps in those regions. In Asia Pacific, the intelligent implantable pump market is expected to expand during the projected period at a high CAGR. The growth of heart disease and other chronic conditions and the expenditure on healthcare are expected to propel the market in the region during the forecast period.
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Key Players & Strategies
The Smart Implantable Pumps market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Medtronic, plc, Flowonix Medical, Inc., Tricumed Medizintechnik GmbH, Abbott, Berlin Heart, and others.
These companies have established their market presence and enjoy customer brand loyalty. They offer a wide range of products and distribution systems worldwide. In addition, there were a small number of participants in the emerging markets in Asia in particular. However, the market leaders are expected to restrict the penetration of new entrants in the market by means of the strict regulatory framework and high quality standards.
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