Newark, New Castle, USA, June 08, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global smart implantable pumps market was conducted by Growth Plus Reports in 2022 and is valued at US$ 2.14 billion. The market is expected to hit a revenue CAGR of 7.3% to reach US$ 3.77 billion by 2031.
Analysis of the global market for smart implantable pumps indicates that during the forecast period, revenue share is likely to increase significantly.
The Smart Implantable Pumps market represents a transformative approach to drug delivery, revolutionizing the healthcare industry. These innovative medical devices leverage artificial intelligence and advanced technology to provide precise and personalized administration of medications directly into the patient's bloodstream. With real-time monitoring, adaptive drug delivery, and enhanced safety features, Smart Implantable Pumps offer improved treatment outcomes, patient comfort, and the potential to manage a wide range of chronic conditions effectively.
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Smart Implantable Pumps Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 2.14 billion |
| Revenue Forecast in 2031 | US$ 3.77 billion |
| CAGR | 7.3% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2031 |
| Historical Year | 2021 |
| Segments Covered | Type, Application, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
The Smart Implantable Pumps market is being driven by the increasing prevalence of chronic diseases, advancements in medical technology and artificial intelligence, growing demand for patient-centric care, the rise in the geriatric population, and favorable regulatory environments. These pumps offer precise and controlled drug administration, personalized treatment through real-time monitoring and adaptive drug delivery, and improved patient experience. North America currently accounts for the largest market share, followed by Europe and Asia Pacific, while companies are focusing on collaborations, product launches, and research and development activities to stay competitive in this rapidly expanding market.
However, because of their cutting-edge technology, compactness, and customization choices, smart implanted pumps are pricey. The high price of these products could make them unaffordable and inaccessible to some patient populations, which would limit the market growth for smart implanted pumps.
Recent Development in the Smart Implantable Pumps Market:
- In January 2023, the signing of a legally binding business merger agreement between Nocturne Acquisition Corporation and Cognos Therapeutics, Inc. was announced. According to the terms of the all-stock agreement, Cognos investors will receive a total of $120 million worth of Nocturne common stock (subject to certain modifications), with each share being priced at $10.30 for the transaction.
Competitive Landscape
A list of the prominent players operating in the global market for smart implantable pumps includes:
- Baxter International Inc.
- Tricumed Medizintechnik GmbH
- Flowonix Meidcal Inc.
- Cognos Therapeutics, Inc.
- Intarcia Therapeutics, Inc.
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Market Segmentation:
Based on type, the global smart implantable pumps market is segmented into perfusion pumps and micro pumps.
The perfusion pumps segment accounted for the largest revenue share of the smart implantable pumps market, with approximately 58% in 2022.
Based on application, the global smart implantable pumps market pain, spasticity, cardiovascular, and others.
North America has a high prevalence of chronic diseases, including cancer, cardiovascular diseases, and chronic pain.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- Reimbursement Sicario
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL SMART IMPLANTABLE PUMPS MARKET- ANALYSIS & FORECAST, BY TYPE
- Perfusion Pumps
- Micro Pumps
- GLOBAL SMART IMPLANTABLE PUMPS MARKET- ANALYSIS & FORECAST, BY APPLICATION
- Pain
- Spasticity
- Cardiovascular
- Others
SMART IMPLANTABLE PUMPS MARKET TOC
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