Smart Implantable Pumps Market Size, Share and Global Trend By Type (Micro Pumps, Perfusion Pumps), By Application (Cardiovascular, Pain Control, Others), By End User ( Hospitals, Ambulatory Surgery Centers, Others) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Smart implantable pumps are an advanced drug delivery system or devices that are implanted beneath the skin. This technology is used for administration of steady dose of drugs in patients suffering from chronic disease such as cancer, diabetes, pain, heart and brain related problem. Smart implantable pumps consist of a reservoir which is connected via catheter under the skin.
These pumps are programmable due to which the physician is able to adjust the dose and delivery rate of drug to be administered. Reservoir present in the implantable pumps can be refilled depending upon its type such as single-use or multiple-use pumps. Certain benefits offered by the smart implantable pumps are reduction in medication errors and decrease in the pain related to patient injury or their disease condition.
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The global smart implantable pumps market is expected to increase by the end of 2026 owing to factors such as increasing prevalence of chronic disease, increasing geriatric population, growing healthcare expenditure and favorable reimbursement policies for smart pumps. Smart implantable pumps have several advantages over conventional drug delivery devices such as target drug delivery, minimal side effects and ease of administration.
These advantages are attributed to increase the patient’s compliance thus resulting in increasing adoption of smart implantable pumps during the forecast period. However on an average the cost of single-use smart implantable pumps is around US $ 3,200. As a result, the high cost of smart implantable pumps hampers the global smart implantable pumps market growth during the forecast period.
Key Players Covered
The major companies in the global smart implantable pumps market report include Abbott, Intarcia Therapeutics, Inc., Medtronic, FLOWONIX MEDICAL INC., Cognos Therapeutics, Inc. and other players.
SEGMENTATION
SEGMENTATION | DETAILS |
By Type | · Micro Pumps · Perfusion Pumps |
By Application | · Cardiovascular · Pain Control · Others |
By End User | · Hospitals · Ambulatory Surgery Centers · Others |
By Geography | · North America (USA, Canada) · Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico, Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa) |
As per the current smart implantable implants market trends, perfusion pumps among the types are anticipated to register a higher market share in the global smart implantable pumps market owing to improved efficacy offered by the type.
Key Insights
- Pricing Analysis of Key Players, Key Countries 2018
- Reimbursement Policies in Key countries
- Technological Advancements in Smart Implantable Pumps
- Key Mergers and Acquisitions
Regional Analysis
The global smart implantable pumps market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is anticipated to dominate the global smart implantable pumps market due to increasing prevalence of cardiovascular disease in U.S, rising cases of cancer and diabetes and increasing emphasis on data logging and patient monitoring which has resulted in growing adoption of smart implantable pumps. Europe accounted for second largest share in the global smart implantable pumps market in 2018. Asia Pacific is expected to register a comparatively higher CAGR by the end of forecast period due to rising aging population and chronic diseases, increasing healthcare expenditure and growing awareness about technologically advanced devices in this region. Latin America and Middle East & Africa are projected to register a moderate market growth by the end of 2026.
Smart Implantable Pumps Industry Developments
- In October 2018, Medtronic announced the U.S Food and Drug Administration (FDA) approval for its new SynchroMedII myPTM, a personal therapy manager for treatment of patients with chronic pain. myPTM works with the SynchroMedII an implantable pump which is used to give relief to patients suffering from pain.
- In February 2017, Intarcia Therapeutics, Inc. received U.S Food and Drug Administration (FDA) approval for the New Drug Application (NDA) of ITCA 650, to be used in treatment of patients with type 2 diabetes. ITCA 650 is used for continuous drug delivery in patients via osmotic mini pump placed below the abdominal wall.
- In June 2016, Intarcia Therapeutics, Inc. launched Medici drug delivery system which was designed for continuous administration of drugs through subcutaneous route.
- Ongoing
- 2023
- 2019-2022
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