Wilmington, Delaware, United States, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The past few years have witnessed increase in different types of cardiovascular diseases such as heart failure and pulmonary arterial hypertension. As a result, the demand for devices that help administer medication to patients suffering from these diseases in a consistent dose has risen. Smart implantable pumps have emerged as suitable products for administering these doses to patients in a bid to help them recover from cardiovascular disorders.
As per TMR study, the global smart implantable pumps market is estimated to advance at compound annual growth rate of 7.5% during the forecast period between 2022 and 2031.
New product launches are helping leading players in global smart implantable pumps market in gaining an edge over competitors and in generating new revenue streams. For example, Baxter International Inc., in August 2022, announced the launch of new infusion pump integrated with Dose IQ Safety Software with the ability to successfully integrate with electronic medical records in hospitals.
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Key Findings of Smart Implantable Pumps Market Study
- Increasing Product Demand from Hospitals Augmenting Growth in Smart Implantable Pumps Market: Hospital end-use segment accounted for large share in overall market in 2021. Rising number of hospital visits because of increasing prevalence of chronic diseases, growing preference for implantable infusion pumps over other products in hospitals, and increasing number of hospitals in leading economies globally emerged as key driving factors for the growth of the segment in 2021 and, in turn, contributed to growth in global market for smart implantable pumps.
- Rising Demand for Perfusion Pumps Stimulating Growth in Overall Market: Perfusion pumps type segment held largest share in overall market in 2021. Increasing adoption of perfusion pumps, rising production of safe perfusion pumps, and emergence of new, technologically advanced infusion pumps are factors that played key roles in driving the growth in the segment and boosted the growth in global market for smart implantable pumps
- Increasing Product Demand to Treat Cardiovascular Diseases Propelling Overall Market: Cardiovascular application segment accounted for largest share in global market in 2021. Key factors that contributed to the growth of the segment are increasing prevalence of different cardiovascular diseases, rising incidence of heart failure, and decreasing number of heart donors. These factors could positively impact future market analysis of smart implantable pumps
Smart Implantable Pumps Market-Key Drivers
- Rising technological advancements worldwide has emerged as one of the key driving factors of global smart implantable pumps market
- Increasing support from governments in terms of investments for research activities and reimbursements is expected to augment market growth during the forecast period
Smart Implantable Pumps Market-Regional Market Insights
- Globally, North America is expected to witness significant growth in overall market for smart implantable pumps during the forecast period owing to factors such as rising adoption of technologically advanced medical devices and substantial healthcare expenditure in countries such as the U.S and Canada
- Europe is expected to hold key smart implantable pumps market share because of rising incidence of various chronic diseases in countries such as the U.K. and Germany
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Smart Implantable Pumps Market-Key Players
Competition landscape in global market for smart implantable pumps is fragmented due to the presence of numerous prominent players. If new players enter the market during the forecast period, it could intensify the competition in overall market.
Few well-established players in overall market include Baxter, Abbott, Medtronic, Intarcia Therapeutics Inc., Flowonix Medical Inc., and Terumo Europe NV.
The global smart implantable pumps market is segmented as follows:
- Type
- Perfusion Pumps
- Micro Pumps
- Application
- Pain & Spasticity
- Cardiovascular
- End-use
- Hospitals
- Ambulatory Surgical Centers
- Others
- Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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