This study intends to unfurl the multiple facets of global smart implantable pumps market. The insights offered in the report aid in market growth examination during the forecast period.
Shooting Rates of Implantation Surgeries to Significantly Benefit Smart Implantable Pumps Market
The high prevalence and incidence of chronic diseases like spasticity and chronic pain, the presence of a sizable senior population more susceptible to chronic diseases, growing health consciousness, rising healthcare costs, and favorable reimbursement policies are the main factors driving the growth of the smart implantable pumps market. According to WHO, the burden of chronic diseases will reach 57% by the end of 2020 and is anticipated to rise further due to ongoing population expansion and a greater incidence rate of chronic diseases. Due to the high incidence and prevalence of chronic diseases, the market is expected to rise during the forecast period. The rising prevalence of geriatric people worldwide, the rising prevalence of favorable government reimbursement policies, the rising prevalence of healthcare and pharmaceutical companies, the rising levels of healthcare spending, and the rising number of consumers who are health conscious are some of the major and essential factors that will likely accelerate the growth of the market.
On the other hand, increasing technological advancements, the development of intelligent pumps, and an increase in the number of implantation surgeries being performed will all contribute to the growth of the smart implantable pumps market throughout the period covered by the forecast. However, in the anticipated timeframe, the expansion of smart implanted pumps will likely be constrained by an increasing number of device recalls caused by pharmaceutical errors and tight regulatory approval regulations. The biggest and most important obstacle to the market expansion will be the high-quality standards set by the industry players.
Smart Implantable Pumps Market: COVID-19 Impact
The introduction of COVID-19 caused a load on the world's healthcare system as the bulk of elective medical procedures were delayed. However, as more patients were treated remotely from home to reduce the risk of disease transmission and relieve the strain on healthcare institutions, the demand for these pumps—such as smart implantable pumps, insulin infusion pumps, and volumetric infusion pumps—saw an increase. Furthermore, most hospitalized patients, particularly those in ICUs, suffer from the COVID-19 pandemic, which has increased demand for smart implantable pumps and related devices.
Increased Prevalence of Chronic Pain Cases Will Propel Smart Implantable Pumps Market Expansion
An increase in chronic pain, heart failure, and high blood pressure is a key factor in the growth of the global smart implantable pumps market because these conditions are commonly treated with medications using pumps. Heart failure is an important public health issue, affecting more than 5.8 million people in the USA and more than 23 million worldwide. According to various international research, anything from 10.1% to 55.2% of people experience discomfort. 20 to 30 percent of the general population in the United States experiences chronic pain. About 2/3rd of them have been in agony for more than five years. As a result, the market is anticipated to grow in the coming years due to the prevalence of chronic diseases.
Smart Implantable Pumps Market Expansion Expedites with Soaring Demand for Ambulatory Pumps in Home Care Settings
For managing numerous diseases, including diabetes and cancer, smart implanted pumps are frequently employed in home care settings. The main purpose of their design is to be wearable or portable. It was once used to precisely and, under controlled conditions, transfer fluids such as nutrition, medications, and antibiotics into patients' bodies. They are frequently employed in residential settings, medical facilities, outpatient surgery centers, infusion clinics, and long-term care facilities. Due to the growing incidence and prevalence of chronic diseases and rising hospitalization costs, the need for home healthcare has grown over the past several years. Home healthcare offers individuals a more reasonable alternative to pricey hospital care, lowering the government's spending on healthcare services. Patients are utilizing ambulatory smart implanted pumps more frequently due to the growing demand to shorten hospital stays.
Lack of Wireless Access at Hospitals Continues to Limit Smart Implantable Pumps Market Expansion
The most frequent mistakes with implantable pumps are push-button, multiple-of-ten, unit, and calculation errors. When programming the pumps, decimal entry errors might have fatal consequences (for example, entering morphine at 90 ml/hr instead of 9,0 ml/hr can result in a tenfold overdose). To address these issues and advance the current smart pumps to a new level of "intelligent" infusion systems, wireless connectivity of smart implantable pumps with the Barcoded Medication Administration (BCMA) system, Hospital Information System (HIS), and Electronic Medical Record (EMR) is necessary. The smart implantable pumps market mps faces a substantial obstacle from the lack of compatibility between smart infusion devices and hospital information systems in most hospitals due to poor wireless connectivity and limited hospital funding.
Emulsifiers Represent a Leading Category in Smart Implantable Pumps Market
The emulsifiers category held the largest smart implantable pumps market share, and it is anticipated that it will continue to rule the market during the forecast period due to an increase in hospital visits, more favorable government reimbursement rules, and growth in the use of smart implanted pumps. The primary variables influencing the segment are the growing hospital base and hospital visits brought on by an increase in the prevalence of chronic conditions, including pain and spasticity, among hospitalized patients. Furthermore, the segment is expected to be supported throughout the forecast period by the rise in popularity of implanted infusion pumps and the availability of various versions of the device in hospitals. On the other hand, the ambulatory surgical centers category is anticipated to grow significantly over the forecast period. Ambulatory Surgical Centers use smart Implantable Pumps. By providing quick feedback on the patient's status, these pumps enhance surgical results and prevent postoperative problems, which in turn helps lower surgical expenses.
Cardiovascular Application Dominates Smart Implantable Pumps Market in Line with Rise in Heart Illnesses
The cardiovascular category dominated the market in 2021 due to the ongoing rise in heart illnesses among the world's expanding population. According to the WHO, cardiovascular illnesses account for 17.9 million fatalities annually, or 31% of all deaths worldwide, making them the leading cause of mortality worldwide. In developing and developed nations, changing lifestyles increase the risk of cardiovascular diseases. The main cause of death worldwide is cardiovascular disease (CVD). In 2019, 32% of all fatalities worldwide were attributable to CVDs, causing death of an estimated 17.9 million individuals. Heart attacks, and strokes were to blame for 85% of these deaths. By addressing behavioral risk factors, including smoking, eating poorly and being overweight, being inactive, and abusing alcohol, the majority of cardiovascular illnesses can be avoided. These facts prove that the cardiovascular segment rules the smart implantable pumps market.
North America’s Smart Implantable Pumps Market Leads on Account of Rising Prevalence of Cancers, and Diabetes
Over the forecast period, the North America smart implantable pumps market will account for the largest revenue share. Owing rising cancer and diabetes incidence, an increase in cancer cases, and a focus on data logging and patient monitoring, which has led to a rise in the use of smart implanted pumps. The market here is fueled by a high rate of adoption of new, technologically advanced medical implants, significant healthcare spending, and increased research activities. Additionally, the market will increase significantly throughout the projection period due to the developed countries' increasing use of cutting-edge technology. Furthermore, one in four people in North America could be 65 or older by 2050, based on the World Population Prospects: the 2019 Revision, which greatly encourages the expansion of the senior population, which is more susceptible to cardiovascular hazards. North America will therefore dominate the market throughout the projected period due to these factors working together.
Asia Pacific’s smart implantable pumps market is anticipated to experience stable revenue growth throughout the forecast period due to the region's high adoption of technologically advanced products, growing healthcare spending, rising prevalence of lifestyle-related disorders, and an established economy. The population density of the region's countries is high, and the prevalence of chronic diseases like diabetes, cardiovascular disease, and cancer is rising. These nations are favored destinations for medical tourism because of their reputation for affordable healthcare and surgical procedures. Emerging economies with highly developed healthcare infrastructure and amenities include China, Japan, and India. High disease burden, major government reforms, the use of new technology, and affordable therapies are factors that are fostering market expansion.
Global Smart Implantable Pumps Market: Competitive Landscape
A few players in the smart implantable pumps market are 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
Regional Classification of Global Smart Implantable Pumps Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Smart Implantable Pumps Market
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