Global Smart Implantable Pumps Market Report and Forecast 2024-2032

Global Smart Implantable Pumps Market Outlook

The global smart implantable pumps market size was valued at USD 2.55 billion in 2023, driven by the growing prevalence of chronic diseases, increasing geriatric population, and the ease of administration. The market is anticipated to grow at a CAGR of 7.9% during the forecast period 2024-2032 to reach a value of USD 5.05 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends in the Market

Smart implantable pumps refer to advanced drug delivery devices or systems that are implanted under the skin. Such technology is employed for the administration of a constant dose of drugs including chemotherapeutic, anti-spasmodic, and opioid drugs. With the smart implantable pumps, it is easier to monitor the release of drugs. These devices are commonly used for patients experiencing chronic conditions like diabetes, cancer, cardiac issues, chronic pain, and neurological conditions.

• The growing prevalence of chronic diseases along with the rising geriatric population, favourable reimbursement policies for smart pumps and increasing healthcare expenditure are some of the key aspects likely to drive the smart implantable pumps market.

• Smart implantable pumps have various benefits over traditional drug delivery devices like minimal side effects, ease of administration, and targeted drug delivery. This is expected to bolster the market growth of smart implantable pumps across the globe over the upcoming years.

• The increasing focus of several multinational companies on new innovations for smart implantable pumps along with rapid technological advances in the healthcare industry is likely to propel the smart implantable pumps market over the coming years.

Market Analysis

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on type, the market can be segmented into perfusion pumps and micro-pumps. On the basis of application, the market is categorised into pain control, and cardiovascular, among others. Based on end use, the market is segregated into hospitals, and ambulatory surgical centres, among others. The regional markets for smart implantable pumps can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart implantable pumps market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• ICU Medical, Inc.

• Medtronic

• Flowonix Medical Inc.

• Cognos Therapeutics, Inc

• Tricumed Medizintechnik GmbH

• Others

Market Share by Applications

The cardiovascular segment is expected to witness substantial growth in the smart implantable pumps market share across the globe on account of the increase in the prevalence of cardiovascular diseases among the rising population across the globe. An upsurge in the incidence of heart failure along with a shortage of heart donors is likely to boost the segment growth over the forecast period. Furthermore, with smart implantable pumps, patients can be provided with a steady and regular dosage, preventing cardiac crises. Changing lifestyles in emerging economies is resulting in increased risk for cardiovascular disorders which are likely to drive the segment growth in the market.

Meanwhile, pain control applications of smart implantable pumps hold a sizable share of the market due to the increase in chronic pain patients worldwide. While there are many treatment protocols for chronic pain, smart implantable pumps are often beneficial for those suffering from extreme and consistent pain.

Market Share by Region

Geographically, the North America region is expected to account for substantial growth in the smart implantable pumps market on account of the rising prevalence of cardiac diseases as well as chronic pain. The increasing health expenditure and presence of a growing geriatric population is likely to enhance the market demand for smart implantable pumps across the region, as geriatrics are more prone to chronic diseases.

Technological maturity and accessibility to advanced healthcare devices in countries such as the United States is likely to fuel the market share of smart implantable pumps in the region. The rising focus on patient monitoring and data logging is expected to increase the adoption of smart implantable pumps which enable better data analysis and patient care.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

ICU Medical, Inc. is a medical device company that develops, manufactures, commercialises, and distributes devices used in infusion therapy and critical care applications. Its major product offerings comprise of IV smart pumps, IV solutions, automated pharmacy IV compounding systems, IV sets, closed system transfer devices, needle-free connectors, cardiac output monitoring sensors and catheters, and hemodynamic monitoring systems, among others. The company provides its products to acute care hospitals, ambulatory clinics, and wholesalers, among other healthcare facilities. 

Medtronic was established in 1949 and is one of the leading medical device companies across the globe. The company aims to create connections to optimise healthcare systems. The company has developed additional core technologies, comprising of drug and biologic delivery devices, implantable mechanical devices, and powered and advanced energy surgical instruments.

Flowonix Medical Inc. was founded in 2005 and is a medical device company. It provides insulin, valve-regulated intrathecal pumps, refillable pumps, catheters, pump diagnostic systems, and power electromagnetic valves. The company is dedicated to working with healthcare professionals to aid in the easing of suffering and helping people regain their lives through innovation and therapy advancements.

Other market players include Cognos Therapeutics, Inc, and Tricumed Medizintechnik GmbH, among others.

Key Highlights of the Report