PUBLISHER: The Business Research Company | PRODUCT CODE: 1387909
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387909
“Implantable Infusion Pumps Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on implantable infusion pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for implantable infusion pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The implantable infusion pumps market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Implantable infusion pumps are advanced drug delivery systems designed to be surgically implanted within a patient's body. These devices are responsible for controlled and precise administration of medication directly into the bloodstream.
The implantable infusion pumps market is categorized into several types, including patient-controlled analgesia (PCA) pumps, enteral pumps, insulin pumps, elastomeric pumps, syringe pumps, and other variations. For instance, insulin pumps are small devices implanted under the skin during surgical procedures to continuously deliver insulin for patients with diabetes. These implantable infusion pumps find applications across various medical fields, including oncology, pediatrics/neonatology, gastroenterology, hematology, diabetes, and more. They are commonly used in healthcare settings such as hospitals, ambulatory surgical centers, and specialty clinics to provide effective and precise drug delivery to patients.
The implantable infusion pumps market research report is one of a series of new reports from The Business Research Company that provides implantable infusion pumps market statistics, including implantable infusion pumps industry global market size, regional shares, competitors with a implantable infusion pumps market share, detailed implantable infusion pumps market segments, market trends and opportunities, and any further data you may need to thrive in the implantable infusion pumps industry. This implantable infusion pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The implantable infusion pumps market size has grown strongly in recent years. It will grow from $19.11 billion in 2023 to $20.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to several factors, including the need for chronic disease management, the presence of an aging population, the demand for effective pain management solutions, and regulatory approvals for implantable infusion pumps. These elements collectively contributed to the growth of the implantable infusion pump market in the past.
The implantable infusion pumps market size is expected to see strong growth in the next few years. It will grow to $25.3 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of personalized medicine, the rise of remote patient monitoring, ongoing drug development efforts, and the continued focus on chronic disease management. Furthermore, significant trends expected in the forecast period encompass minimally invasive implantation techniques, remote monitoring and programming of implantable infusion pumps, the use of intrathecal pain management solutions, and increased interdisciplinary collaboration to improve patient care in this field.
The escalating prevalence of chronic conditions such as chronic pain, cancer, and diabetes is anticipated to be a driving force behind the demand for implantable infusion pumps. These pumps are commonly utilized to administer pharmaceutical drugs for treating these ailments. The gradual increase in chronic illnesses and disorders worldwide, primarily attributed to an aging population and shifts in lifestyle, underscores the need for such medical devices. For example, a report published by the American Cancer Society in January 2022 highlighted an anticipated 1.9 million new cancer cases in the US in 2022, with 609,360 projected deaths. An estimated 10,470 pediatric cancer cases and 5,480 teenage cancer diagnoses are also expected. This rise in chronic diseases is projected to significantly contribute to the growth of the implantable infusion pumps market.
The expanding aging population is predicted to further fuel the growth of the implantable infusion pumps market. Implantable infusion pumps are extensively used in the management of chronic conditions, making them crucial for a growing aging demographic that can benefit from these devices. A report by the World Health Organization (WHO) in October 2022 revealed that by 2030, one in six individuals globally will be 60 or older, while the number of individuals aged 80 or older is estimated to increase by 426 million between 2020 and 2050. With projections indicating 2.1 billion people worldwide aged 60 or older by 2050, the rising aging population will continue to drive the demand for implantable infusion pumps.
Safety concerns related to implantable infusion pumps present a significant challenge to the growth of this market. In particular, the presence of magnetic resonance imaging (MRI) systems poses risks to patients with implantable infusion pumps. While MRI examinations are beneficial for diagnosing a wide array of conditions, they can potentially affect the programming or functionality of infusion pumps, even when meeting specific safety requirements. Evidence received by the US Food and Drug Administration pointed out significant adverse effects, including patient harm and fatalities, associated with the use of implantable infusion pumps in MRI settings. Hence, safety concerns linked to these devices are expected to impede the growth of the implantable infusion pumps market.
Market players in the implantable infusion pump industry are increasingly prioritizing the development of smart infusion pumps. The utilization of wireless technology in healthcare monitoring devices is on the rise, providing improved ease of use, connectivity, and data analysis. Integrating wireless technology allows seamless data transfer from the device to a smartphone or another wireless device using Bluetooth or cellular connections. This facilitates data processing, display, and subsequent analysis for studying the individual's health condition. Moreover, software platforms are being innovated to enable patient monitoring and reduce the occurrence of human error in the process.
Leading companies in the implantable infusion pump market are focusing on the development of new products, such as insulin pumps, to address a broader customer base, boost sales, and increase revenue. Insulin pumps are medical devices designed to assist individuals with diabetes in managing their blood sugar levels. Notably, in April 2023, Medtronic, an Ireland-based medical device company, announced the FDA approval for the MiniMed 780G System featuring meal detection technology. This product distinguishes itself by setting the lowest glucose target (as low as 100 mg/dL) among all automated insulin pumps available in the market, aiming to closely mirror the average glucose levels of individuals without diabetes. The system operates on a treat-to-target basis, automatically making basal insulin adjustments and autocorrections to attain a specific target. Additionally, it stands out as the only pump featuring an infusion set that can be worn comfortably for an extended period of up to 7 days. This extended wear time is facilitated by advanced materials that minimize insulin preservative loss, maintaining consistent insulin flow and stability while reducing the likelihood of infusion set occlusion.
In September 2021, Medtronic, a US-based medical device company, acquired implantable infusion pump technology from the Alfred E. Mann Foundation, aiming to enhance insulin delivery in individuals with type-1 diabetes. The Alfred E. Mann Foundation is a US-based scientific research foundation focused on the development of implantable infusion pumps and other medical devices. This strategic acquisition aligns with Medtronic's commitment to advancing the technology and efficacy of insulin delivery systems to benefit those managing type-1 diabetes.
Major companies operating in the implantable infusion pumps market include Medtronic PLC, Boston Scientific Corporation, Nevro Corp, LivaNova PLC, Baxter International Inc., B. Braun Melsungen AG, Fresenius Kabi AG, Smiths Medical a Smiths Group company, Terumo Corporation, Johnson & Johnson, Greatbatch Medical, NeuroPace Inc., Primetech Corporation, Flowonix Medical Inc., F. Hoffmann-La Roche Ltd, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Micrel Medical, Insulet Corporation, ICU Medical Inc., Becton Dickinson and Company (BD), Roche Diagnostics International AG, Abbott Laboratories, Hospira, Stryker Corporation, Zimmer Biomet Holdings Inc., Teleflex Incorporated, C. R. Bard Inc., AngioDynamics Inc., Merit Medical Systems Inc., NIPRO Medical Corporation, IRadimed Corporation, Zyno Medical, Tricumed Medizintechnik GmbH, Q Core Medical Ltd., Ivenix Inc., Tandem Diabetes Care Inc.
North America was the largest region in the implantable infusion pumps market in 2023. Asia-Pacific was the second-largest region in the implantable infusion pumps market. The regions covered in the implantable infusion pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the implantable infusion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The implantable infusion pumps market consists of sales of instruments such as patient-controlled analgesia (PCA) pumps, enteral pumps, insulin pumps, elastomeric pumps, syringe pumps, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.