The market for Implantable Infusion Pumps is expected to reach XX Mn in 2025.
Implantable infusion pumps are compact devices that are surgically implanted under the skin to deliver drugs to specific parts of the human body. They provide targeted and consistent medication to reduce pain. The major factorial entities supporting the growth in demand for implantable infusion pumps are the rise in the geriatric population, the wide prevalence of chronic diseases, access to healthcare services, and the rise in private sector hospitals. Due to better health awareness, there has been a rise in the geriatric population in both developed and developing nations. As a result, the rate of hospitalization has increased, as has the number of implant surgeries. The wide prevalence of chronic diseases requiring post-operative pain management will have a positive impact on the growth of the implantable infusion pump market. Healthcare insurance companies have made it possible for ailing patients to access better healthcare services. The rise of private sector hospitals spending huge amounts on health and welfare and their expansion into rural areas have had a positive impact on the deep market penetration of implantable infusion pumps. However, the challenges in this scenario would be drug withdrawal symptoms, pain, and infection at the implant site, and potential complications arising because of mechanical problems related to the implant (gear stopping, battery dying) would lead to serious injury. Restraints regarding the implantable infusion pumps market are ambiguous reimbursement, and frequent product recalls due to the complexity of the equipment. Ambiguous reimbursement policies cause service discrimination in the cost coverage for the diseases requiring drug implant services, which is the biggest hurdle for the expenditure in the healthcare domain. The complexity in the design of the pump and repetitive failure in the drug delivery of the pumps, leading to frequent product recalls, have led to huge expenditures on product R&D. This has a negative impact on the market penetration of implantable infusion pumps.
In North America and Europe, there is an increasing number of major chronic diseases like gastrointestinal complications, cardiovascular diseases, diabetes, and cancer. High disease awareness and rising demand for minimally invasive surgery are expected to assist the growth of the implantable infusion pump market in these regions. The pitfall is the high degree of competition among major players, which urges the need for pathbreaking innovation in design and application to reduce the probability of product recalls and adverse impacts on patient safety. Asia-Pacific, the Middle East, and Africa are potential markets due to the high prevalence of chronic diseases requiring immediate medical intervention but low disease awareness. The untapped market in remote and semi-urban areas can be captured.
Manufacturers like Codman and Shurtleff (CODMAN 3000) provide a constant flow of drug delivery for the treatment of chronic pain. Medtronic provides insulin pumps with continuous glucose monitoring. The latest products observed in the implantable infusion pump market are osmotic pumps (ALZET) and balloon pumps (Fresenius Kabi AG), which are employed for better results.
The global implantable infusion pumps market is segmented on the following bases:
By Applications
By Geography
Key players identified for the global implantable infusion pumps market include:
The major players involved in the global implantable infusion pumps market are Codman and Shurtleff, I-Flow Corp./Hylard Health, Flowobix Medical, Inc., Medtronic, and Tricumed Medizintechnik GmbH.
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Frequently Asked Questions:
The market for Implantable Infusion Pumps is expected to reach XX Mn in 2025.
The Implantable Infusion Pumps is expected to see significant CAGR growth over the coming years, at XX%
The report is forecasted to 2017-2025.
The base year of this report is 2016.