PUBLISHER: DelveInsight Business Research LLP | PRODUCT CODE: 1098018
PUBLISHER: DelveInsight Business Research LLP | PRODUCT CODE: 1098018
Implantable Infusion Pump Market By Application (Chronic Pain, Diabetes, Oncology, and Others], By End User (Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others), By Geography is expected to grow at a steady CAGR Forecast till 2027 due to Rising Prevalence of Various Chronic Disorders and Rising Investment towrds new Product Innovations
Global Implantable Infusion Pump Market will grow at a CAGR of 5.6% during the forecast period from 2022 to 2027. The demand for Implantable Infusion Pump is primarily associated with the growing prevalence of various disorder such as diabetes, cancer, chronic pain, and various other disorders among population coupled with growing burden of old age population, integration of advanced technology, increasing investments by government and private manufacturers towards new product innovations in implantable drug infusion pumps, and rising awareness programs regarding proper management of disorders, among others.
Implantable Infusion Pump Market Dynamics:
Implantable infusion pumps are small devices placed beneath the skin during surgery. The pump sends liquid pain medicine through a thin, flexible tube known as catheter to a specific part of the body and provide targeted and consistent medicine to reduce pain. These pumps are used in a variety of medical applications such as in the management of chronic pain, diabetes, oncology, among others. With the rising prevalence of chronic diseases coupled with growing geriatric population worldwide is likely to boost the market for implantable infusion pump. For instance, according to WHO 2021 statistics, about 422 million people worldwide have diabetes and the majority living in low-and middle-income countries. The report also states that around 1.6 million deaths are directly attributed to diabetes each year and both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades. Implantable insulin pumps which is a type of implantable infusion pump is used to deliver insulin in the peritoneal cavity which has a rich supply of blood vessels and can therefore absorb insulin very efficiently. Thereby raising the demand for implantable infusion pumps.
In addition, emerging guidelines from government with respect to implantable infusion pump for the treatment of cancer, spasticity, pulmonary arterial hypertension, is likely to augment the market during the forecasted period. For instance, in October 2020, UniCare published the guideline addressing the use of implantable infusion pumps, intended to provide long-term, continuous or intermittent drug infusion. Hence, aforementioned factors will contribute to the global implantable infusion pump market growth.
However, certain factors such stringent regulatory approval process and medication errors while drug delivery are likely to pose a minor hurdle for the growth of the implantable infusion pump market.
Global Implantable Infusion Pump Segment Analysis:
Implantable Infusion Pump by Application (Chronic Pain, Diabetes, Oncology, and Others], by End User (Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In Implantable Infusion Pump application segment, cancer (Oncology) is expected to hold a largest share for the implantable infusion pumps. This is owing to the rising cases of cancer among the population worldwide. As per the WHO 2021 data, cancer was the second leading cause of death globally, accounting for an estimated 9.6 million deaths, or one in six deaths, in 2018 and around 300,000 new cases of cancer are diagnosed each year among children aged 0-19 years. In addition according to the Global Cancer Observatory 2020 data, 95,03,710 new cases of cancer were reported in Asia.
According to National Cancer Institute, in 2020, the rate of new cases of cancer (cancer incidence) was 442.4 per 100,000 men and women per year and the most common cancers were breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. Hepatic Artery Infusion (HAI) Pump is a type of implantable infusion pump to treat metastatic colon cancer (cancer that has spread from the colon to the liver) and intrahepatic cholangiocarcinoma via administering chemotherapy doses through HAI pumps that are combined to treat the specific cancer. Therefore, rising cases of cancer across the globe can boost the market for implantable infusion pump devices.
North America Is Expected To Dominate The Overall Implantable Infusion Pump Market:
Among all the region, North America is expected to dominate the overall Implantable Infusion Pump market during the forecast period. This domination is due to the growing prevalence of chronic diseases, access to better healthcare infrastructure couple with the presence of major market players in the region. Also, the supportive reimbursement programmes covering the costs for the implantable devices as well as the procedure further encouraged people to opt for such devices in the region.
Further, In the United States, the rising prevalence of chronic pain is expected to fuel the market for implantable infusion pump. According to CDC 2020 data, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities (referred to as high impact chronic pain) and both increased with age and were highest among adults aged 65 and over.
Thus rising chronic pain cases is expected to raise the demand for implantable infusion pumps as these are surgically implanted to provide continuous drug delivery for pain management in patients with non-cancer pain.
Moreover, recent product approval by the US regulatory body Food and Drug administration is also expected to bolster the market for implantable infusion pump in the region. For instance, recently in May 2020, Medtronic received pre-market approval from the US FDA for SynchroMed II Implantable Infusion Pump and Implantable System for Remodulin. Hence, the above mentioned factors are expected to drive the implantable infusion pump market during the forecasted period.
Further, Asia-Pacific region has the future potential growth for the Global Implantable Infusion Pump. This is due to the rising healthcare costs, improving healthcare infrastructure, increase in disposable income in growing economies such as China, India, and among others are other factors that boost the implantable infusion pump market.
Implantable Infusion Pump Market Key Players:
Some of the key market players operating in the Implantable Infusion Pump market includes Medtronic; Intera Oncology, FLOWONIX MEDICAL INC, Tandem Diabetes Care, Inc., and others.
Recent Developmental Activities in Implantable Infusion Pump Market:
Key Takes Away from the Implantable Infusion Pump Market Report Study
Target Audience who can be benefited from Implantable Infusion Pump Market Report Study