Market Research Report
Smart Implantable Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Smart Implantable Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The Smart Implantable Pumps market is expected to augment with an anticipated CAGR of 7.5%, during the forecast period (2020-2025).
The major factors accounting for the growth of the Smart Implantable Pumps market are high prevalence and incidence of chronic diseases such as spasticity and chronic pain, presence of a large geriatric population that is more prone to chronic diseases, growing health consciousness, rising healthcare expenditures and favorable reimbursement policies. According to WHO the burden of chronic diseases worldwide will reach 57% by the end of 2020 and is expected to increase further due to continuous population growth and a higher incidence rate of chronic diseases. Hence, the high incidence and prevalence of chronic diseases drive the growth of the Smart Implantable Pumps market during the forecast period. However, the stringent regulatory framework and high standards set by the market leaders are expected to hamper the growth of the market. For example, according to the FDA's report, one of the market player Medtronic recalled SynchroMed II Implantable Drug Infusion Pump owing to the potential presence of foreign particles inside the pump motor assembly.
In application segment Cardiovascular is expected to dominate the market due to continuous growth of cardiac diseases in the growing population around the world. According to WHO Cardiavascular diseases are main cause of death globally, with an estimated 17.9 million deaths yearly which accounts for 31% of all global deaths. The changing life style in the developing and developed countries is creating health risks majorly related to Cardiovascular disorders. All these factors together supports that Cardiovascular segment dominates the Smart Implantable Pumps market.
North America is expected to dominate the overall market, throughout the forecast period, which is attributed to the developed economy, increasing health care expenditure, increasing incidence of lifestyle-related diseases and the high adoption of technologically advanced products in the region. Furthermore, according to the World Population Prospects: the 2019 Revision, one in four persons living in North America could be aged 65 or over by 2050 which strongly supports the growth of the geriatric population that is more prone to the Cardiovascular risks. Thus, these factors together support that North America dominates the Smart Implantable Pumps market during the forecast period.
The Smart Implantable Pumps market is moderately competitive and consists of several major players. With the increasing consolidations of various organizations and product recalls in the healthcare sector, it is expected to generate competitive rivalry among the key players in the future. Some of the major players of the market Medtronic, Tricumed Medizintechnik GmbH, Flowonix Medical, Abbott Laboratories, Berlin Heart, etc.,