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Implantable Infusion Pumps Market Report 2024 - Implantable Infusion Pumps Market Size, Share Growth And Forecast
Implantable Infusion Pumps Market
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According to The Business Research Company's, 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 in the historic period can be attributed to chronic disease management, aging population, pain management, regulatory approvals.
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 growth in the forecast period can be attributed to personalized medicine, remote patient monitoring, drug development, chronic disease management. Major trends in the forecast period include minimally invasive implantation, remote monitoring and programming, intrathecal pain management, interdisciplinary collaboration.
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Market Drivers and Trends:
The increased prevalence of people with chronic pain, cancer, and diabetes is expected to drive the demand for implantable infusion pumps, as these pumps are commonly used to deliver pharmaceutical drugs during the treatment of these diseases. Chronic illnesses and disorders are on the rise around the world, as the aging population and shifts in social behavior lead to a gradual increase in these diseases. In diseases such as chronic arachnoiditis, which is a condition where one of the membranes surrounding the spinal cord swells, implantable infusion pumps deliver lower dosages of drugs and tend to provide more efficient pain relief. For instance, in January 2022, according to report published by the American Cancer Society, a US-based health organization, in the US, 609,360 cancer deaths and 1.9 million new cancer cases are anticipated in 2022. There are expected to be 10,470 pediatric cancer cases in 2022. Additionally, 5,480 teenagers are anticipated to have cancer diagnoses in 2022. Therefore, the rise in the prevalence of chronic diseases is expected to drive the growth of the implantable infusion pumps market.
Companies in the implantable infusion pump market are increasingly focusing on developing smart infusion pumps. The use of wireless technology in health monitoring devices is increasing, which enhances the ease of usage, connectivity, and data analysis. The integration of wireless technology allows the transfer of data from the device to a smartphone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results, which can be used for further study and to check the health condition of the individual. Software platforms are being developed that allow patient monitoring and reduce human error.
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Major Key Players of the Market:
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.
Implantable Infusion Pumps Market 2024 Key Insights:
• 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%.
• Growing Prevalence Of Chronic Diseases Fuels The Demand For Implantable Infusion Pumps Market
• Rising Trend Of Smart Infusion Pumps With Wireless Technology Integration In The Implantable Infusion Pump Market
• North America was the largest region in the implantable infusion pumps market in 2023
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