Smart Implantable Pumps Market (Type: Micro Pump and Perfusion Pump; and Application: Pain & Spasticity and Cardiovascular)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

According to Nova one advisor, the global Smart Implantable Pumps market size was exhibited at USD 1.90 billion in 2022 and is projected to hit around USD 4.80 billion by 2032, growing at a CAGR of 7.5% during the forecast period 2023 to 2032.

Smart implantable pumps are small medical devices that are used to administer medications in a consistent dose. Smart pumps are intended to notify a user when there is a risk of an adverse drug interaction or when the pump's parameters are set outside of specified safety limits. Implantable pumps are made up of a reservoir, which is mounted subcutaneously and connected to the pump's intrathecal space via a catheter.

Implantable drug pump directs liquid medication to a specific area of the body via a thin flexible tube or a catheter. It delivers medication and nutrients in precise amounts. The pump is available for treatment in all medical facilities. It is operated by professional medical practitioners who understand how to program the duration and rate of fluid delivery. Thus, rise in prevalence of chronic pain and spasticity is fueling industry growth.

Report Scope of the Smart Implantable Pumps Market

Technological Advancements Leading to Products with Improved Features

Technological advancements have played a key role in driving the smart implantable pumps market in the past few years. The trend is expected to continue in the next few years. Hence, manufacturers are focusing on developing innovative products to gain a competitive edge over other players. Introduction of advanced implantable pumps has reduced mortality as well as morbidity rates. This is propelling the demand for these pumps.

Advantages over Conventional Delivery Systems

Smart implantable pumps have several advantages over traditional delivery systems (syringes/pens/syringes). These pumps manage the drug site, minimize possible side effects, and help improve the quality of life. These devices are patient-friendly, as the associated regimen is usually less burdensome with safety measures than pills or injections. Therefore, advantages of these devices over conventional systems are likely to augment business development.

Safety and Efficacy Fueling Demand for Perfusion Pumps

In terms of type, the global market has been bifurcated into perfusion pumps and micro pumps. The perfusion pumps segment accounted for the largest global smart implantable pumps market share in 2021. Development of safe and efficacious perfusion systems, introduction of technically advanced implantable infusion pumps, and rise in adoption of these products are projected to propel the segment in the next few years.

Increase in Incidence of Heart Failure Bolstering Cardiovascular Segment

Based on application, the global smart implantable pumps industry has been split into pain & spasticity and cardiovascular. Cardiovascular was the dominant segment in 2021 due to the rise in prevalence of cardiovascular diseases across the globe. Increase in incidence of heart failure and shortage of heart donors are expected to augment the segment during the forecast period.

Rise in Prevalence of Chronic Illnesses Bolstering Hospitals Segment

In terms of end-user, the market segmentation entails hospitals, ambulatory surgical centers, and others. The hospitals segment held prominent global smart implantable pumps market share in 2021. Expanding base of hospitals and increase in number of hospital visits due to rise in prevalence of chronic illnesses such as pain and spasticity among hospitalized patients are the major factors driving the segment. Furthermore, surge in preference for implantable infusion pumps and availability of different types of the device at hospitals are likely to fuel the segment during the forecast period.

Regional Outlook of Smart Implantable Pumps Industry

North America is projected to be a highly attractive region for these devices during the forecast period. The market in the region is driven by large number of implantation procedures, high rate of adoption of new technologically advanced implantable medical devices, significant healthcare expenditure, and increase in research activities.

Europe is likely to record significant market progress during the forecast period. Rise in demand for smart pumps can be ascribed to the increase in incidence of chronic diseases and favorable reimbursement policies in the region.

Asia Pacific is likely to witness substantial market expansion in the next few years. Improvement in healthcare infrastructure, rise in awareness, and increase in purchasing power of the people are augmenting the market in the region. Surge in patient base suffering from various chronic diseases due to changes in lifestyle is projected to drive market statistics in Asia Pacific during the forecast period.

Key Smart Implantable Pumps Market Developments

• In August 2022, Baxter International, Inc., a pioneer in cutting-edge medicine delivery technology, announced that its new Novum IQ syringe infusion pump (SYR) with Dose IQ Safety Software received FDA 510 clearance. This product is one of Baxter's most recent innovations for infusion treatment. Through Baxter's IQ Enterprise Connectivity Suite, the Novum IQ SYR has the capacity to fully interface with hospital electronic medical records (EMRs).
• In October 2019, the U.S. Food and Drug Administration accepted Intarcia Therapeutics, Inc.'s resubmission of its new drug application for ITCA 650 (exenatide implant) for the treatment of type 2 diabetes mellitus. On September 9, 2019, Intarcia resubmitted the NDA, and the FDA communicated that it considered the resubmission a complete class 2 response, setting the Prescription Drug User Fee Act (PDUFA) target action date of March 9, 2020.
• In June 2019, Ivenix, a subsidiary of Fresenius Kabi, announced that the Ivenix Infusion System had received 510(k) clearance from the U.S. Food and Drug Administration (FDA), ushering in a new era of infusion systems intended to make infusions safer while reducing the total cost of ownership

Some of the prominent players in the Smart Implantable Pumps Market include:

• Abbott
• Baxter
• Cognos Therapeutics, Inc.
• Medtronic
• Flowonix Medical, Inc.
• Terumo Europe NV
• Intarcia Therapeutics, Inc.
• Fresenius Kabi (Ivenix)
• tricumed Medizintechnik GmbH

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Smart Implantable Pumps market.

• Type
• Perfusion Pumps
• Micro Pumps
• Application
• Pain & Spasticity
• Cardiovascular
• End-user
• Hospitals
• Ambulatory Surgical Centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Smart Implantable Pumps industry analysis from 2023 to 2032 to identify the prevailing Smart Implantable Pumps industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Smart Implantable Pumps industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Smart Implantable Pumps industry trends, key players, market segments, application areas, and market growth strategies.