Major players in the implantable infusion pumps market are Medtronic, Boston Scientific Corporation, Nevro Corporation, Cyberonics, Baxter, B. Braun Melsungen AG, Fresenius Kabi AG, Smiths Medical, Terumo Corporation, and Neuropace.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Implantable Infusion Pumps Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151618/?utm_source=GNW
The global implantable infusion pumps market is expected to decline from $16.21 billion in 2020 to $15.15 billion in 2021 at a compound annual growth rate (CAGR) of -6.6%. The decline in the market is mainly due to the companies decreasing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $19.03 billion in 2025 at a CAGR of 6%.
The implantable infusion pumps market consists of sales of implantable infusion pumps and related services by entities (organizations, sole traders and partnerships) that manufacture implantable infusion pumps.An implantable infusion pump is a small device that is put beneath the skin during the operation.
The pump delivers the liquid pain medication to a different part of the body through a long, flexible tube called the catheter.
The implantable infusion pumps market by type into patient-controlled analgesia (PCA) pumps, enteral pumps, insulin pumps, elastomeric pumps, syringe pumps, others; applications into oncology, pediatrics/neonatology, gastroenterology, hematology, diabetes, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The safety concern regarding implantable infusion pumps is a key factor hampering the growth of the implantable infusion pumps market.The magnetic resonance (MR) system can be useful in the diagnosis of a wide range of conditions and diseases, but the MRI setting poses a risk factor for patients with implantable infusion pumps.
An MRI examination can influence the programming or functionality of an infusion pump, even if specific requirements have been met.In 2018, the US food and drug administration received evidence of significant adverse effects including harm to the patient and death associated with the use of implantable infusion pumps in the MR field.
Therefore, the safety concerns regarding implantable infusion pumps is expected to limit the growth of the implantable infusion pumps market.
In September 2019, Baxter International Inc., a global medical products company, acquired Cheetah Medical for $190 million. This deal is expected to expand Baxter’s product portfolio and strengthen the company’s clinical outcomes with patient monitoring technology. Cheetah Medical is a US-based device company offering non-invasive cardiac output and hemodynamic monitoring devices including infusion pumps.
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.The prevalence of chronic diseases is expected to increase by 57% by 2020, according to the World Health Organization.
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 the 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.
In June 2019, Ivenix, a US-based medical device company, received clearance for a new smart infusion pump, which reduces human and software error with more streamlined technology.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151618/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001