Sep 16, 2021

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. The global implantable infusion pumps market is expected to grow from $13.32 billion in 2019 to $16.22 billion in 2020 at a compound annual growth rate (CAGR) of 21.75%. The growth is mainly due to the COVID-19 outbreak that has increased the demand for intravenous infusion pumps to treat the affected patients. The market is then expected to stabilize and reach $16.98 billion in 2023 from 2021 at a CAGR of 1.55%. 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 and by applications into oncology; pediatrics/neonatology; gastroenterology; hematology; diabetes; others. 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 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. Therefore, the safety concerns regarding implantable infusion pumps is expected to limit 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. 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. Key Topics Covered: