Implantable Pumps Market: Current Analysis and Forecast (2023-2030)
Emphasis on Product Type (Patient-Controlled Analgesia (PCA) Pump, Enteral Pump, Insulin Pump, Elastomeric Pump, Syringe Pump); Application (Oncology, Pediatrics/Neonatology, Gastroenterology, Hematology, Diabetes); End-Users (Hospitals and Clinics, Ambulatory Surgical Centres, Home Healthcare); and Region/Country
The Implantable Pumps Market was valued at USD 18 billion in 2022 & is expected to grow at a CAGR of 5.7% from 2023-2030. Implantable pumps are medical devices designed to deliver a controlled amount of medication or fluids directly into the body. These pumps are typically implanted under the skin and are used for various therapeutic purposes, such as pain management, chemotherapy, and insulin delivery for diabetes. The growing demand for implantable pumps can be attributed to the increasing incidence of chronic diseases such as cardiovascular diseases, cancer, etc. are the key factors which boost the adoption around the globe. For instance, according to the CDC, One person dies every 33 seconds in the United States from cardiovascular disease. About 695,000 people in the United States died from heart disease in 2021—that’s 1 in every 5 deaths. Furthermore, ongoing advancements in technology, including miniaturization, improved battery life, and enhanced programmability, can make these devices more efficient and user-friendly, expanding their applications, have been a key driver. Moreover, implantable pumps plays a crucial role in oncology for the detection and evaluation of tumours. The rising incidence of cancer cases worldwide has driven the demand for implantable pumps procedures. In 2021, cancer remained a significant healthcare concern.
Some of the major players operating in the market are Becton, Dickinson and Company, B.Braun Melsungen AG, Medtronic, AngioDynamics, Novo Nordisk A/S., Johnson and Johnson Services, Inc, Pfizer Inc, Baxter, Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, the patient-controlled analgesia (pca) pump segment held a significant share of the market in 2022.”
Based on the product type, the market has been categorized into patient-controlled analgesia (pca) pump, enteral pump, insulin pump, elastomeric pump, and syringe pump. Among them, the insulin pump segment is expected to grow at a higher CAGR in the market. PCA pumps are designed to provide more efficient pain management by allowing patients to receive smaller, more frequent doses of pain medication. This can lead to better pain control and improved patient outcomes.
“Amongst application, the oncology segment held the higher CAGR in the market in 2022.”
Based on the application, the market has been categorized into oncology, pediatrics/neonatology, gastroenterology, hematology, and diabetes. Among them, the oncology segment is expected to grow at a higher CAGR in the market. Implantable pumps are often used for pain management in cancer patients. These devices can deliver controlled and continuous doses of pain medication directly to the affected area, providing more targeted relief. Furthermore, some implantable pumps are designed for intrathecal drug delivery, which can be crucial in delivering chemotherapy drugs directly to the cerebrospinal fluid around the spinal cord. This targeted approach can be more effective in treating certain types of cancers.
“North America dominated the implantable pumps market in 2022.”
The North America implantable pumps market is expected to continue to grow in the coming years, driven by the increasing prevalence of cancer and growing awareness of implantable pumps among healthcare professionals and the general population, development of advanced imaging techniques and the rise in treatment option. For instance, in 2020, according to American Cancer Society, Cancer is the second most common cause of death in the US, exceeded only by heart disease. around 609,360 deaths from cancer are expected in the US in 2022, which is about 1,670 deaths per day.
Implantable pumps Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Implantable pumps market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Implantable pumps Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Implantable pumps market were the three major steps undertaken to create and analyze the adoption of implantable pumps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Implantable pumps market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Implantable pumps market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Implantable pumps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, application and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Implantable pumps market. Further, we conducted factor analysis using dependent and independent variables such as product type, application and end-users of the Implantable pumps market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Implantable pumps market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Implantable pumps market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Implantable pumps market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Implantable pumps market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Implantable pumps market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, application and end-users in the global Implantable pumps market.
The main objective of the Global Implantable pumps Market Study
The current & future market trends of the global Implantable pumps market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Implantable pumps market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product type, application and end-users
- Define and analysis of the regulatory framework for the Implantable pumps industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Implantable pumps market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Implantable pumps market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global implantable pumps market?
Q2: What are the driving factors for the growth of the global implantable pumps market?
Q3: Which segment has the largest share of the global implantable pumps market by Product Type?
Q4: What are the emerging technologies and trends in the global implantable pumps market?
Q5: Which region will dominate the global implantable pumps market?
Q6: Who are the key players operating in the global implantable pumps market?
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