As per the American Heart Association, around 46% of the adults in the U.S. are likely to have hypertension. Center from Diseases and Prevention (CDC) states that stroke kills around 1,40,000 people in the U.S. each year. The rising prevalence of heart failure and hypertension is expected to drive the global smart implantable pumps market. These pumps are one of the most advanced drug delivery systems implanted beneath the skin of patients.
Medtronic’s SynchroMed II myPTM Receives FDA Approval to Help Patients Manage Their Pain
As per the report, some of the leading players operating in the global smart implantable pumps market include:
- Intarcia Therapeutics, Inc.
- FLOWONIX MEDICAL INC.
- Cognos Therapeutics, Inc
Smart implantable pump technology administers steady drug dosage in patients suffering from chronic diseases. Favorable healthcare reimbursement policies by governments and increasing healthcare expenses are factors responsible for smart implantable pumps market growth. With the introduction of wireless technology, the demand for smart implantable pumps is likely to increase. Patients and clinicians can easily monitor and control their implants wirelessly with the help of smartphones. All one needs is Bluetooth function and internet connectivity.
Rising Emphasis on Data Logging to Stoke Demand for Pumps in North America
From a geographical standpoint, North America is projected to lead the global smart implantable pumps market through the forecast years. The increasing prevalence of cardiovascular disorders in the U.S. and increasing cases of cancer are likely to create growth opportunities for the market during the forecast years. This, coupled with the rising prevalence of diabetes in the U.S., is expected to boost the market, thereby fuelling demand for smart implantable pump insulin. The adoption of smart implantable pumps is expected to increase the rising emphasis on patient monitoring and data logging. Following North America, Europe held the second-largest share in the market in 2018.
The market in Asia Pacific is likely to register a higher CAGR over the projected horizon. The growth is attributable to the increasing aging population and the prevalence of chronic disorders. Furthermore, the rising awareness about such technologically-advanced devices is expected to increase their sales, which as a result, is likely to foster the smart implantable pumps market revenue. This is followed by increasing per capita income among people in developing countries. Other regions such as the Middle East & Africa and Latin America are expected to exhibit moderate growth in the forthcoming years.
Companies are planning to establish their presence in the market and offer a wide range of products across the world. For instance, Medtronic announced the launch of a new personal manager therapy called SynchroMed II myPTM Personal Therapy Manager for patients suffering from chronic pain. The product received FDA approval in October 2018. This implantable drug pump offers pain relief with lesser side effects. This can help patients to eliminate the use of oral opioids.