Market Size of Smart Implantable Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Implantable Pumps Market Analysis
The Smart Implantable Pumps market is expected to augment with an anticipated CAGR of 7.5%, during the forecast period (2020-2025).
The major factors accounting for the growth of the Smart Implantable Pumps market are high prevalence and incidence of chronic diseases such as spasticity and chronic pain, presence of a large geriatric population that is more prone to chronic diseases, growing health consciousness, rising healthcare expenditures and favorable reimbursement policies. According to WHO the burden of chronic diseases worldwide will reach 57% by the end of 2020 and is expected to increase further due to continuous population growth and a higher incidence rate of chronic diseases. Hence, the high incidence and prevalence of chronic diseases drive the growth of the Smart Implantable Pumps market during the forecast period. However, the stringent regulatory framework and high standards set by the market leaders are expected to hamper the growth of the market. For example, according to the FDA's report, one of the market player Medtronic recalled SynchroMed II Implantable Drug Infusion Pump owing to the potential presence of foreign particles inside the pump motor assembly.
