Implantable Drug Infusion Pumps Market By Product Type (PCA Pumps, Enteral Pumps, Insulin Pumps, Elastomeric Pumps, Syringe Pumps); By Application (Oncology, Pediatrics/Neonatology, Gastroenterology, Hematology, Diabetes); By End User (Hospitals, Ambulatory Surgical Centers, Clinics, Home Healthcare) - Global Demand Analysis & Opportunity Outlook 2027
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Implantable Drug Infusion Pumps are entrenched under the skin by means of surgery. These infusion devices discharge medications through a pipe or tube to a particular body part. Implantable drug infusion system ensures steady supply and is highly advisable during long-term medications. The delivery of constant medication from infusion systems helps in the reduction of pain when oral or topical medicines are incapable of providing effective results. An implantable drug infusion system have various potential benefits such as reducing the side effects and chronic pain in comparison to other forms of drug delivery, providing relief to the patient from direct injections or discomfort of catheters and provides better symptoms management.
Implantable drug infusion pump market is anticipated to record a significant CAGR over the forecast period. Many multi-national companies are concentrating towards new product advances in Implantable Drug Infusion Pumps. Also, the market for implantable drug infusion pumps would experience a lift due to rising prevalence of pain, diabetes and cancer, rapid growth in elderly population, technological developments such as growth in wireless technology, introduction of smart pumps and rise in healthcare expenditure globally.
The competition in the drug infusion market is based on the costs, brand value, advances and customer services. To uphold in the market, various strategies such as acquisitions and mergers, licensing and agreements are being undertaken by market players. In 2016, the large volume infusion pump system accounted for the highest market share on a global scale, among the product types.
On the basis of regional platform, global implantable drug infusion pumps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is the most appealing region for the implantable drug infusion system market attributing to the robust pharmaceutical industry. A significant number of foremost players are located in this region, rising number of partnerships between technology providers and drug companies, followed by Europe as the leading regions in implantable drug infusion system market. These markets are also swelling significantly owing to emphasis on the new product developments for portable and lightweight Implantable Drug Infusion Pumps that would relieve in the drug delivery method and favorable regulatory environment.
Asia Pacific is estimated to show substantial growth due to saturation in the major economies, rise in R&D activities and development of healthcare infrastructure in Implantable Drug Infusion Pumps market. Asia-Pacific region has the presence of many small players which are functioning at a regional level and add up to a significant market share of the Implantable Drug Infusion Pumps market.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global Implantable Drug Infusion Pumps market includes the following segments:
Global Implantable Drug Infusion Pumps Market is further classified on the basis of region as follows:
The Implantable Drug Infusion Pumps market includes numerous infusion system products including components such as pumps, accessories and disposables. The increased occurrence of chronic diseases and the growing elderly population has led to the increased demand for improved medicines and services. For the continued and improved care of the patients, the drug infusion systems are being extensively exercised in the hospitals as well as the home care settings. The rising prevalence of chronic diseases is another factor contributing to the growth of the market. In the recent years, the prevalence of chronic diseases has been increasing irrespective of the age. The prevalence of genetic diseases and cancer has also witnessed a rise in the recent years that will perform as growth drivers for this market.
However, implantable drug infusion systems market would be affected owing to cost constraints, strict regulations for new products due to patient safety risks and low reimbursement for Implantable Drug Infusion Pumps in the developing countries. In 2013, U.S. Food and Drug Administration Safety Information and Adverse Event Reporting Program announced, regarding various product withdrawals due to malfunctioning of Implantable Drug Infusion Pumps which delivered drug overdose leading to risks in patient safety. These factors have refrained the patients from the adoption of Implantable Drug Infusion Pumps.
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