Infusion Pumps Market worth .8 billion by 2027
Posted by snehal shaha on August 30th, 2019
The increasing prevalence of chronic diseases along with the rapid growth in the geriatric population, growing use of ambulatory infusion pumps in home care settings, and growing number of surgical procedures are some of the key factors driving the growth of the infusion pumps market.
The global Infusion Pump Marketis expected to grow to reach USD 16.8 billion by 2027 from USD 12.6 billion in 2019, at a CAGR of 6.0% during the forecast period.
On the basis of products, the accessories/consumables segment accounted for the largest share of the infusion pumps market in 2018. This can be attributed to the recurrent use of accessories/consumables during infusion therapy for the management of chronic diseases. The accessories/consumables segment is further segmented into dedicated accessories/consumables and non-dedicated accessories/consumables. Dedicated accessories/consumables for infusion pumps accounted for the largest share of the infusion pump accessories/consumables market in 2018. This can be attributed to the increasing demand for dedicated accessories/consumables in chronic disease management to minimize the risk of non-compatibility of accessories with infusion devices.
The infusion pump devices segment includes volumetric infusion pumps, syringe infusion pumps, insulin infusion pumps, ambulatory infusion pumps, enteral infusion pumps, patient-controlled analgesia infusion pumps, and implantable infusion pumps. The insulin infusion pumps is expected to grow at the highest CAGR, owing to its wide applications for delivering large volumes of fluids to patients at predetermined medium-to-high flow rates. These devices are useful for almost all areas of healthcare and are widely used for IVs.
Based on applications, the infusion pumps market is segmented into chemotherapy/oncology, diabetes, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, and other applications. Other applications include infectious diseases, autoimmune diseases, and diseases of the heart, kidney, lung, and liver. The chemotherapy/oncology segment accounted for the largest share of the global infusion pumps market in 2018. The large share of this segment can be attributed to the growing incidence of cancer, increasing availability of ambulatory infusion pumps for chemotherapy, and the introduction of technologically advanced products in this market segment.
Based on end users, the market is segmented into hospitals, health care settings, ambulatory care settings, and academic and research institutes. In 2018, the hospitals accounted for the largest share.
The large share of this end-user segment is mainly attributed to the strong financial capabilities of hospitals for purchasing high-priced infusion devices, large patient pool, and the availability of trained professionals to operate infusion pumps.
North America accounted for the largest share of the infusion pumps market in 2018, followed by Europe. This is mainly due to the increasing prevalence of chronic diseases, growing demand for advanced medical treatment, and growing healthcare market in the region. The growing demand for premium-priced infusion pump systems, to improve the quality of care for patients, is expected to play a key role in the growth of the infusion pumps market in North America in the coming years.
Top Key players:-
The prominent players in the infusion pumps market are Becton, Dickinson and Company (US), Baxter (US), ICU Medical (US), B. Braun (Germany), Fresenius Kabi (Germany), Medtronic (Ireland), Smiths Medical (US), Terumo Corporation (Japan), Moog (US), Roche Diagnostics (Switzerland), Halyard Health (US), Mindray Medical (China), Micrel Medical (Greece), and Insulet Corporation (US).
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About the Authorsnehal shaha
Joined: July 4th, 2019
Articles Posted: 607
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