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(IndustryNews247.Com, December 08, 2022 )
The report Infusion Pump Market is projected to reach USD 20.5 billion by 2027 from USD 14.7 billion in 2022 growing at a CAGR of 7.0%.
An infusion system consists of a pump (device) and associated disposables for delivering fluids, such as nutrients and medications, into a patient’s body in controlled amounts. These devices are efficiently used for infusion through several routes of administration, such as intravenous, epidural, arterial, subcutaneous, peritoneal, enteral, and intrathecal. They enable the delivery of solutions in a predetermined and controlled manner and are thus helpful in managing chronic diseases and associated pain.
Major Growth Driving Factors:
The growth of the global infusion pumps market is driven by a rising demand for ambulatory infusion pumps in home care, increasing incidence of chronic diseases along with the rapid growth of the geriatric population, and growing number of surgical procedures performed. However, factors such as product recalls, stringent regulatory requirements for new products and increasing adoption of refurbished and rental infusion pumps may restrain market growth to a certain extent during the forecast period.
By product, the accessories & consumables segment witnessed the highest CAGR during the forecast period.
Based on products, the infusion pumps market is segmented into accessories & consumables and devices. The accessories & consumables segment is estimated to grow at the highest CAGR during the forecast period. Factors such as the recurrent use of accessories & consumables and the increasing adoption of infusion pumps for the delivery of medications in a controlled manner are responsible for the large share and high growth of this segment.
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By type, the non-dedicated accessories & consumables segment holds the largest share in 2021.
Based on type, the infusion pumps market market is segmented into infusion catheters, IV/administration sets, needleless connectors, cannulas, tubing and extension sets, valves, and other non-dedicated accessories & consumables. The infusion catheters segment accounted for the largest share of the non-dedicated accessories and consumables market in 2021. The large share of this segment can be attributed to the recurrent use of infusion catheters compared to other non-dedicated accessories and consumables.
By technology, the traditional infusion segment holds the largest share in infusion pump devices 2021.
Based on technology, the infusion pumps market has been segmented into traditional infusion pumps and specialty infusion pumps. The traditional infusion pumps segment accounted for the largest share of the infusion pump devices market in 2021. Factors such as wider applicability of traditional infusion pumps, their low cost compared to specialty infusion pumps, and their high adoption in hospitals are responsible for the large share of this segment.
By Application, diabetes management segment to register high growth rate during the forecast period.
Based on applications, the infusion pumps market is segmented into chemotherapy/oncology, diabetes management, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, and other applications (including infectious diseases, autoimmune diseases, and diseases of the heart, kidney, lungs, and liver). The diabetes management segment is projected to witness the highest CAGR during the forecast period. The increasing incidence of diabetes and the rising demand for insulin pumps for the management of diabetes in home care settings are the major factors contributing to the growth of this segment.
Home care settings segment is expected to grow at a highest CAGR during the forecast period.
Based on setting, the infusion pumps market has been segmented into hospitals, home care settings, ambulatory care settings, and academic & research institutes. The home care setting segment has registered highest growth rate in the infusion pumps market during the forecast period. Technological advancements to make infusion pumps compact and lightweight devices which can be easy to carry and operate, increasing awareness and acceptance of ambulatory infusion pumps (such as disposable pumps) in home care settings to reduce hospital stays, is fueling the growth of the infusion pumps market for home care settings.
Geographical Growth Dynamics:
Asia Pacific region has registered highest CAGR for the infusion pumps market during the forecast period.
Geographically, the infusion pumps market is segmented into North America, Europe, APAC, Latin America, and the Middle East & Africa. APAC is the fastest-growing region for infusion pumps market. The fastest growth of Asia Pacific can primarily be attributed to the increasing prevalence of chronic diseases such as obesity, heart disease, diabetes, and other chronic diseases, rising geriatric population, and increasing investment by major market players in APAC region.
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Key Market Players:
Prominent players in the infusion pump market include Becton, Dickinson and Company (US), Baxter International Inc. (US), B. Braun Melsungen AG (Germany), Smiths Medical (US), Fresenius Kabi (Germany), and ICU Medical, Inc. (US). These players adopted major growth strategies such as product launches & approvals, collaborations, and expansions. Other prominent players in the market include Terumo Corporation (Japan), Nipro Corporation (Japan), Avanos Medical, Inc. (US), Tandem Diabetes Care, Inc. (US), JMS Co., Ltd. (Japan), Insulet Corporation (US), Roche Diagnostics (Switzerland), Zyno Medical (US), Teleflex, Inc. (US), Shenzhen Mindray Bio-Medical Electronics co., ltd. (China), Micrel Medical Devices SA (Greece), Ypsomed Holding AG (Switzerland), InfuTronix Solutions LLC (US), SOOIL Development Co., Ltd (South Korea), Shenzhen MedRena Biotech Co., Ltd. (China), Eitan Medical (Israel) and CODAN Medizinische Geräte GmbH & Co KG (Germany).
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Mr. Aashish Mehra
Industrial News TV