BANGALORE, India, April 18, 2022 /PRNewswire/ -- The Global Infusion Pump Market is Segmented by Type (Accessories/Consumables, Devices), by Application (Chemotherapy/Oncology, Diabetes, Gastroenterology, Analgesia/Pain Management, Pediatrics/Neonatology, Hematology): Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Medical Devices & Equipment Category.
The global Infusion Pump market size is projected to reach USD 852.8 Million by 2028, from USD 627.7 Million in 2021, at a CAGR of 4.0% during 2022-2028.
Major factors driving the growth of the infusion pump market are:
Some of the key factors driving the growth of the infusion pumps market include the rising incidence of chronic diseases, the rapid growth of the geriatric population who require home care, rising demand for ambulatory infusion pumps, and the growing volume of surgical procedures performed around the world.
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TRENDS INFLUENCING THE GROWTH OF INFUSION PUMP MARKET
The rising prevalence of chronic diseases is expected to boost the infusion pump market growth. Infusion pumps have several advantages over manual fluid administration, including the ability to administer fluids in very small doses and at precise programmed rates. These pumps are used to deliver medication in many cases, such as cancer and diabetic conditions, to keep drug levels in the bloodstream stable. Chemotherapy must be delivered to cancer patients on a continuous basis, which can be accomplished with the help of a pump. Insulin pumps are becoming increasingly popular in the treatment of type 1 diabetes.
Increasing demand for ambulatory infusion pumps in-home care settings, as well as an increase in chronic disease incidence, is expected to drive the growth of the infusion pump market. Infusion pumps for ambulatory use are designed to be portable or wearable. The high incidence and prevalence of chronic diseases, as well as rising healthcare expenditure, primarily on hospitalization, have increased the demand for home healthcare in recent years.
Growing research and development activities to launch home infusion systems are expected to drive the growth of the infusion pump market. Rising costs of hospital-based infusion therapies have prompted an increase in research and development efforts to create home-based infusion products. For example, the rising demand for long-term care, preferably in-home care settings, has resulted from an increase in the patient population with diabetes, cancer, and neurological disorders. Furthermore, the growing geriatric population, which requires long-term care therapies, is driving new product development for home infusion therapies.
Furthermore, the use of robotics in surgical treatments and the introduction of technology in minimally invasive procedures are the keys to the future of surgical procedures, which will lead to an increase in syringe and infusion pump sales. This in turn is expected to drive the growth of the infusion pump market. Automated syringe pumps are commonly used in hospitals and clinics to improve the efficiency of drug infusion in the patient's body. Moreover, to increase their market share, market players in the global infusion pumps market are actively participating in new product launches targeted at specific disease treatment procedures, geographic expansions, and collaborations.
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INFUSION PUMP MARKET SHARE
Based on type, Accessories/Consumables are expected to be the most lucrative segment. The high share of this segment is due to the frequent use and purchase of accessories/consumables for infusion therapy.
Based on application, the oncology segment is expected to gain significant traction due to the rising prevalence of various cancers and the increasing number of new product launches in this area. Chemotherapy must be delivered to cancer patients on a continuous basis, which can be accomplished with the use of infusion pumps.
Based on region, North America is expected to be the most lucrative. The rapid adoption of technologically advanced products by patients and physicians, both for regular treatment of chronic disease conditions, is driving the market growth. Several chronic diseases are becoming more prevalent at an alarming rate. The rapid adoption of home healthcare infusion pump therapies is also fueling the market's current growth.
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Key Companies:
- Becton, Dickinson and Company (BD)
- B. Braun Melsungen
- Baxter International
- Fresenius Kabi
- ICU Medical
- Medtronic
- Moog Inc. (Moog)
- Smiths Medical (A Division of Smiths Group PLC)
- Terumo Corporation
- Roche Diagnostics (A Division of F. Hoffmann-LA Roche Ltd.)
- Halyard Health
- Mindray Medical International Limited
- Micrel Medical Devices
- Insulet Corporation.
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SIMILAR REPORTS:
- Due to the COVID-19 pandemic, the global Chemotherapy Infusion Pumps market size is estimated to be worth USD 215.9 Million in 2022 and is forecast to a readjusted size of USD 320.5 Million by 2028 with a CAGR of 6.8% during the review period.
- The global Home Infusion Therapy market size is projected to reach USD 29640 Million by 2027, from USD 19850 Million in 2020, at a CAGR of 5.8% during 2021-2027.
- In 2020, the global Elastomeric Infusion Pumps market size was USD 583.8 Million and it is expected to reach USD 854.9 Million by the end of 2027, with a CAGR of 5.6% during 2021-2027.
- The global enteral feeding devices market size was valued at USD 2828.52 Million in 2019 and is projected to reach USD 4426.54 Million by 2027 at a Compound Annual Growth Rate (CAGR) of 5.5% from 2020 to 2027.
- Due to the COVID-19 pandemic, the global Veterinary Infusion Pumps market size is estimated to be worth USD 92 Million in 2022 and is forecast to a readjusted size of USD 120.5 Million by 2028 with a CAGR of 4.6% during the review period.
- Due to the COVID-19 pandemic, the global Intravenous Infusion Pump market size is estimated to be worth USD 11160 Million in 2022 and is forecast to a readjusted size of USD 13640 Million by 2028 with a CAGR of 3.4% during the review period.
- Due to the COVID-19 pandemic, the global Programmable Infusion Pumps and Catheters market size is estimated to be worth USD 7846.6 Million in 2022 and is forecast to a readjusted size of USD 9527.8 Million by 2028 with a CAGR of 3.3% during the review period.
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