Dublin, May 06, 2022 (GLOBE NEWSWIRE) -- The "Infusion Pumps & Accessories Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021--2030" report has been added to ResearchAndMarkets.com's offering.
The infusion pumps & accessories market was valued at $8138.49 million in 2020, and is estimated to reach $13,264.18 million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
The factors that drive the growth of the infusion pumps & accessories market include increase in prevalence of chemotherapy procedures and rise in demand of infusion pumps for pediatric use. Moreover, rise in demand for ambulatory infusion pumps in home care settings, also fuel the growth of the market. However, stringent governmental regulations and reforms associated with infusion therapy impede the market growth. Conversely, the development of new product by key players along with large production of infusion pumps and presence of untapped market in emerging economies are expected to provide lucrative growth opportunities for the market.
The major factors that drive the growth of the infusion pumps & accessories market include increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer; growth in geriatric population who are more prone to aforementioned disorders; numerous applications of infusion pumps; and an upsurge in demand for home-based infusion pumps product. For instance, in February 2021, Mindray Medical has launched BeneFusion e series-esp, evp, and eds, new infusion systems for expanding its product portfolio. Moreover, in 2020, Medtronic Plc has launched Exillia infusion pump to cater the increasing demand in COVID-19 pandemic. Thus, the development of infusion pump devices by key players propels the growth of the market.
Early diagnosis of chronic diseases at or near the bedside or at home increases the chances of successful treatment and further minimizes the hospital expenditure. The home healthcare market is gaining popularity as it is a cost-effective alternative to hospital-based treatments of chronic diseases. Home-based infusion pumps provide better and immediate results. In addition, Portable Elastomeric Infusion System developed by Baxter International Inc. is a home-based infusion system that provides 30 minutes to 5 hours of continuous infusion. It is used for ambulatory medication therapies that need intermittent infusion and can be used to administer outpatient parenteral antimicrobial therapy (OPAT). Therefore, growth in demand for home-based healthcare drives the growth of the infusion pumps and accessories market.
The infusion pumps & accessories market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is segmented into devices & pumps and accessories & disposables. Furthermore, the devices & pumps is divided into syringe infusion pumps, insulin infusion pumps, volumetric infusion pumps, ambulatory infusion pumps, patient controlled analgesia pumps, implantable infusion pumps and enteral infusion pumps. The accessories & disposables segment is divided into infusion catheters, valves, IV sets, cannulas, tubing, needles, and other disposables.
The accessories & disposables segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and a surge in adoption of infusion pump products.
By application, it is fragmented into diabetes, gastroenterology, analgesia & pain management, chemotherapy, pediatrics & neonatology, and others. Gastroenterology acquired the top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to the large number of infusion pump products offered by key players.
By End user, it is divided into hospitals, homecare, ambulatory surgical centers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA
North America accounted for a majority of the global infusion pumps & accessories market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to an increase in the number of approvals, a rise in presence of key players, and surge in development of technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of cancer cases, rise in chemotherapy procedures, and growth in health care expenditures.
Key Findings Of The Study
- By type, the accessories & disposables segment was the highest contributor to the market in 2020
- On the basis of application type, the gastroenterology dominated the market in 2020, and is expected to continue this trend during the forecast period
- On the basis of end user, the hospitals dominated the market in 2020, and is expected to continue this trend during the forecast period
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
- North America accounted for a majority of the infusion pumps & accessories market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in the prevalence of chronic diseases, the presence of key players, development of the healthcare sector, and presence of numerous infusion pump products Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in the prevalence of diabetes patients and improvement in healthcare infrastructure
Market Dynamics
Drivers
- High Prevalence of Chronic Diseases
- Surge in Global Geriatric Population
- Growth in Demand for Home Healthcare
- Infusion Pumps Possess Wide Range of Application
Restraints
- Several Errors Associated With Infusion Pumps
- Stringent Government Regulations
Opportunities
- Various Growth Opportunities from Emerging Economies
- Development of Efficient Infusion Pumps
Companies Mentioned
- B. Braun Melsungen AG
- Baxter International
- Becton Dickinson & Company
- Fresenius SE & Co.
- ICU Medical Inc.
- Insulet Corporation
- Johnson & Johnson
- Medtronic Plc, Moog Inc.
- Terumo Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/acijx
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