New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Infusion Pump Global Market Report 2023" - https://www.reportlinker.com/p06466492/?utm_source=GNW
, InfuTronix Solutions, Micrel Medical Devices SA, and Shenzhen Mindray Bio-Medical Electronics Co Ltd.
The global infusion pump market is expected to grow from $12.93 billion in 2022 to $14.01 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The infusion pump market is expected to reach $19.09 billion in 2027 at a CAGR of 8%.
The infusion pump market consists of sales of large volume infusion pump and elastomeric infusion pump.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An infusion pump refers to a medical device that is used to deliver fluids, such as medications or nutrients, into a patient’s bloodstream in a controlled manner. Infusion pumps work by using a pump mechanism to control the rate and volume of fluid delivered to the patient.
North America was the largest region in the infusion pump market in 2022. The regions covered in infusion pump report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of infusion pumps are accessories and consumables, and devices.Accessories and consumables refer to additional components that can be used to enhance the performance or functionality of the medical device.
The various pump types are volumetric infusion pumps, insulin pumps, enteral infusion pumps, syringe infusion pumps, ambulatory infusion pumps, pca pumps, and implantable infusion pumps with technologies that includes traditional infusion pumps, and specialty infusion pumps. The various applications are chemotherapy or oncology, diabetes management, gastroenterology, pain management or analgesia, pediatrics or neonatology, haematology, and others used in hospitals, ambulatory care settings, specialty clinics, and home care settings.
The rise in the prevalence of chronic diseases is expected to propel the growth of the infusion pump market going forward.Chronic diseases refer to noncommunicable diseases (NCDs), which are long-term health conditions and often progress slowly over an extended period.
The rise in the prevalence of chronic diseases, such as cancer and diabetes, is mostly driven by changing lifestyles, lack of physical activities, decreasing quality of life, and poor eating habits.Infusion pumps are used to treat some of these chronic diseases by providing accurate dosing, precise fluid delivery, and customized treatments.
For instance, in 2020, according to the World Cancer Fund Research International, a UK-based a not-for-profit association related to cancer prevention, there were 18,094,716 million new cases of cancer worldwide.Also, the International Diabetes Federation, an organization of over 230 national diabetes associations in more than 160 countries and territories, projected that, there would be 643 million diabetics worldwide by 2030 and 783 million by 2045.
Therefore, a rise in the prevalence of chronic diseases will fuel the infusion pump market growth.
Technological advancement has emerged as a key trend gaining popularity in the infusion pump market.Major companies operating in the infusion pump market are focused on developing new technological solutions to strengthen their position.
For instance, in November 2022, US-based medical device company Medtronic launched the world’s first and only insulin pump infusion set, MiniMed Quick-set Plus.It was uniquely developed with cutting-edge components that aid in lowering insulin preservative loss and maintaining insulin flow and stability to extend an infusion set’s wear time by two times.
It is the first and only infusion set that is approved by FDA, and it is designed to provide a more convenient and comfortable experience for diabetes patients.
In March 2022, a Germany-based lifesaving medicines and technology company, Fresenius Kabi acquired Ivenix Inc for an undisclosed amount.This acquisition will create a comprehensive portfolio for Fresenius Kabi that will constitute the most advanced infusion pump technology, along with infusion supplies and accessories.
Ivenix, Inc., is a US-based manufacturer of intravenous drug infusion pump systems.
The countries covered in the infusion pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The infusion pump market research report is one of a series of new reports that provides infusion pump market statistics, including infusion pump industry global market size, regional shares, competitors with a infusion pump market share, detailed infusion pump market segments, market trends and opportunities, and any further data you may need to thrive in the infusion pump industry. This infusion pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466492/?utm_source=GNW
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