Wilmington, Delaware, United States, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global infusion therapy market is anticipated to grow at a CAGR of 6.7% during the forecast period from 2022 to 2031.
Infusion therapy is used to treat various diseases that cannot be cured by oral antibiotics. Ambulatory infusion pumps, stationary infusion pumps, and infusion sets are some of the products that are used in infusion therapy.
Launch of new infusion kits is helping prominent market players in creating new revenue streams and gaining an edge over other players. In February 2020, Avoset announced the launch of a new infusion pump embedded with touchscreen options that could be connected and tracked via smart devices.
Leading players are collaborating with other players to increase revenue and expand market presence.
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Key Findings of Market Study
- Rise in Popularity for Antibiotic/Antiviral Therapy: Based on therapy, the global market has been divided into antibiotic/antiviral, anti-coagulation, anti-emetics, blood component stimulating factor, chemotherapy, nutrition, hydration, and pain management. The antibiotic/antiviral segment accounted for dominant market share in 2021. The trend is expected to continue during the forecast period. Increase in popularity of antibiotic intravenous infusion therapy in hospitals is driving the segment.
- Increase in Hospitalization Rate due to Surge in COVID-19 Cases: In terms of end-use, the global market has been classified into hospitals, ambulatory surgical centers, clinics, and homecare settings. The hospitals segment accounted for dominant market share in 2021. This is ascribed to surge in hospitalization rate due to increase in the number of coronavirus cases. Intravenous solutions were constantly offered to patients who had contracted the virus to maintain sufficient nutrition.
- Rise in Prevalence of Cancer: Based on indication, the global market has been segregated into cancer, gastrointestinal diseases, congestive heart failure, rheumatoid arthritis, hemophilia, and immune deficiencies. The cancer segment accounted for the dominant market share in 2021. Rise in prevalence of cancer globally increased the demand for IV infusion pump accessories. Chemotherapy has proven to be successful in fighting malignant cells in different ways such as preventing the ability of cancer cells to grow or reproduce. Chemotherapy could be used in combination with other treatments such as radiation or can also be used alone.
Infusion Therapy Market - Key Drivers
- Increase in demand for advanced fusion pumps to reduce human errors is likely to drive the infusion therapy market during the forecast period
- Rise in demand due to surge in incidence of chronic diseases is likely to boost market demand during the forecast period
Infusion Therapy Market - Regional Insights
- North America accounted for dominant market share in 2021 due to rise in usage of infusion therapy to treat chronic disorders and presence of several prominent players in countries such as the U.S. and Canada
- Asia Pacific is anticipated to present lucrative opportunities during the forecast period because of rise in adoption of new technologies in infusion therapy in China and India
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Infusion Therapy Market - Key Players
The global market is competitive, with the presence of large number of international and local players. New players entering the infusion therapy market are likely to intensify the competition during the forecast period.
Key players operating in the market are Becton, Dickinson and Company, Baxter International, Inc., CareFusion Corporation, Avoset, and Terumo Corporation.
The global infusion therapy market is segmented as follows:
- Product
- Infusion Pumps
- Infusion Set
- Accessories
- Indication
- Cancer
- Gastrointestinal Diseases/Disorders
- Congestive Heart Failure
- Rheumatoid Arthritis
- Hemophilia
- Immune Deficiencies
- Others
- Therapy
- Antibiotic/Antiviral
- Anti-coagulation
- Anti-emetics
- Blood Component Stimulating Factor
- Chemotherapy
- Nutrition
- Hydration
- Pain Management
- End-use
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Homecare Settings
- Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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