Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Infusion Pumps - Global Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The global infusion pumps market, valued at USD 13.80 billion in 2022, is projected to witness substantial growth with a Compound Annual Growth Rate (CAGR) of 9.54% during the forecast period from 2023 to 2028, reaching a valuation of USD 23.85 billion by 2028.
The demand for infusion pumps is primarily fueled by factors such as the increasing prevalence of chronic diseases, growing demand for remote patient monitoring, rising research and development activities to introduce home infusion systems, and the escalating cost of hospital-based infusion therapies.
Advantages of Infusion Pumps Drive Market Growth
Infusion pumps provide significant advantages over manual fluid delivery methods, enabling the administration of fluids in precise, small dosages and at accurately programmed rates. These pumps are crucial for delivering medications to maintain steady drug levels in the bloodstream, particularly in cases of chronic conditions like cancer and diabetes.
Cancer Incidence and Diabetes Prevalence Driving Demand
The global cancer burden is rapidly escalating, driving the demand for infusion pumps. According to the World Health Organization (WHO), around 2.26 million cases of breast cancer, 2.21 million cases of lung cancer, 1.93 million cases of colon and rectal cancer, 1.41 million cases of prostate cancer, and 1.09 million cases of stomach cancer were reported globally in 2020.
Chemotherapy, a vital treatment for cancer patients, often requires continuous delivery, which can be achieved effectively using infusion pumps. Additionally, the International Diabetes Federation (IDF) reports that the number of adults living with diabetes reached 537 million in 2021, projected to rise to 783 million by 2045. Insulin infusion pumps are crucial for the management of type 1 diabetes, driving the demand for user-friendly, self-controlled pumps.
Segment Insights: Insulin Pumps Leading the Market
In the infusion pumps market, the insulin pumps category is expected to dominate, owing to its advantages in managing diabetes patients. With the rising prevalence of diabetes, insulin infusion pumps play a vital role for those who self-administer insulin daily. These devices offer continuous delivery of short-acting insulin, replacing the need for multiple daily injections.
The adoption of insulin pumps is growing due to their convenience and effectiveness, driven by technological advancements and their user-friendly nature. Manufacturers are actively developing and launching newer insulin pumps, further boosting market growth.
North America Leads, Supported by Rising Chronic Diseases
North America is anticipated to dominate the infusion pumps market during the forecast period, driven by increasing demand for advanced technologies, higher diagnosis rates, and a growing prevalence of chronic diseases in the region. In the United States, for instance, around 37.3 million people (11.3% of the population) had diabetes as of 2022.
Additionally, the American Cancer Society estimated 1.9 million new cancer cases in the US in 2021. The region's favorable reimbursement environment and the presence of key players further support the growth of infusion systems.
Key Players and Recent Developments
Major players in the Infusion Pumps market are
- Baxter International
- B. Braun Melsungen AG
- Medtronic
- Micrel Medical Devices SA
- Boston Scientific Corporation
- CareFusion Corporation
- Fresenius Kabi
- Smiths Medical
Notable recent developments in the market include the introduction of the Omnipod DASH Insulin Management System by Insulet Corporation in Australia, FDA approval for Medtronic's MiniMed 770G hybrid system, and Baxter International's regulatory approval for the Evo IQ Syringe Infusion System.
Market Dynamics
Market Drivers
- Increasing prevalence of chronic diseases
- Increase in the demand of remote patient monitoring
- Growing research and development activities to launch home infusion systems
- Increasing cost of hospital-based infusion therapies
Market Restraints and Challenges
- Non-availability of best practicing guidelines for using Infusion Pumps
- Strict regulations for the approval process
Market Opportunities
- Expansion of product portfolio through distribution channels
- Growing demand for infusion pumps in non-hospital settings
Market Outlook and Opportunity Analysis
The infusion pumps market offers substantial growth potential, driven by the rising demand for advanced treatment solutions for chronic diseases like cancer and diabetes. Infusion pumps offer a user-friendly, precise method of medication delivery, reducing the need for frequent injections.
The global market is expected to continue its upward trajectory, with a focus on technological advancements, expansion of product portfolios through distribution channels, and growing demand for infusion pumps in non-hospital settings.
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