Chicago, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Infusion Pump Market by Product [Accessories (Dedicated, Non-dedicated), Devices (Volumetric, Insulin, Syringe, Ambulatory)], Technology (Traditional, Specialty), Application (Cancer, Diabetes), & Setting (Hospital, Homecare) - Global Forecast to 2026", is expected to reach USD 20.5 Billion by 2026 from an estimated USD 13.2 Billion in 2021, at a CAGR of 9.3%.
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374- Tables
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The increasing incidence of chronic diseases along with the rapid growth of the geriatric population, rising demand for ambulatory infusion pumps, and the growing volume of surgical procedures performed across the globe are some of the key factors driving the growth of the infusion pumps market. However, the presence of stringent regulations for new products, medication errors associated with infusion pumps (which have resulted in product recalls), and the increasing adoption of refurbished and rental infusion pumps are expected to restrain the growth of this market during the forecast period.
Based on products, the infusion pump market has been segmented into accessories & consumables and devices. The accessories & consumables segment accounted for the largest share of the market in 2020. The large share and high growth of this segment can be attributed to the recurrent use of accessories & consumables and the increasing adoption of infusion pumps for the delivery of medications in a controlled environment.
The infusion pump accessories & consumables market is segmented into dedicated and non-dedicated accessories & consumables. The dedicated accessories & consumables segment accounted for the largest share of the infusion pump accessories & consumables market in 2020. The large share of this segment is mainly driven by the requirement of compatible administration sets designed for a particular type of infusion pump by the manufacturer to ensure optimum results of dedicated accessories.
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Based on applications, the infusion pump market is segmented into chemotherapy/oncology, diabetes management, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, and other applications (includes infectious diseases, autoimmune diseases, and diseases of the heart, kidney, lung, and liver). The chemotherapy/oncology segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the growing incidence of cancer, increasing availability of ambulatory infusion pumps for chemotherapy, and the introduction of technologically advanced products in the market.
Based on settings, the infusion pump market has been segmented into hospitals, home care settings, ambulatory care settings, and academic & research institutes. The hospitals segment accounted for the largest share of the market in 2020. The large share of this end-user segment is attributed to the strong financial capabilities of hospitals for purchasing high-priced infusion devices, the large patient pool treated at hospitals, and the availability of trained professionals to operate infusion pumps.
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Geographical Growth Scenario:
In 2020, North America accounted for the largest share of the global infusion pump market, followed by Europe and the APAC. The large share of North America can primarily be attributed to the high adoption of specialty infusion pumps for the treatment of chronic diseases, increasing prevalence of chronic diseases, rising geriatric population, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US is a center for innovation in the market.
Infusion Pumps Market is dominated by key players like:
- Becton, Dickinson and Company (US),
- Baxter International Inc. (US),
- B. Braun (Germany),
- Smiths Medical (US),
- Fresenius Kabi (Germany), and
- ICU Medical, Inc. (US).
Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market with desired technological capabilities or geographic presence.
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