New York, US, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Infusion Pumps Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Infusion Pumps Market Information by Type, Application, End User, and Region - Forecast till 2026”, the market is predicted to cross USD 18.30 Billion by 2026 with a CAGR of 8.2% .
Major Growth Drivers
The infusion pump market growth is boosted by the surging cases of diabetes, emergence of new types of infusion pumps, and the rising knowledge among people about different health conditions. Advances in home infusion systems as well as artificial pancreas therapy should also foster market growth over the coming years. Manufacturers are taking up initiatives such as educational campaigns to spread awareness among people, which is resulting in higher sales of infusion pumps. With the rising prevalence of unhealthy lifestyle habits including excess alcohol consumption, smoking, and lack of exercise have given way to a variety of diseases such as diabetes, gastrointestinal disorders and more, which is touted to have a tremendous impact on the market.
Robust sales of infusion pumps are also the result of the burgeoning ageing patient base. Aged patients are characterised by reduced immunity levels and generally develop chronic disorders such as diabetes. Simply put, the expanding geriatric patient base and their rising preference for self-administration of infusion pumps could be a major growth inducer in the coming years.
Government support and the surging healthcare spending should further benefit the worldwide industry in subsequent years. Rising collaborations and partnerships between the reputed manufacturers and the digital firms to meet with the soaring consumer demand and needs will be a major opportunity for the global infusion pump market.
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Competitive Landscape:
Well-known manufacturers active in the global market are
- 3M
- BRAUN MELSUNGEN AG
- Baxter
- Becton, Dickinson and Company
- Fresenius Kabi AG
- ICU Medical, Inc
- Smiths Medical
- Terumo Medical Corporation
The companies are trying to bolster their worldwide reach and introduce novel solutions as well as products via strategies like partnerships, collaborations, and acquisition. To illustrate, April 2021, Medtronic confirmed its plan to introduce the first ever infusion set that the wearer can use for up to 7 days. The infusion set is expected to be launched in a few European countries. The product helps deliver insulin from the pump directly into the body and is compatible with every MiniMed 600 & 700 series infusion pumps.
Market Restraints:
Lower number of skilled healthcare professionals, particularly in underdeveloped nations in Africa, can work against the global market in the next couple of years.
Browse In-depth Market Research Report (125 Pages) on Infusion Pumps: https://www.marketresearchfuture.com/reports/infusion-pumps-market-1509
COVID 19 Analysis
The Covid-19 outbreak gave rise to numerous financial challenges for almost all the industries, with healthcare being one of the most affected as cases continue to rise. Having said that, the pandemic has accelerated the digitization trend in healthcare, as the use of cutting-edge technologies increasing at a rapid pace. The crisis has re-emphasized the importance of self-diagnosis and self-monitoring among people, with visiting clinics and hospitals becoming tougher during the lockdown. In a lot of ways, the COVID-19 pandemic has been a huge opportunity for the global market.
Market Segmentation
The infusion pump industry has been considered for type, application, and end-users.
Various types of infusion pumps are volumetric pump, syringe pump, and more.
The major applications of infusion pump are gastrointestinal diseases, diabetes, chemotherapy, pediatrics, and others.
With respect to end-users, the global infusion pump market caters to homecare, ambulatory surgical centers, hospitals, and more.
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Regional Analysis
The North American market will touch USD 3.49 billion by 2026-end, emerging as the highest gainer. The region has one of the most lucrative healthcare industries in the world, which gives it the edge over other markets for infusion pumps. Thanks to the well-established healthcare infrastructure, well-staffed and equipped medical facilities, and the surging uptake of modern treatments and tools, North America has secured the top position in the global infusion pump market. Numerous companies in the region concentrate on product advancements as well as new launches, which has pushed the competitiveness in the region’s business scenario.
In view of the rising healthcare spending along with the fast-paced growth of the healthcare industry, Asia Pacific is on way to make the fastest progress during the forthcoming period. Sales of infusion pumps in the region are booming on the back of government support and the accelerated diabetes cases, mostly among the geriatric populace in India, Indonesia, China, and Japan. The rapid surge in gastrointestinal diseases will also be favorable for the regional industry in the next few years.
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