Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The global infusion pumps market size worth USD 16.09 billion by 2026, exhibiting a CAGR of 7.1% during the forecast period. As per the published report by Fortune Business Insights, titled “Market Size, Share & Industry Analysis, By Type (Volumetric Pumps, Syringe Pumps, Enteral Pumps, Insulin Pumps, Elastomeric Pumps, Implantable Pumps, and PCA Pumps), By Application (Diabetes, Oncology, Pain Management, and Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Home Care Settings, and Others), and Regional Forecast, 2019-2026” the market size stood at USD 9.28 billion in 2018.
Key Development:
April 2017: Acquisition of BD for Caesarea Medical Electronics, the infusion pumps manufacturing company. The strategic acquisition will help the companies to cater to the advanced technological development of innovative infusion pumps.
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Market Growth Factors:
Growing Cases of Cancer and Diabetes to Aid Market Expansion
- Increase in geriatric population and rise in prevalence of chronic diseases. In addition, surge in adoption of portable infusion pumps to reduce hospital expenditure is expected to supplement the growth. Conversely, technological advancements in infusion pumps are expected to create lucrative opportunities for key market players during the forecast period.
- The increasing prevalence of chronic diseases will spur demand for infusion pumps in the forthcoming years. Moreover, the growing advancements in drug delivery systems will boost the infusion pumps market trends during the forecast period.
- The increasing adoption of advanced treatment techniques will have a positive impact on the Infusion Pumps Market growth in the foreseeable future. The increasing incidence of cancer among patients will spur opportunities for the market during the forecast period.
- According to the World Health Organization (WHO), in 2018, cancer was estimated to be the second most prominent cause of death globally and is responsible for about 9.6 million deaths. Cancer patients require chemotherapy which is to be delivered to the patients in a continuous manner which can be achieved by using the infusion pumps.
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Market Segments Analysis:
On the basis of end user, the hospitals & clinics segment led the market in 2020, and is anticipated to maintain its lead during the forecast period.
On the basis of type, the volumetric infusion pumps segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in adoption of technologically advanced volumetric infusion pumps that exhibit the capabilities such as electronic health record (EHR) integration, built-in safety systems, as well as drug library, which is a list of drugs stored in the smart pump’s memory, serving as a key tool to prevent medication errors.
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Regional Analysis:
Favorable Reimbursement Policies to Boost Infusion Pumps Market Growth in North America
The market in North America stood at USD 3.41 billion in 2018. The growth in region is attributed to higher diagnosis and treatment rates for diabetes coupled with high adoption of ambulatory infusion pumps. Moreover, favorable reimbursement policies will aid growth in the region.
Europe is predicted to witness steady growth during the forecast period owing to the prevalence of chronic diseases in the region. Asia Pacific is predicted to grow significantly during the forecast period owing to the growing healthcare infrastructure, growing GDP, increasing per capita disposable income.
Key Companies in the Infusion Pumps Market:
• Medtronic
• BD
• Baxter
• Insulet Corporation
• icumedical
• B. Braun Melsungen AG
• Smiths Medical (Smiths Group plc.)
• Fresenius Kabi AG
• Terumo Corporation
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