Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global infusion pump market size is slated to hit USD 15.81 billion by 2028, exhibiting a CAGR of 7.3% during the forecast period. the market size in 2020 stood at USD 9.02 billion in 2020 and is estimated to reach USD 9.67 billion in 2021. The market stood at advancements in drug delivery systems, increasing prevalence of chronic disorders, and rising development and research initiatives are anticipated to boost the market growth. Fortune Business Insights™ offers this information in its report titled “Infusion Pump Market, 2021-2028.”
The increasing cases of cancer patients are likely to foster insulation pump’s adoption. Moreover, the increasing geriatric population may boost its adoption in several medical facilities worldwide. In addition, manufacturers focus on developing advanced devices to attract consumers’ attention and boost their sales. For example, Ivenix, Inc. developed “Epic” a smart infusion pump in August 2020 to eliminate infusion-based injuries. These factors are likely to fuel the growth of the market in the upcoming years.
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Industry Development
- February 2021: B. Braun Medical Inc. was awarded “2021 Best in KLAS” for its Traditional Smart Pumps. Simultaneously, its Infusomat Space Large Volume Pump also received the same award for its efficiency.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.3% |
| 2028 Value Projection | USD 15.81 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 9.02 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 135 |
| Segments covered | Types, Application, end-Users and Geography |
| Growth Drivers | Demand for Pumps in Disease Management of COVID-19 Infection to Improve Business Prospects |
| Growing Research and Development Activities to Launch Home Infusion Systems | |
| Growing Prevalence of Chronic Diseases to Boost Market Growth |
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Drivers and Restraints
Increasing Diabetes Cases Globally to Boost Market Growth
Increasing cases of diabetes among the population is expected to boost the adoption of advanced medical devices. An infusion device provides the ability to provide medication in specified doses and speeds the recovery process. It reduces hospital stays and boosts the effectiveness of the medication. Furthermore, increased cancer cases among the population may increase the pump’s demand. For example, as per the information provided by the World Health Organization (WHO), the number of reported cancer deaths reached 9.6 million.
Robust Demand for Pumps from Healthcare Sector to Boost Market Growth
This Infusion Pump Market will experience promising growth during the COVID-19 pandemic due to the increasing demand from the healthcare sector. The sudden spike in COVID-19 patients leads to the emergence of several organ failures, which, in turn, is likely to boost sales.
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Favorable Reimbursement Policies to Stoke Market Growth in North America
North America is projected to dominate the infusion pump market share because of favorable reimbursement policies. The market in North America stood USD 3.52 billion in 2020 and is expected to grow positively during the upcoming years. Further, higher diagnosis and treatment rates are likely to boost infusion pumps’ adoption. In addition, the presence of developed medical infrastructure and rising diabetes treatment rates may boost industry growth.
Europe is the second-largest Infusion Pump Market shareholder because of rising investments in healthcare sectors and increasing chronic diseases. In addition, rising medical expenditure and evolving lifestyles may facilitate industry development.
In Asia Pacific, rising diabetes cases, rising per-capita income, healthcare infrastructure development, and rising awareness regarding the benefits of advanced therapies may boost market development.
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List of Key Players Profiled in the Infusion Pump Market Report
- Medtronic (Ireland)
- Becton Dickinson and company (U.S.)
- Baxter (U.S.)
- Insulet Corporation (U.S.)
- ICU Medical, Inc. (U.S.)
- B. Braun Melsungen AG (Germany)
- Smiths Medical (Smiths Group plc.) (U.S.)
- Fresenius Kabi AG (Germany)
- Terumo Corporation (Japan)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
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