Pune, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The market is expected to grow from USD 9.12 billion in 2021 to USD 17.91 billion in 2029, at a CAGR of 8.8 percent over the forecast period from 2022 to 2029, according to the "Infusion Pumps Market" research released by Maximize Market Research.
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Infusion Pumps Market Scope and Research Methodology
The Maximize Market research has recently published a report on the Infusion Pumps Market. Both primary and secondary data sources were used to prepare the report. The research methodology used to evaluate the market's past, present, and future performance comprises data collected from companies and industries using primary and secondary sources. The financial approach and SWOT (strengths, weaknesses, opportunities, and threats) models are just two of the numerous methods used for organizational analysis. Value chain analysis is one method for assessing business processes. In addition, the size of the market was assessed using a bottom-up strategy. Through primary and secondary research, the top market participants are identified, and their market revenues are evaluated. A major element of primary research involves conducting interviews with important opinion leaders and subject matter experts, including knowledgeable front-line staff, business owners, and marketing gurus. Secondary research included reading the annual and financial reports of top manufacturers.
Infusion Pumps Market Overview
Infusion Pumps control the flow of fluids and are used to administer both large and small doses of nutrition and medication, including antibiotics, chemotherapeutic medications, insulin or other hormones, and painkillers. Patients with chronic illnesses like cancer utilize pumps to get intravenous therapy in clinical settings like hospitals, nursing homes, and even at home. The rising prevalence of chronic diseases, the rapid increase in the older population, the rising need for ambulatory infusion pumps, and the rising number of surgical procedures performed across the globe are driving the infusion pumps market growth. Additionally, the growing demand for infusion pumps and the adoption of specialist infusion systems in developing markets present numerous companies in this market with excellent growth prospects.
The increasing research and development efforts to introduce home infusion systems are expected to drive the market growth through the forecast period. Research and development efforts to develop home-based infusion solutions have increased as a result of the rising costs of hospital-based infusion therapy. For instance, a growth in the number of patients with diabetes, cancer, and neurological illnesses has led to a rise in the need for long-term care, preferably in-home care settings. Additionally, the demand for long-term care therapies from the ageing population is propelling the development of innovative home infusion therapy products.
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Infusion Pumps Market Dynamics
The rising prevalence of chronic diseases, along with the rising cost of medical clinic-based implantation therapies, has sparked more innovative work efforts to produce locally-based mixed goods. For instance, the growing patient population for neurological disorders, diseases, and diabetes has increased the need for long-term care, ideally at home. In addition, the new product development focusing on locally established combination treatments is being driven by the growing geriatric population that requires long-term care treatments. Top competitors in the industry are focusing on specialized medication sites of care across the board.
Infusion Pumps Market Regional Analysis
North America region held the largest market share in 2021 and is expected to increase significantly at a high CAGR through the forecast period. Regional market revenue growth is being driven by the rise in chronic diseases as well as the rising acceptance of technologically sophisticated products, services, and types of equipment for routine treatment of chronic sickness conditions by patients and doctors. Europe is expected to grow at a significant growth rate through the forecast period. The need for infusion pumps is expected to increase as the prevalence of chronic diseases rises in nations like the United Kingdom, Germany, Spain, Italy, Russia, and others. Additionally, it is expected that the growing demand for portable infusion pumps to shorten hospital stays would fuel market revenue growth in the near future.
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Infusion Pumps Market Segmentation
By Type:
- Volumetric Pumps
- Syringe Pumps
- Elastomeric Pumps
- Insulin Pumps
- Enteral Pumps
- Implantable Pumps
- Patient Control Analgesia (PCA) Pumps
By Application:
- Chemotherapy/Oncology
- Diabetes Management
- Gastroenterology
- Pain Management Analgesia
- Pediatrics/ Neonatology
- Hematology
- Other Applications
By End-User:
- Hospitals
- Home Care Settings
- Ambulatory Care Settings
- Academic and Research Institutes
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Infusion Pumps Market Key Competitors:
- Becton, Dickinson, and Company (US)
- Baxter International (US)
- B. Braun (Germany)
- ICU Medical (US)
- Fresenius Kabi (Germany)
- Smiths Medical (US)
- Medtronic PLC (Ireland)
- Moog Inc. (US)
- Avanos Medical, Inc. (US)
- Nipro Corporation (Japan)
- Terumo Corporation (Japan)
- Insulet Corporation (US)
- Ypsomed Holding AG (Switzerland)
- Tandem Diabetes Care (US)
- JMS Co., Ltd. (Japan)
- Micrel Medical Devices SA (Greece),
- InfuTronix Solutions LLC (US)
- Zyno Medical LLC (US)
- Roche Diagnostics (Switzerland)
- Teleflex, Inc. (US)
- Mindray Medical International Limited (China)
- Epic Medical (Singapore)
- SOOIL Development Co., Ltd. (South Korea)
- Shenzhen MedRena Biotech Co., Ltd. (China)
- CODAN Medizinische Geräte GmbH & Co KG (Germany)
Key questions answered in the Infusion Pumps Market are:
- How is the Infusion Pumps Market performing in Europe?
- Who are the key players in the Infusion Pumps Market?
- Which region has the most countries that are key producers and exporters of the Infusion Pumps Market?
- Which top 5 countries are responsible for the majority of the demand for the Infusion Pumps Market?
- What major trends are witnessed in the Infusion Pumps Market?
- What major factor is influencing the need for Infusion Pumps?
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