Global market for infusion pumps and accessories
According to a new market research report published by Inkwood Research, the global infusion pumps and accessories market is expected to grow by 5.83% CAGR between 2019 and 2027.
“Browse through 39 market data tables and 49 figures spread across 165 pages, plus an in-depth TOC of Global Infusion Pumps and Accessories Market Forecast 2019-2027”.
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Infusion pumps are devices used to deliver fluids and administer drugs in calculated doses into the patient’s body. These medical devices are designed according to their use and are widely applicable in health care facilities, namely outpatient clinics, home facilities and private clinics. Factors that are responsible for driving the global infusion pumps and accessories market include growing geriatric population, along with an increasing incidence of chronic diseases, such as cardiovascular disorders, diabetes, and cancer, and the requirement for home care infusion pumps.
Rise in chronic diseases is accelerating market growth globally
The rising prevalence of lifestyle disorders and chronic diseases, such as stroke, cancer, heart disease, and diabetes, is driving the growth of the global market. According to the International Diabetes Federation, the number of diabetics is expected to reach 642 million by 2040, compared to 415 million patients in 2015 worldwide. The growth in diabetes cases has increased the demand for insulin pump therapies, which is significantly influencing the market. Additionally, rising awareness of several chronic disorders in emerging economies has also driven the growth of the market. Thus, many key market players are looking to emerging economies to expand their businesses.
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Hospitals – The dominant end user
The hospital segment accounted for the largest share of the infusion pumps and accessories market in 2018, owing to the financial strength of hospitals which enables the purchase of high-end infusion devices, the presence of qualified professionals and a large pool of patients. Infusion pumps are commonly used in hospitals to administer fluids and medications to patients. The development of a smart infusion pump has advanced security software. It can collect infusion information and share it with hospital staff for safer, more efficient care and more informed clinical decision-making. Hence, the global market for infusion pumps and accessories is growing rapidly in the hospital segment
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North America is the main contributor to the overall market
Inkwood Research’s report on the Global Infusion Pumps and Accessories Market is studied geographically based on four major regions: North America, Asia-Pacific, Europe, and Rest of the World. In terms of revenue sharing, North America ranked first, mainly due to promising government policies and well-established healthcare institutions. Additionally, growth in the requirement for improved medical treatment, rise in healthcare sector due to growing prevalence of chronic disorders are other factors that complement the growth of the market in the region. There is a significant demand for higher quality infusion pump systems to provide better patient care.
The global market for infusion pumps and accessories is experiencing intense competition. Players operating in the market, such as Baxter International Inc., Fresenius SE & Co. KGaA, Smiths Group Plc, Becton, Dickinson and Company, Johnson & Johnson, and others are adopting several strategic initiatives to maintain their position in the market . On the other hand, the development of technology in the healthcare industry has encouraged these players to serve innovatively in various segments of the healthcare industry.
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