Infusion Pumps Market Pegged for Robust Expansion by 2026
Infusion pumps are mainly used in hospitals and other healthcare service providers to deliver fluids and medication in to patient’s body in controlled manner. These infusion pumps improves patient care with control on antibiotics, anesthetics, insulin, and others. Infusion systems are devices which are used for administrating the drugs and fluids like saline, dextrose, and plasma solutions. Growing demand for volume infusion are required for hydration therapy and parenteral nutrition is fuelling growth of the global Infusion Pumps Market. However, high cost of implantable devices are hampering growth of the global infusion pumps market. Nevertheless, tapping the unmet need are expected to create lucrative opportunities for key players to collect higher revenue.
According to the report by TMR, the global infusion pumps market was valued at around US$ 7,036 mn in 2017 and is anticipated to expand with a CAGR of around 5.4% from 2018 to 2026 to attain value of US$ 10,000.0 mn by the end of 2026.
On the basis of product, the global infusion pumps market is segmented into insulin pumps, PCA pumps, and enteral pumps. Of these, insulin pumps segment accounted for the leading share in the global infusion pumps market and is anticipated to continue over forecast period followed by PCA pumps. This growth is attributable to the increase in prevalence of diabetes and development of advanced insulin pump.
On the basis of end user, the global infusion pumps market is segmented into hospitals, ambulatory care settings, and home care settings. Of these, the hospitals segment accounted for a large share of the market in 2017 and is likely to continue its dominance during the forecast period. This growth is attributable to higher demand for infusion pumps from hospitals.
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Based on the application, the global infusion pumps market is segmented into diabetes management, pain management, and chemotherapy. Of these, diabetes management segment dominated the global infusion pumps market in 2017 and is expected to remain dominant over the forecast period. This growth is attributable to growing prevalence of diabetes globally.
On the basis of region, the global infusion pumps market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for infusion pumps owing to large number of people using insulin for type-1 and type-2 diabetes patients. However, the markets in the Europe and Asia Pacific are expected to expand with expand with CAGR owing to growing awareness and initiatives from local governments in order to increase the awareness levels about benefits of the infusion pumps and improving production of infusive pumps market. Additionally, growing favorable reimbursement policies in the developing regions are creating growth opportunities in the global market.
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Key players operating in the infusion pumps market include F. Hoffmann-La Roche Ltd., ICU MEDICAL, INC., Tandem Diabetes Care, Inc., Smiths Medical, and Medtronic plc. These prominent players are adopting strategies to improve their products and expand their business globally and to gain market shares.