Infusion Pumps Market Forecasted to Expand at Over 5% CAGR Through 2025: Report
VALLEY COTTAGE, New York, February 15, 2016 /PRNewswire/ --
Future Market Insights (FMI) delivers key insights on the global infusion pumps market in its upcoming report titled, "Infusion Pumps Market: Global Industry Analysis and Opportunity Assessment, 2015-2025". In terms of revenue, the global infusion pumps market is projected to register a healthy CAGR of 5% over the forecast period owing to various factors, on which FMI offers detailed insights and forecasts.
The market is segmented based on product type, applications, end users and regions. Based on product type, the market has been segmented into syringe, ambulatory, volumetric (peristaltic and piston-based), implantable, insulin, enteral, patient-controlled analgesic (PCA) infusion pumps and pump accessories. Ambulatory infusion pumps segment is expected to emerge as the most popular segment over the forecast period, driven by increasing adoption of small, smart infusion pumps supported by wireless connectivity. The segment is expected to register a significant CAGR of 7.7% during the forecast period. Implantable pumps segment is expected to witness a decline in market share in terms of revenue from 6.6% in 2014 to 5.3% in 2025. Reports of malfunctioning of implantable pumps within the human body as well as their exorbitant prices are expected to adversely affect demand for these pumps over the forecast period.
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To provide deeper insight into pattern of demand for infusion pumps, the market has been segmented into different types of applications such as oncology (chemotherapy), neonatology (paediatrics), analgesia, gastroenterology, haematology and diabetes. The diabetes segment is expected to expand at the highest CAGR of 5.8% over the forecast period.
The market has also been segmented by end users into hospitals (500+ beds, 200-400 beds, less than 200 beds), ambulatory surgical centres, home care, clinics and others (long-term care units, elderly care units). The hospitals segment is expected to account for the highest demand for infusion pumps over the forecast period, registering a CAGR of 5.5%. Better reimbursement options for home infusion in developed economies is expected to push demand for infusion pumps in the home care segment over the forecast period.
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A key trend in the infusion pumps market is development of better designs for pumps to ensure greater patient safety. Further, stricter adherence to guidelines and mandates issued by regulatory agencies such as the U.S. FDA is expected to lead to a decline in the number of adverse reactions and product recalls. The U.S. FDA had noted that between 2005 and 2009, over 56,000 adverse reactions were reported, including numerous injuries and deaths due to malfunctioning of infusion pumps. This led to over 87 product recalls over the same period.
This report assesses trends driving growth of each segment on the global as well as regional levels, and offers potential takeaways that could prove substantially useful to device makers looking to enter the market. North America has been estimated to dominate the infusion pumps market with maximum market share in 2015. North America and Western Europe have been collectively expected to account for around 60% of the total infusion pump market share in terms of value in 2015. Among emerging markets, Asia Pacific excluding Japan is estimated to exhibit the highest CAGR of 8.4% over the forecast period, followed by Eastern Europe, due to increasing imports and increase in local manufacturing base.
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Some key players in the global infusion pumps market identified in the report include B. Braun Melsungen AG., CareFusion Corporation, Fresenius Kabi AG, Terumo Corporation, Medtronic Plc., Baxter International Inc., Smiths Medical, MOOG Inc., Johnson & Johnson Private Ltd., Pfizer (Hospira) Inc. We have discussed individual strategies followed by these companies in terms of enhancing product designing, creating new manufacturing facilities, market consolidation and advanced R&D initiatives. The report has been concluded with key takeaways for players already present in the market and new players planning to enter the market, which could help them in the long run.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Mr. Sudip Saha
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SOURCE Future Market Insights
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