ALBANY, New York, Feb. 7, 2019 /PRNewswire/ --The revenue generated by the global infusion pumps market is likely to stand at US$ 7,036 mn in 2017 and the market is anticipated to touch worth of US$ 10,000.0 mn by 2026 end. The market is likely to expand at 5.4% CAGR throughout the assessment period.
Based on end-user, the hospital segment account for maximum share in the global infusion pumps market during the course of forecast period. From the geographical point of view, North America dominate the global infusion pumps market due to large number of people utilizing insulin for type-1 and Type 2 diabetes patients. However, other developing economies such as Asia Pacific and Europe is expected to register significant growth due to growing awareness among the people about the benefits associated with the products. In addition, favorable reimbursement policy is another factor propelling growth in the region.
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Favorable Government Policy to Drive Global Infusion Pumps Market
The growing demand for the infusion pumps is majorly attributed to the growing geriatric population across the globe. This is owing to rising need to provide regular medication to the elderly population which is often directed to provide through intravenously rather than giving it orally. The patients who are suffering from chronic ailments such as cancer, cardiovascular disorder and diabetes and this tend to boost demand for the infusion pumps further propelling demand for this market. Additionally, the saline food, administration of drugs, plasma and dextrose are done by utilizing infusion pumps and this further fuels demand for the global market in the foreseeable future.
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High Cost associated with Infusion Pumps May Likely to Limit Market Growth
On the other hand, the ambulatory implantable devices experience high expense and this is likely to be one of the factors negatively impacting growth of this market. The developing countries of the healthcare sector are still struggling to provide Infusion pumps due to high cost associated with it and this is likely to restrain overall growth of this market. However, the increasing awareness among the population about the benefits and the favorable reimbursement policy by the government are some of the factors supporting market growth.
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The global infusion pumps market is likely to demonstrate moderate growth during the course of forecast period from 2017 till 2026, finds Transparency Market Research (TMR).The key manufacturers are largely focused towards mergers and acquisitions, partnership and strategic alliance in order to strengthen their presence across the globe. The vendors are collaborating with the hospitals and healthcare centers in order to expand their presence across the globe. The small vendors are following the footsteps of the global players in order to gain foothold in the coming years.
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The prominent players functioning in the global infusion pumps market are ICU MEDICAL, INC., Medtronic plc, F. Hoffmann-La Roche Ltd., and Smiths Medical. In addition, these players are also focused towards adopting various strategies in order to advance their products and to gain success in the global market.
The review is based on TMR's report titled "Infusion Pumps Market (Product Type - Insulin Pumps, PCA Pumps, Enteral Pumps; Application - Diabetes Management, Pain Management, Chemotherapy; End user - Hospitals, Ambulatory Care Settings, Home Care Settings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026".
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