PUNE, India, February 15, 2017 /PRNewswire/ --
According to a new market research report "Infusion Pump Market by Product (Volumetric, Syringe, Enteral, Insulin, Implantable, PCA, Accessories), Application (Oncology, Diabetes, Gastroenterology, Analgesia, Pediatrics, Hematology) & End User (Hospital, Home care) - Global Forecast to 2021", published by MarketsandMarkets, The global Infusion Pumps Market was valued at USD 8.12 Billion in 2016 and is projected to reach USD 10.84 Billion by 2021 at a CAGR of 6.0%.
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The global Infusion Pumps Market was valued at USD 8.12 Billion in 2016 and is expected to reach USD 10.84 Billion by 2021. The global Infusion Pumps Market is projected to register a CAGR of 6.0% from 2016 to 2021 due to a number of factors such as growing prevalence of chronic diseases along with increasing geriatric population, increasing adoption of portable infusion pumps to reduce hospital expenditure, and steady increase in surgical procedural volumes. The increasing demand for infusion pumps in developing countries and the growing adoption of specialty infusion systems offer significant growth opportunities in the market. However, patient safety risks and medication errors associated with infusion pumps leading to product recalls and stringent regulations for new products may restrict the growth of this market during the forecast period.
In this report, the Infusion Pumps Market is segmented by product type, application, end user, and region. On the basis of type-of-product, the Infusion Pumps Market is segmented into devices and accessories. This segment includes dedicated disposables for volumetric, syringe, insulin, enteral, ambulatory, patient-controlled analgesia, and implantable infusion pumps.
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This dedicated disposables segment accounted for the largest share of the infusion pump accessories market in 2015. Devices segment is further sub segmented into volumetric infusion pumps, syringe infusion pumps, insulin infusion pumps, enteral infusion pumps, ambulatory infusion pumps, patient-controlled analgesia infusion pumps, and implantable infusion pumps. In 2015, the volumetric infusion pumps segment dominated the infusion pump devices market. The large share of this segment can be attributed to the increasing demand for volumetric infusion pumps in hospitals, long-term acute care centers, clinics, and ambulatory surgery centers.
On the basis of application, the Infusion Pumps Market is segmented into chemotherapy/oncology, gastroenterology, analgesia/pain management, diabetes, pediatrics/neonatology, hematology, and other applications. The chemotherapy/oncology segment accounted for the largest share of the global Infusion Pumps Market in 2015. The large share of this segment can be attributed to the growing prevalence of cancer across the globe and the increasing preference for home care cancer management therapies. Diabetes application segment offers significant growth opportunities in the market. The increasing prevalence of diabetes, coupled with the growing demand for management of insulin at home, is expected to drive the growth of this market segment in the coming years.
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The global infusion pumps market, by end user, is segmented into hospitals, home care, ambulatory surgery centers, and others. The hospitals segment accounted for the largest share of the global infusion pumps in 2015. This can be largely attributed to the financial capabilities of hospitals to purchase high-priced infusion devices as well as the availability of trained professionals to operate smart infusion pumps. The home care segment offers significant growth opportunities due to government initiatives to curtail healthcare costs associated with longer hospital stays.
North America represented the largest infusion pump market in 2015, followed by Europe and Asia-Pacific. The Asia-Pacific market is expected to register the highest CAGR during the forecast period. Factors such as large population, increasing geriatric population, growing incidence of chronic diseases, rising awareness and accessibility of advanced healthcare facilities, rising healthcare spending, rapidly improving health insurance sector, growing demand for advanced technologies, and expansion of private-sector hospitals to rural areas are fueling the demand for infusion devices in the APAC region.
The major players in the global Infusion Pumps Market are Becton, Dickinson and Company (U.S.), Baxter International, Inc. (U.S.), Pfizer Inc. (U.S.), B. Braun Melsungen AG (Germany), Fresenius SE & CO. KGaA (Germany), Medtronic plc (Ireland), Smiths Group plc (U.K.), Terumo Corporation (Japan), Moog, Inc. (U.S.), F. Hoffmann-la Roche Ltd. (Switzerland), and Johnson & Johnson (U.S.).
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