PUNE, India, April 4, 2018 /PRNewswire/ --
According to a new market research report "Infusion Pump Market by Product (Volumetric, Insulin, Enteral, Syringe, Ambulatory, Implantable, PCA, Accessories), Application (Oncology, Diabetes, Gastroenterology, Pediatrics, Hematology), End User (Hospital, Home Care, ACS) - Global Forecast to 2023", published by MarketsandMarkets™, the global Infusion Pumps Market is expected to grow at a CAGR of 6.0% during the forecast period, to reach USD 15.89 Billion by 2023 from USD 11.90 Billion in 2018.
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The increasing prevalence of chronic diseases along with the rapid growth in the geriatric population, growing use of ambulatory infusion pumps in home care settings, and growing number of surgical procedures are some of the key factors driving the growth of the Infusion Pumps Market. However, the presence of stringent regulations for new products, medication errors associated with infusion pumps (that have resulted in product recalls), and the increasing adoption of refurbished and rental infusion pumps are expected to restrain the growth of this market to a certain extent during the forecast period.
By product, the accessories/consumables segment accounted for the largest share of the market
On the basis of products, the accessories/consumables segment accounted for the largest share of the Infusion Pumps Market in 2017. This can be attributed to the recurrent use of accessories/consumables during infusion therapy for the management of chronic diseases. The accessories/consumables segment is further segmented into dedicated accessories/consumables and non-dedicated accessories/consumables. Dedicated accessories/consumables for infusion pumps accounted for the largest share of the infusion pump accessories/consumables market in 2017. This can be attributed to the increasing demand for dedicated accessories/consumables in chronic disease management to minimize the risk of non-compatibility of accessories with infusion devices.
The volumetric infusion pump segment dominated the infusion pump devices market in 2017
The infusion pump devices segment includes volumetric infusion pumps, syringe infusion pumps, insulin infusion pumps, ambulatory infusion pumps, enteral infusion pumps, patient-controlled analgesia infusion pumps, and implantable infusion pumps. The volumetric infusion pumps segment accounted for the largest share of the infusion pump devices market. The large share can be attributed to the wide applications for delivering large volumes of fluids to patients at predetermined medium-to-high flow rates. These devices are useful for almost all areas of healthcare and are widely used for IVs.
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The chemotherapy/oncology segment dominated the infusion pump devices market in 2017
Based on applications, the Infusion Pumps Market is segmented into chemotherapy/oncology, diabetes, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, and other applications. Other applications include infectious diseases, autoimmune diseases, and diseases of the heart, kidney, lung, and liver. The chemotherapy/oncology segment accounted for the largest share of the global Infusion Pumps Market in 2017. The large share of this segment can be attributed to the growing incidence of cancer, increasing availability of ambulatory infusion pumps for chemotherapy, and the introduction of technologically advanced products in this market segment.
North America dominated the market in 2017
North America accounted for the largest share of the Infusion Pumps Market in 2017, followed by Europe. This is mainly due to the increasing prevalence of chronic diseases, growing demand for advanced medical treatment, and growing healthcare market in the region. The growing demand for premium-priced infusion pump systems, to improve the quality of care for patients, is expected to play a key role in the growth of the Infusion Pumps Market in North America in the coming years.
The prominent players in the Infusion Pumps Market are Becton, Dickinson and Company (US), Baxter (US), ICU Medical (US), B. Braun (Germany), Fresenius Kabi (Germany), Medtronic (Ireland), Smiths Medical (US), Terumo Corporation (Japan), Moog (US), Roche Diagnostics (Switzerland), Halyard Health (US), Mindray Medical (China), Micrel Medical (Greece), and Insulet Corporation (US).
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