“The infusion pumps market is projected to grow at a CAGR of 6.0% between 2018 and 2023”
The infusion pumps market is expected to reach USD15.89 billion by 2023 from USD 11.90 billion in 2018, at a CAGR of 6.0%. The overall growth of the infusion pumps market is largely driven by the increasing incidence of chronic diseases along with the rapid growth in the geriatric population, rising demand for ambulatory infusion pumps, and the growing volume of surgical procedures performed. In addition, untapped, emerging markets such as India and China and the growing adoption of specialty infusion pumps are offering significant growth opportunities for players operating in the infusion pumps market. However, increasing incidence of medication errors and lack of wireless connectivity in most hospitals represents a significant challenge to the market growth.
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Key Players: 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 Devices SA (Greece), and Insulet Corporation (US)
“The insulin pumps segment is expected to grow at the fastest rate during the forecast period”
Based on product, the market has been segmented into devices (volumetric infusion pumps, insulin infusion pumps, enteral infusion pumps, ambulatory infusion pumps, syringe infusion pumps, PCA infusion pumps, and implantable infusion pumps) and accessories/consumables. The insulin infusion pumps segment is expected to register the highest CAGR during the forecast period. The growth of insulin pumps segment can be primarily attributed to the increasing prevalence of diabetes, coupled with the growing demand for management of insulin at home.
“Home care settings to witness the highest growth during the forecast period”
Based on end users, the market has been segmented into hospitals, home care settings, ambulatory care settings, and academic and research institutes. The home care settings segment is projected to register the highest CAGR in the infusion pumps market during the forecast period. Increasing awareness and acceptance of ambulatory infusion pumps such as disposable pumps at home care settings to reduce hospital stays, is propelling the growth of the infusion pumps market for home care settings.
“APAC to witness the highest growth during the forecast period”
Geographically, the infusion pumps market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the infusion pumps market. However, Asia Pacific is expected to witness the highest growth during the forecast period. The significant growth of the Asia Pacific market is mainly attributed to the increasing prevalence of chronic diseases, along with the rising geriatric population, increasing healthcare expenditure, and growing demand for advanced medical technologies in the region.
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Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies for strengthening their market position.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the infusion pumps market
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the infusion pumps market
- Market Development: Comprehensive information about lucrative emerging markets by product, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the infusion pumps market
- Competitive Assessment: In-depth assessment of growth strategies, products, and manufacturing capabilities of leading players in the infusion pumps market.