Infusion Pump Market To Reach USD 20.21 Billion By 2027 – Reports and Data
The rising demand for ambulatory infusion pumps in home care settings, coupled with the increasing incidence of chronic diseases is some of the major factors driving the growth of the market.
The global Infusion Pump Market is forecast to reach USD 20.21 Billion by 2027, according to a new report by Reports and Data. The infusion pump market size is expected to grow because of the growing demand in the medical sector. The rising number of chronic diseases, including diabetes, gastroenterological disorders, and cancer across the world, is expected to drive the market growth. This equipment is used to transfer liquid into a patient's body with accurate and fixed amounts. They are extensively used in hospitals and nursing homes to help the patient in a critical condition. Moreover, the high demand for infusion systems from the defense sector is anticipated to drive market growth.
Infusion pumps can be used for 2 purposes, including portable and stationary. Stationary infusion pumps are primarily driven by the demand from hospitals for the patients. Portable infusion pumps are wearable, and it can be used during traveling, giving it an additional advantage over stationary infusion pumps. The market growth of portable type is expected to escalate, that will minimize overall medical expenditure. However, the rising adoption of rental and refurbished infusion pumps is a major market restraint.
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An infusion pump is used by a health expert, who sets the time duration and speed of the transferred liquid using a pre-installed software. The small-volume pumps focus on hormones or medication, and the large volume pumps are used to feed patients. The infusion pump delivers fluids in smaller volumes and at automated intervals, which is not possible through manual administrated fluids. It provides several medications, including pain relievers, antibiotics, insulin, and chemotherapy drugs.
The COVID-19 impact:
With Covid-19 infections increasing across the globe, the apprehensions of the shortage of essential life-saving devices and other necessary medical supplies to provide optimum care to the infected and prevent the spread of this pandemic also widens. Moreover, till treatment is developed, ventilators act as a critical treatment preference for the COVID-19 patients, who shall require essential care. Furthermore, there is a dire need for rapid manufacturing processes for a wide range of test-kits, including self-administered, antibody tests, and others.
Further key findings from the report suggest
- The usage of insulin pumps for managing diabetes at home has increased because of the increasing number of diabetic patients, thereby propelling the growth of the insulin pump market.
- The enteral infusion pumps are an advanced infusion pump that is used to reduce dosage errors during the transfer of fluid nutrients and medications to a patient's digestive system.
- Among the application segment of this market, chemotherapy is growing at the highest rate of 7.5% during the forecasted period owing to an increasing number of cancer patients and increased use of infusion pumps for the administration of medications to these patients.
- Hospitals are expected to register a huge growth owing to various factors like the expertise availability, a rise in the number of surgical procedures, and high purchasing power to buy infusion equipment.
- North America is one of the prime contributors to the market growth because of the presence of well-established healthcare sectors in the region, the high adoption rate of specialty infusion pumps for the treatment of chronic diseases, and the rising geriatric population.
- Key participants include Becton, Dickinson and Company, B. Braun Melsungen AG, Baxter International Inc., Fresenius Kabi, ICU Medical, Inc., Smiths Medical, Medtronic Plc, Moog Inc., Terumo Corporation, and Avanos Medical, Inc. among others.
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For the purpose of this report, Reports and Data have segmented the global infusion pump market on the basis of product, application, end-user industries, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
- Accessories & Consumables
Application Outlook (Revenue, USD Million; 2017-2027)
- Analgesia/Pain management
End-User Outlook (Revenue, USD Million; 2017-2027)
- Home Care Settings
- Ambulatory Care Settings
- Academic & Research Institutes
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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