The Infusion Pumps market was valued at US$ 11,378.8 million in 2017 and it is projected to reach US$ 18,045.6 million by 2025; it is expected to grow at a CAGR of 6.2% from 2018 to 2025.
The Infusion Pumps market was valued at US$ 11,378.8 million in 2017 and it is projected to reach US$ 18,045.6 million by 2025; it is expected to grow at a CAGR of 6.2% from 2018 to 2025.
Infusion pump is a device used to deliver liquids into a patient’s body in a regulated manner, the pump enables to deliver fluid in large and small amounts. The pump is used to deliver both nutrients and medication in the patient’s body. Infusion pumps are regularly used to administer critical fluids, including high-risk medications, pump failures can have significant implications for patient safety. The growth of the Infusion Pumps in healthcare market is attributed to the increasing incidence of chronic diseases, increasing number of surgical procedures performed and growing geriatric population. However, the market is likely to experience restraining factors such as frequent product recalls of infusion pumps and stringent regulatory requirements.
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Infusion Pumps market Segmentation:
- In terms of type, the Infusion Pumps in healthcare market is segmented into ambulatory pumps, volumetric pumps, syringe pumps and accessories. In 2017, the volumetric pumps segment held a largest market share of 48.6% of the infusion pumps market, by type. The segment is anticipated to witness growth at a substantial rate of 6.4% during the forecast period.
- Based on application, the Infusion Pumps in healthcare market is segmented into diabetes, chemotherapy, gastrointestinal diseases and pediatrics. In 2017, the chemotherapy segment held a largest market share of 36.4% of the infusion pumps market, by application.
- In terms of end user, the Infusion Pumps in healthcare market is segmented into hospitals & clinics, ambulatory surgical centers and homecare. In 2017, the hospital segment held a largest market share of 45.5% of the infusion pumps market, by end user.
- Some of the prominent players operating in infusion pumps market are BD, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Baxter International, Inc., Smith Medical, Moog, Inc., ICU Medical, Inc., and Insulet Corporation. The market players are focused towards introducing new and innovative products in the market to sustain their position in the market. For instance, in December, 2018, Terumo Corporation announced that a biosimilar was launched in Europe. The biosimilar is used by company’s PLAJEX pre-fillable syringe. The hulio (biosimilar) is manufactured by the company. These product innovations and launches are expected to propel the growth of the infusion pumps market during the forecast period.
Growing Applications of Infusion Pumps in Healthcare to Drive Infusion Pumps in Healthcare Market Growth
An infusion pump, a medical device delivers fluids, like nutrients and medications, into a patient’s body in precise amounts. Infusion pumps are widely used in hospitals, nursing homes, and some types of infusion pumps can be used at home too. Infusion pumps are used to deliver medications – such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Thus rising prevalence of chronic diseases like cancer, diabetes and others drives the market growth.
Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
Infusion pumps are widely used in geriatric population as it is an improved method to administer medication/ hormone/ nutrition and others. For instance, diabetes is a major cause of morbidity and mortality in ageing population that later largely attributable to various chronic complications. The number of ageing people with diabetes is increasing due to increased lifespan and the increased prevalence of diabetes in the geriatric population in the United States and worldwide. Infusion pump for diabetes provides more flexibility to the patient’s lifestyle while giving them greater control of the disease.
The elderly population is defined as group of people aged 65 and over. Population ageing is poised to become one of the most significant social transformations of the twenty-first century. According to the report of United Nations, in 2017, there were approximately 962 million people aged 60 or over across the globe, that consists of 13% of the global population. The population aged 60 or above is growing at a rate of about 3 per cent per year. Across the globe, the number of persons aged 80 or above is projected to triple by 2050. The approximate population is around 137 million in 2017 which will reach up to 425 million in 2050. The value is expected to increase to 909 million in 2100, around seven times its value in 2017.
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