Infusion Pump Market Size is estimated to reach $9,512 million by 2027
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The global infusion pumps & accessories market was valued at $6,478 million in 2016, and is estimated to reach $9,512 million at a CAGR of 5.6% from 2017 to 2023. North America was the leading revenue contributor to the global infusion pumps & accessories market in 2016, accounting for more than half of the share. This is attributed to the early approval of infusion pumps and high use of these devices due to rise in incidence of chronic diseases.
The key players analyzed in the research include B. Braun Melsungen AG, Baxter International Inc., Smiths Medical, Fresenius SE & Co., Becton, Dickinson and Company, Johnson & Johnson, CME Medical UK Limited, ICU Medical, Inc., Moog, Inc., and Terumo Corporation. They have implemented various strategies such as expansions, mergers & acquisitions, collaborations, partnerships, and others to gain the stronghold in the industry.
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The major factors that drive the growth of the infusion pumps & accessories market include increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer; growth in geriatric population who are more prone to aforementioned disorders; numerous applications of infusion pumps; and upsurge in demand for home-based infusion pumps products. However, high risk of postoperative complications after endotracheal intubation and dearth of skilled professionals limit the market growth. Conversely, development of technologically advanced infusion pumps and untapped potential in the emerging economies are anticipated to provide numerous opportunities for the market growth during forecast period.
Gastroenterology segment occupied the largest share in 2016, and is anticipated to continue its dominance during the forecast period. However, the chemotherapy segment is expected to grow at the highest CAGR from 2017 to 2023. The utilization rate of infusion pumps for hospitals is high; however, home care segment is expected to grow at a high rate during the forecast period. This is attributed to the development of technologically advanced home-based infusion pumps.
The accessories & disposables segment contributed the highest share in 2016 and is expected to maintain its lion’s share during the forecast period, owing to increase in applicability, usage, and availability of disposables for infusion therapies. However, the devices & pumps segment would register the highest CAGR from 2017 to 2023.
Key findings of the Infusion Pump Market:
Accessories & disposables segment accounted for around three-fourths share of the global infusion pumps and accessories market in 2016.
Ambulatory surgical centers segment is expected to grow at a CAGR of 6.1% from 2017 to 2023.
Diabetes segment accounted for nearly one-fifth share of the global infusion pumps & accessories market in 2016.
North America accounted for around three-fifths share of the global infusion pumps & accessories market in 2016.LAMEA is expected to grow at the highest CAGR of 6.3% from 2017 to 2023.
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North America accounted for the highest market share in terms of revenue in the global infusion pumps & accessories market in 2016, contributing more than half of the total market revenue. This was due to the ease in approval and large usage of these devices to counter surge in incidence of chronic diseases. However, Asia-Pacific region would register the highest CAGR of 6.9% during the forecast period, due to upsurge in affordability, increase in healthcare expenditure, and rise in awareness towards infusion pumps.
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