Patient-Controlled Analgesia Pumps Market to reach US$ 699.9 Million by the year 2032
The market for patient-controlled analgesia pumps is anticipated to reach US$ 421.9 million in 2022 and grow at a CAGR of 5.2% to US$ 699.9 million by 2032. PCA pumps will dominate the market globally in 2021, according to a recent study by Future Market Insights, with a share of roughly 75.5%.
PCA or patient-controlled analgesia pumps is a way with which analgesic can be self-administered by the patient as and when needed. Patient-controlled analgesia pumps are not used to treat long term pains. PCA is used in various applications such as oncology or chemo therapy, pediatrics, gastroenterology, hematology and diabetes. There are several benefits of using PCA. It allows complete control on the pain treatment. It also assists in preventing the formation of blood clots and promotes healing at a faster rate.
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However, there are certain disadvantages, the main aspect being an occurrence of an over dost or an under dose that can take place in case of improper settings and programming of the device. Government initiatives to boost home medication, rising awareness about patient-controlled analgesia pumps, and affordable costs are few of the aspects contributing to the expansion of patient-controlled analgesia pumps market at a global level.
The global patient-controlled analgesia pumps market is projected to grow at a high CAGR during the period of forecast and is estimated to reflect a valuation of above US$ 500 Mn by the end of the year of forecast.
Global Patient-Controlled Analgesia Pumps Market: Dynamics
The growth of the global patient-controlled analgesia pumps market is influenced by aspects such as various advantages of PCA system over conventional continuous infusion systems, increasing standardization for reducing costs in hospitals, development of quality indicators for patient-controlled analgesia pumps, modernization with a view to reduce errors, increasing adoption of PCA owing to increasing prevalence of cancer, pain and diabetes, rising forward integration and increasing demand for PCA in rental and homecare services.
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These factors have contributed to the growth of the global market. On the contrary, lack of skilled manpower and lack of standard usage guidelines and vast product recalls are hampering the growth of the global patient-controlled analgesia pumps market. Various trends have been observed, to name a few, rapid med-tech progress, shifting production base to emerging economies, user-friendly advanced equipment and fragmented market. Opportunities such as increasing production base for smart pumps with bigger drug libraries and expanding production base for PCA, ambulatory and other pumps have been boosting the growth of the global market.
The global patient-controlled analgesia pumps market has been segmented by product type, by end user, by application and by region.
- By product type, the PCA pumps segment is estimated to be the largest segment in terms of market value and likely to lead the global market. it is also projected to grow at a higher pace thus reflecting high potential for growth of global market in the coming years
- By region, Asia Pacific excluding Japan (APEJ) region is projected to be the fastest growing with a high 9.6% CAGR during the forecast period. North America is the largest from a market share perspective
- By end user, hospitals segment is the most lucrative. This segment dominated the global market in 2017 and is expected to lead the market by 2026 end with a valuation of more than US$ 200 Mn
- By application, diabetes segment is the fastest growing segment with a high CAGR of 6.0% throughout the period of forecast
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The research report has also profiled various leading players in the global patient-controlled analgesia pumps market. Companies like Becton Dickinson and Company, Baxter International, B.Braun Melsungen AG, Terumo Corporation, Ace Medical Co. Ltd., Micrel Medical Devices, Hospira (Pfizer Inc.), Fresenius Kabi Group and Smiths Group plc., have been profiled in this research report.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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