(PharmaNewsWire.Com, October 07, 2021 ) According to the new market research report "Infusion Pump Market by Product [Accessories (Dedicated, Non-dedicated), Devices (Volumetric, Insulin, Syringe, Ambulatory)], Technology (Traditional, Specialty), Application (Cancer, Diabetes), & Setting (Hospital, Homecare) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is expected to reach USD 20.5 Billion by 2026 from an estimated USD 13.2 Billion in 2021, at a CAGR of 9.3%.
The Growth in the market is largely driven by the rising demand for ambulatory infusion pumps in home care, increasing incidence of chronic diseases along with the rapid growth of the geriatric population, growing number of surgical procedures performed, and increasing number of ICU beds in countries with a high prevalence of COVID-19. On the other hand, product recalls, stringent regulatory requirements for new products and increasing adoption of refurbished and rental infusion pumps are expected to restrain the overall market growth. Increasing incidence of medication errors and lack of wireless connectivity in most hospitals is the most common challenge faced by the market. High growth opportunities in emerging countries and growing adoption of specialty infusion systems are the opportunity areas in infusion pump market.
The accessories & consumables segment holds the highest CAGR during the forecast period.
The accessories & consumables segment is estimated to grow at the highest CAGR during the forecast period. The large share and high growth of this segment can be attributed to the recurrent use of accessories & consumables and the increasing adoption of infusion pumps for the delivery of medications in a controlled environment.
Chemotherapy accounted for the highest share for the infusion pump market
Based on application the chemotherapy/oncology application segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the growing incidence of cancer, increasing availability of ambulatory infusion pumps for chemotherapy, and the introduction of technologically advanced products in the market.
Home care settings drive the growth of the infusion pump market
Based on setting, the infusion pumps market has been segmented into hospitals, home care settings, ambulatory care settings, and academic & research institutes. The home care setting segment accounted for the largest share of the market in 2020. Chronic diseases, such as cancer and diabetes, require continuous monitoring and treatment. Ambulatory infusion pumps for chronic disease management enable patients to remain mobile during therapy sessions. Therefore, the use of ambulatory insulin pumps in the home and alternate care segments has increased in the recent past.
North America is expected to account for the highest share for players operating in the infusion pump market
Geographically, the infusion pumps market is segmented into North America, Europe, APAC, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global market, followed by Europe and the APAC. The large share of North America can primarily be attributed to the high adoption of specialty infusion pumps for the treatment of chronic diseases, increasing prevalence of chronic diseases, rising geriatric population, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US is a center for innovation in the market.
The infusion pumps market is dominated by Becton, Dickinson and Company (US), Baxter International Inc. (US), B. Braun (Germany), Smiths Medical (US), Fresenius Kabi (Germany), and ICU Medical, Inc. (US). These players adopted major growth strategies such as product launches & approvals, collaborations, and expansions. Other prominent players in the market include Terumo Corporation (Japan), Nipro Corporation (Japan), Avanos Medical, Inc. (US), Tandem Diabetes Care, Inc. (US), JMS Co., Ltd. (Japan), Insulet Corporation (US), Roche Diagnostics (Switzerland), Zyno Medical (US), Teleflex, Inc. (US), Mindray Medical International Limited (China), Micrel Medical Devices SA (Greece), Ypsomed Holding AG (Switzerland), InfuTronix Solutions LLC (US), SOOIL Development Co., Ltd (South Korea), Shenzhen MedRena Biotech Co., Ltd. (China), and CODAN Medizinische Geräte GmbH & Co KG (Germany).
Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting
Browse Related Reports:
Infusion Pump Software Market by Type (DERS, Interoperability, Clinical Workflow), Indication (General Infusion, Pain & Anesthesia Management, Insulin Infusion), End User (Hospitals, Ambulatory Care Settings) - Global Forecasts to 2024
Insulin Delivery Devices Market by Type (Insulin Pens (Reusable, Disposable), Insulin Pumps (External/Tethered, Patch), Pen Needles (Standard, Safety), Insulin Syringes) and End User (Patients/Homecare, Hospitals & Clinics) - Global Forecast to 2021
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: