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Infusion Pump Market Growth: Unveiling Opportunities and Challenges Ahead

 



(Medical-NewsWire.com, August 08, 2023 ) The adoption of several specialty infusion pumps is on the rise globally. Patient-controlled analgesia (PCA) pumps, enteral pumps, insulin pumps, and implantable infusion pumps are the different types of specialty infusion pumps available in the market. PCA pumps induce anesthesia in a controlled manner and reduce the complications associated with anesthetics. These pumps are also widely used for pain management during labor pain and chronic diseases. Enteral infusion pumps are imperative medical tools for patients who face difficulties caused by indigestion due to recent surgeries or functional inabilities of various digestive organs. The increasing incidence of preterm births, the shift from parenteral to enteral nutrition, and the rising prevalence of chronic diseases have increased the adoption of enteral infusion pumps.



The global Infusion pumps market is projected to reach USD 20.5 billion by 2027, at a CAGR of 7.0 % during the forecast period.



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KEY MARKET DYNAMICS



1 MARKET DRIVERS

1 Rising demand for ambulatory infusion pumps in home care settings

2 Increasing incidence of chronic diseases along with rapid growth in geriatric population

3 Growing number of surgical procedures performed



2 MARKET RESTRAINTS

1 Product recalls

2 Stringent regulatory requirements for new products

3 Increasing adoption of refurbished and rental infusion pumps



3 MARKET OPPORTUNITIES

1 High growth opportunities in emerging countries

2 Growing adoption of specialty infusion systems



4 MARKET CHALLENGES

1 Increasing incidence of medication errors and lack of wireless connectivity in most hospitals



Market Segmentation:



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.



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.



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.



Regional Analysis



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.



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Recent Developments:



In August 2022, Baxter International (US) has received US FDA approval for the new Novum IQ Syringe Infusion Pump (SYR) with Dose IQ Safety Software.

In July 2022, Tandem Diabetes care (US) has acquired infusion set developer, Capillary Biomedical (US). This has expanded the product portfolio of Tandem Diabetes Care in infusion pump business segment.

In March 2022, Fresenius Kabi (Germany) has received US FDA approval for the wireless Agilia Connect Infusion System, which includes the Agilia Volumetric Pump and the Agilia Syringe Pump with Vigilant Software Suite-Vigilant Master Med technology.



Top Key Players:



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).



MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com


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