Market Research Future has released its report on the Global Infusion Pump Market which reveals that the global market is anticipated to witness a moderate CAGR of 5% during the forecast period of 2017 to 2023. The widespread and necessary use of infusion pumps across the globe for drug delivery and the delivery of other necessary fluids are expected to lead the market to an estimated evaluation of USD 9.71 Bn by the end of the review period.
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Infusion pumps are witnessing increased demands in part due to the growing patient population, and the presence a significant geriatric population. The growing prevalence of chronic and fatal diseases among this massive patient population is key in the increased demand for infusion pumps. There has been an increased demand for infusion pumps in military medical units in order to offer better health facilities to soldiers injured in combat.
Moreover, technological advances made by market leaders have led to innovative wireless infusion pumps. Challenged faced by the market include patient safety and the risk of improper infusion. However, with market leaders working toward the development of more reliable infusion pump systems, these challenges are expected to be mitigated to some extent.
Infusion Pump Market – Key Players
MRFR has recorded the market strategies of various leading market players including B. Braun Melsungen AG, Baxter, 3M, Fresenius Kabi AG, ICU Medical Inc, Smiths Medical, Becton Dickinson & Company, and Terumo Medical Corporation.
Infusion Pump Market – Segmentation
The Global Infusion Pump Market, in MRFR’s report, has been segmented on the basis of type, application, end user, and region. By type, the market is segmented into syringe pump, ambulatory pump, and volumetric pump. The volumetric pump segment accounts for more than one-third of the total market and is the largest segment among type.
By application, the market is segmented into diabetes, gastrointestinal disorders, pediatrics, chemotherapy, and other applications. By end-user, the market is segmented into ambulatory surgical centers, hospitals and, homecare.
Global division of the market has been done by region and includes North America, Europe, Asia Pacific, and Middle East & Africa.
Infusion Pump Market – Regional Analysis
North America accounts for the largest share of the global market due to the high adoption of technological advancements in the region, particularly in healthcare. A high geriatric population and increasing prevalence of chronic diseases in the region are some key drivers of growth for the North American infusion pump market. Expected to reach an evaluation of USD 3.49Bn, the region is likely to retain its position. Europe followed North America in terms of growth pattern and market size. The region is expected to reach an estimated USD 3.11 Bn by the end of the assessment period.
Meanwhile, the Asia Pacific offers high promise and various opportunities for growth as the region has a high concentration of rapidly emerging economies. Moreover, the demand for advanced healthcare in light of increased diagnoses of diseases is expected to lead to the highest CAGR of 5.4% over the assessment period.
The Middle East & Africa offer the least growth, however, the region is expected to witness steady growth due to the high need for such medical devices.
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