Infusion Pumps & Accessories Market Overview:
The Global Infusion Pumps and 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. Infusion pumps are medical devices used during infusion therapies to administer medications, fluids, and nutrients into patient’s body in a controlled manner. The infused fluids are medications or nutrients that are vital for therapeutics or medical treatments. Some of the infusion pumps are designed for stationary use at patient bedside and other infusion pumps are portable or wearable.
The growth of the global infusion pumps & accessories market is majorly driven by increase in prevalence of chronic diseases such as diabetes and gastrointestinal disorders. Other factors that boost the market growth include rise in geriatric population, surge in demand of portable infusion pump to minimize hospital expenditure, increase in awareness towards home healthcare, and numerous applications of infusion pumps. However, stringent government regulations for the approval of devices and occurrence of errors during infusion therapies have led to many product recalls, which impede the market growth. Conversely, rise in adoption of infusion pumps in the emerging economies and development of advanced infusion pumps are expected to provide numerous opportunities for the market growth in the near future.
The global infusion pumps & accessories market is segmented based on product, application, end user, and region. Based on the product, the market is bifurcated into devices & pumps and accessories & consumables. Accessories & disposables segment accounted for the largest market share in 2016, and is expected to continue this trend throughout the forecast period. On the other hand, devices & pumps segment is anticipated to grow at the highest CAGR during the forecast period.
The devices & pumps segment is further segmented into syringe infusion pump, insulin infusion pumps, volumetric infusion pumps, ambulatory infusion pumps, patient controlled analgesia pumps, implantable infusion pumps, and enteral infusion pumps. Accessories & disposables is sub segmented into infusion catheters, valves, IV sets, cannulas, tubing, needles, and others.
On the basis of application, the market is divided into diabetes, gastroenterology, analgesia & pain management, chemotherapy, pediatrics & neonatology and others. Gastroenterology segment accounted for the largest market share in 2016, whereas chemotherapy segment is expected to grow at the highest CAGR during the forecast period.Based on region, the global market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share of the market in 2016, followed by Europe. On the other hand, Asia-Pacific is anticipated to register the highest growth rate during the analysis period, owing to high population base, increase in disposable income, and improvement in patient awareness about infusion therapies. Asia is a large continent, and is a home to some of the world’s highly populous countries. Thus, this region has emerged as an epicenter of cancer, diabetes, and cardiovascular diseases.
Depending on end user, the market is categorized into hospitals, home healthcare, ambulatory surgical centers, and others. Hospitals segment held the largest share of the market in 2016, whereas home care is expected to grow at the highest CAGR during forecast period.
The key players of this market include Baxter International Inc., B. Braun Melsungen AG, Fresenius SE & Co., Smiths Medical, Johnson & Johnson, Becton, Dickinson and Company, ICU Medical, Inc., CME Medical UK Limited, Moog, Inc., and Terumo Corporation.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global infusion pumps and accessories market with current trends and future estimations from 2016 to 2023 to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global & regional scale are provided.
- Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the market.
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