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Infusion Pumps Market is Expanding at a CAGR of 5.4% Between 2018 and 2026
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Prominent companies to name in the infusion pumps market are F. Hoffmann- La Roche Ltd., ICU MEDICAL INC., Medtronic plc, Baxter International Inc., B. Braun Melsungen AG, Tandem Diabetes Care Inc., Smiths Medical, Terumo Corporation, Becton, Dickinson and Company, and Fresenius SE & Co. KGaA.
As per the TMR report, the global infusion pumps market stood at US$7,036 mn in 2017 vis-à-vis revenue. Expanding at a CAGR of 5.4% between 2018 and 2026, the market is anticipated to be exceed US$10,000 mn by 2026. By product, insulin segment is predicted to hold the leading share of the market over the forecast period. Rising incidence of diabetes and efficacy of insulin pumps for both type 1 and type 2 diabetes account for large market share of insulin segment. The implantable segment, on the other hand, is anticipated to display declined share between 2017 and 2026. Application-wise, diabetes management segment is projected to hold the dominant share of the market through 2026. In terms of geography, North America is a key market for infusion pumps due to high healthcare expenditure.
Primarily fuelling the infusion pumps market is rise in geriatric population prone to chronic pains and rising prevalence of diabetes globally. Developed regions such as North America and Europe account for substantial demand for infusion pumps due to high level of awareness regarding advanced drug delivery systems.
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Infusion pumps are medical devices that are used for uninterrupted administer of drugs and fluids such as plasma, dextrose solutions, and saline. Large volume infusions are required for hydration therapy and parenteral nutrition, while small volume infusions are required for neonatal infusions and potent drugs.
Launch of technologically advanced products is also fuelling the infusion pumps market. For example, CCellnovo - U.K based mobile medical device company is likely to launch wireless handheld infusion pumps by the end of 2018. The new device is said to control body-worn patches.
Furthermore, demand for low-cost infusion devices and favorable reimbursement scenario for infusion pumps in emerging economies are likely to favor the infusion pumps market.
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